3M Company $MMM Shares Sold by RWA Wealth Partners LLC

Key Points

• RWA Wealth Partners LLC reduced its holdings in 3M Company by 13.1%, selling 16,685 shares and bringing its total ownership to 111,155 shares valued at approximately $16.3 million.
• 3M reported a quarterly EPS of $2.16, beating estimates of $2.01, with revenues of $6.16 billion, surpassing analyst expectations of $6.09 billion.
• The company announced a quarterly dividend of $0.73 per share, which will be paid on September 12th, representing an annualized dividend yield of 1.9%.

RWA Wealth Partners LLC reduced its position in 3M Company (NYSE:MMM - Free Report) by 13.1% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 111,155 shares of the conglomerate's stock after selling 16,685 shares during the quarter. RWA Wealth Partners LLC's holdings in 3M were worth $16,324,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. REAP Financial Group LLC raised its stake in 3M by 88.7% in the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock valued at $26,000 after purchasing an additional 94 shares during the last quarter. Pinney & Scofield Inc. acquired a new position in 3M in the 4th quarter valued at $28,000. Caitong International Asset Management Co. Ltd acquired a new position in 3M in the 1st quarter valued at $28,000. Curat Global LLC acquired a new position in 3M in the 1st quarter valued at $29,000. Finally, Intelligent Financial Strategies acquired a new position in 3M in the 1st quarter valued at $42,000. 65.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently commented on MMM. Wells Fargo & Company reissued an "overweight" rating on shares of 3M in a research note on Friday, July 18th. Barclays set a $170.00 target price on 3M in a research note on Friday, July 18th. Royal Bank Of Canada raised their target price on 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a research note on Wednesday, April 23rd. Citigroup raised their target price on 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research note on Friday, May 30th. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a research note on Thursday, August 14th. Seven analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $158.10.

3M Trading Up 0.2%

Shares of NYSE:MMM traded up $0.2740 during midday trading on Wednesday, reaching $154.6140. 3,258,192 shares of the company's stock were exchanged, compared to its average volume of 3,573,253. The firm's 50 day simple moving average is $151.48 and its two-hundred day simple moving average is $147.22. The company has a debt-to-equity ratio of 2.87, a current ratio of 1.72 and a quick ratio of 1.20. The stock has a market cap of $82.35 billion, a price-to-earnings ratio of 21.50, a P/E/G ratio of 2.99 and a beta of 1.05. 3M Company has a fifty-two week low of $121.98 and a fifty-two week high of $164.15.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings data on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.01 by $0.15. The firm had revenue of $6.16 billion during the quarter, compared to the consensus estimate of $6.09 billion. 3M had a return on equity of 96.48% and a net margin of 16.01%.The company's quarterly revenue was up 1.4% on a year-over-year basis. During the same period last year, the company earned $1.93 EPS. As a group, sell-side analysts forecast that 3M Company will post 7.8 EPS for the current fiscal year.

3M Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Monday, August 25th will be given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.9%. 3M's payout ratio is 40.61%.

Insider Buying and Selling

In other 3M news, EVP John Patrick Banovetz sold 7,759 shares of 3M stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $148.37, for a total value of $1,151,202.83. Following the completion of the transaction, the executive vice president directly owned 31,372 shares of the company's stock, valued at $4,654,663.64. The trade was a 19.83% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Theresa E. Reinseth sold 3,477 shares of 3M stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $150.63, for a total value of $523,740.51. Following the completion of the transaction, the chief accounting officer directly owned 2,561 shares of the company's stock, valued at approximately $385,763.43. This represents a 57.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 17,401 shares of company stock valued at $2,600,803. 0.34% of the stock is currently owned by insiders.

3M Company Profile

3M Company provides diversified technology services in the United States and internationally. The company's Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.