Simplicity Wealth LLC Buys 3,234 Shares of 3M (NYSE:MMM)

Simplicity Wealth LLC grew its holdings in shares of 3M (NYSE:MMM - Free Report) by 200.4% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,848 shares of the conglomerate's stock after buying an additional 3,234 shares during the period. Simplicity Wealth LLC's holdings in 3M were worth $712,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MMM. Brighton Jones LLC raised its position in 3M by 26.6% in the 4th quarter. Brighton Jones LLC now owns 8,898 shares of the conglomerate's stock valued at $1,149,000 after buying an additional 1,872 shares during the last quarter. Summit Trail Advisors LLC grew its position in 3M by 58.1% in the 4th quarter. Summit Trail Advisors LLC now owns 6,753 shares of the conglomerate's stock worth $872,000 after purchasing an additional 2,482 shares in the last quarter. Essex Financial Services Inc. lifted its position in shares of 3M by 9.0% during the 4th quarter. Essex Financial Services Inc. now owns 10,073 shares of the conglomerate's stock worth $1,300,000 after buying an additional 835 shares in the last quarter. Stonebridge Financial Group LLC purchased a new position in 3M in the fourth quarter worth $210,000. Finally, Gladstone Institutional Advisory LLC raised its stake in shares of 3M by 74.2% during the 4th quarter. Gladstone Institutional Advisory LLC now owns 34,020 shares of the conglomerate's stock worth $4,392,000 after purchasing an additional 14,496 shares during the period. 65.25% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on MMM shares. Royal Bank of Canada raised their price objective on shares of 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a report on Wednesday, April 23rd. Barclays upped their price objective on shares of 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a report on Wednesday, April 23rd. Citigroup lifted their target price on shares of 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research note on Friday, May 30th. JPMorgan Chase & Co. upped their price target on shares of 3M from $140.00 to $167.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. Finally, Bank of America upped their price target on 3M from $175.00 to $179.00 and gave the company a "buy" rating in a research report on Thursday, March 6th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $153.46.

3M Trading Down 1.7%

MMM stock traded down $2.45 on Friday, reaching $142.32. The company's stock had a trading volume of 1,209,465 shares, compared to its average volume of 3,844,000. The firm has a market cap of $76.59 billion, a PE ratio of 18.87, a PEG ratio of 3.30 and a beta of 1.03. The business has a fifty day simple moving average of $141.94 and a two-hundred day simple moving average of $141.71. 3M has a 12-month low of $98.26 and a 12-month high of $156.35. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41.

3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.77 by $0.11. 3M had a return on equity of 100.77% and a net margin of 15.71%. The company had revenue of $5.80 billion for the quarter, compared to the consensus estimate of $5.78 billion. As a group, research analysts forecast that 3M will post 7.8 EPS for the current year.

3M Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were paid a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 2.05%. 3M's dividend payout ratio is presently 36.87%.

Insider Transactions at 3M

In related news, EVP Zoe L. Dickson sold 7,915 shares of the stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $149.02, for a total value of $1,179,493.30. Following the completion of the transaction, the executive vice president now owns 6,127 shares of the company's stock, valued at approximately $913,045.54. This trade represents a 56.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 now owns 31,372 shares of the company's stock, valued at approximately $4,654,663.64. This represents a 19.83% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.48% of the company's stock.

About 3M

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.