SOA Wealth Advisors LLC. Has $405,000 Stake in 3M Company $MMM

Key Points

• SOA Wealth Advisors LLC. increased its stake in 3M Company (NYSE:MMM) by 312.6% during the second quarter, resulting in holdings worth $405,000.
• Multiple institutional investors have recently purchased shares of 3M, with over 65.25% of the company's stock now held by institutions.
• Analysts are optimistic about 3M's stock, with a consensus rating of "Moderate Buy" and a target price of $161.78, following upgraded ratings from various analysts.

SOA Wealth Advisors LLC. grew its position in 3M Company (NYSE:MMM - Free Report) by 312.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,661 shares of the conglomerate's stock after purchasing an additional 2,016 shares during the quarter. SOA Wealth Advisors LLC.'s holdings in 3M were worth $405,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Caitong International Asset Management Co. Ltd bought a new stake in 3M in the first quarter worth approximately $28,000. WPG Advisers LLC bought a new stake in shares of 3M in the 1st quarter valued at $28,000. Curat Global LLC acquired a new position in shares of 3M during the 1st quarter valued at $29,000. Saudi Central Bank bought a new position in 3M during the first quarter worth $31,000. Finally, Intelligent Financial Strategies acquired a new stake in 3M in the first quarter worth $42,000. Institutional investors own 65.25% of the company's stock.

Insider Activity

In other 3M news, insider Christian T. Goralski, Jr. sold 6,165 shares of the company's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $150.18, for a total value of $925,859.70. Following the completion of the sale, the insider directly owned 2,900 shares of the company's stock, valued at approximately $435,522. This represents a 68.01% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Theresa E. Reinseth sold 3,477 shares of the business's stock in a transaction that occurred on Tuesday, August 5th. The stock was 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 owned 2,561 shares in the company, valued at $385,763.43. The trade was a 57.59% decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several analysts have recently commented on MMM shares. Weiss Ratings upgraded 3M from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Saturday, September 27th. Barclays set a $170.00 price objective on 3M in a research note on Friday, July 18th. JPMorgan Chase & Co. set a $167.00 price objective on 3M in a report on Friday, July 18th. Finally, Wells Fargo & Company reiterated an "overweight" rating on shares of 3M in a report on Friday, July 18th. Seven research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, 3M has an average rating of "Moderate Buy" and a consensus target price of $161.78.

3M Stock Performance

Shares of 3M stock opened at $155.90 on Thursday. 3M Company has a 52 week low of $121.98 and a 52 week high of $164.15. The company has a quick ratio of 1.20, a current ratio of 1.72 and a debt-to-equity ratio of 2.87. The business has a 50 day moving average price of $154.06 and a 200-day moving average price of $148.52. The company has a market cap of $83.04 billion, a PE ratio of 21.68, a price-to-earnings-growth ratio of 2.82 and a beta of 1.05.

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

3M Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 12th. Investors of record on Monday, August 25th were 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%. The ex-dividend date of this dividend was Monday, August 25th. 3M's dividend payout ratio (DPR) is presently 40.61%.

3M 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.

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