SteelPeak Wealth LLC Buys 44,183 Shares of 3M Company $MMM

Key Points

• SteelPeak Wealth increased its 3M stake by 1,227.6% in the third quarter, purchasing 44,183 additional shares and bringing its holdings to 47,782 shares valued at approximately $7.84 million. Institutional investors collectively own 65.25% of 3M.
• Analyst sentiment remains mixed, with seven Buy, seven Hold, and one Sell rating; the stock carries an overall “Hold” consensus and an average price target of $181.71.
• 3M exceeded quarterly earnings expectations, reporting $2.40 in adjusted EPS and $6.50 billion in revenue, while maintaining a quarterly dividend of $0.78, equivalent to a 1.9% yield.

SteelPeak Wealth LLC increased its stake in shares of 3M Company (NYSE:MMM - Free Report) by 1,227.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 47,782 shares of the conglomerate's stock after purchasing an additional 44,183 shares during the quarter. SteelPeak Wealth LLC's holdings in 3M were worth $7,843,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of MMM. Engineers Gate Manager LP raised its holdings in 3M by 74.0% during the 2nd quarter. Engineers Gate Manager LP now owns 287,652 shares of the conglomerate's stock worth $46,574,000 after purchasing an additional 122,368 shares during the last quarter. North Star Asset Management Inc. acquired a new position in 3M during the 2nd quarter valued at about $1,424,000. Moore Capital Management LP acquired a new position in 3M during the 2nd quarter valued at about $7,948,000. Amundi boosted its stake in shares of 3M by 67.0% in the 2nd quarter. Amundi now owns 4,536,148 shares of the conglomerate's stock valued at $734,448,000 after purchasing an additional 1,819,178 shares during the last quarter. Finally, B.A. Schrock Wealth Management Inc. bought a new position in shares of 3M in the 3rd quarter valued at about $1,770,000. 65.25% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on MMM. Weiss Ratings cut shares of 3M from a "buy (b)" rating to a "buy (b-)" rating in a research report on Thursday, October 8th. JPMorgan Chase & Co. dropped their price target on shares of 3M from $205.00 to $185.00 and set an "overweight" rating for the company in a research note on Friday, October 9th. Citigroup increased their price objective on shares of 3M from $166.00 to $183.00 and gave the company a "neutral" rating in a report on Wednesday, July 22nd. Jefferies Financial Group raised their price objective on shares of 3M from $170.00 to $175.00 and gave the company a "hold" rating in a research note on Monday, June 29th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of 3M from $192.00 to $194.00 and gave the company a "hold" rating in a research note on Wednesday, September 30th. Seven investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $181.71.

3M Stock Down 0.5%

Shares of 3M stock opened at $164.46 on Friday. The company has a quick ratio of 0.91, a current ratio of 1.24 and a debt-to-equity ratio of 3.63. 3M Company has a 12 month low of $139.34 and a 12 month high of $184.90. The business has a fifty day simple moving average of $169.98 and a 200 day simple moving average of $161.27. The stock has a market cap of $84.82 billion, a PE ratio of 29.21, a price-to-earnings-growth ratio of 2.30 and a beta of 0.99.

3M (NYSE:MMM - Get Free Report) last released its earnings results on Tuesday, July 21st. The conglomerate reported $2.40 earnings per share for the quarter, beating the consensus estimate of $2.25 by $0.15. 3M had a return on equity of 115.87% and a net margin of 11.90%. The firm had revenue of $6.50 billion for the quarter, compared to analyst estimates of $6.40 billion. During the same quarter in the prior year, the firm posted $2.16 earnings per share. The company's quarterly revenue was up 2.5% on a year-over-year basis. 3M has set its FY 2026 guidance at 8.800-8.950 EPS. Research analysts predict that 3M Company will post 8.97 EPS for the current year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 11th. Stockholders of record on Monday, August 24th were paid a $0.78 dividend. The ex-dividend date of this dividend was Monday, August 24th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 1.9%. 3M's dividend payout ratio is 55.42%.

Insider Activity at 3M

In related news, insider Karin Chavez sold 3,635 shares of the stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $182.51, for a total value of $663,423.85. Following the sale, the insider directly owned 14,035 shares in the company, valued at $2,561,527.85. This trade represents a 20.57% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.19% of the stock is currently owned by company insiders.

3M Company Profile

3M is a diversified technology and manufacturing company headquartered in St. Paul, Minnesota. Founded in 1902 as Minnesota Mining and Manufacturing Company, it developed from a mining venture into a global enterprise known for applying materials science and engineering to a broad range of industrial, commercial and consumer applications.

The company develops and manufactures products including adhesives, abrasives, filtration systems, personal protective equipment, medical and dental supplies, electrical and electronic materials, automotive components, reflective materials and workplace safety solutions.

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