Total Wealth Planning & Management Inc. Acquires New Position in 3M (NYSE:MMM)

Total Wealth Planning & Management Inc. acquired a new stake in 3M (NYSE:MMM - Free Report) in the fourth quarter, according to its most recent filing with the SEC. The fund acquired 13,485 shares of the conglomerate's stock, valued at approximately $1,741,000. 3M makes up 1.6% of Total Wealth Planning & Management Inc.'s holdings, making the stock its 9th largest holding.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of 3M in the fourth quarter valued at $51,289,000. REAP Financial Group LLC boosted its stake in 3M by 88.7% in the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock worth $26,000 after purchasing an additional 94 shares during the period. Chelsea Counsel Co. purchased a new position in 3M during the 4th quarter valued at about $2,426,000. Bernard Wealth Management Corp. bought a new stake in shares of 3M during the fourth quarter valued at about $52,000. Finally, Yoffe Investment Management LLC purchased a new stake in shares of 3M in the fourth quarter worth about $420,000. Institutional investors own 65.25% of the company's stock.

3M Trading Down 0.5%

Shares of NYSE:MMM traded down $0.78 on Wednesday, reaching $148.71. 2,296,459 shares of the company traded hands, compared to its average volume of 3,970,385. The stock has a market capitalization of $80.03 billion, a P/E ratio of 19.70, a price-to-earnings-growth ratio of 3.30 and a beta of 1.02. 3M has a 52 week low of $96.76 and a 52 week high of $156.35. The business's 50-day simple moving average is $141.51 and its 200 day simple moving average is $140.45. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86.

3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) 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 business had revenue of $5.80 billion for the quarter, compared to analyst estimates of $5.78 billion. As a group, equities analysts anticipate that 3M will post 7.8 EPS for the current fiscal year.

3M Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Friday, May 23rd will be given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 1.96%. 3M's dividend payout ratio is presently 36.87%.

Insider Buying and Selling

In related news, EVP John Patrick Banovetz sold 7,759 shares of 3M stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the completion of the transaction, the executive vice president now directly owns 31,372 shares of the company's stock, valued at $4,654,663.64. This trade represents a 19.83% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Zoe L. Dickson sold 7,915 shares of the company's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the completion of the sale, the executive vice president now owns 6,127 shares in the company, valued at approximately $913,045.54. This trade represents a 56.37% decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

MMM has been the subject of several recent analyst reports. Citigroup reduced their price objective on shares of 3M from $152.00 to $142.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Bank of America boosted their price target on shares of 3M from $175.00 to $179.00 and gave the company a "buy" rating in a research report on Thursday, March 6th. Royal Bank of Canada increased their price objective on 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a research report on Wednesday, April 23rd. Barclays boosted their target price on 3M from $160.00 to $164.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 23rd. Finally, JPMorgan Chase & Co. upped their target price on 3M from $140.00 to $167.00 and gave the stock an "overweight" rating in a research note on Friday, May 16th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, 3M presently has an average rating of "Moderate Buy" and an average price target of $152.08.

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.