Angeles Wealth Management LLC Makes New Investment in 3M (NYSE:MMM)

Angeles Wealth Management LLC purchased a new stake in shares of 3M (NYSE:MMM) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 1,881 shares of the conglomerate’s stock, valued at approximately $257,000.

A number of other hedge funds also recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in 3M by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 49,461,361 shares of the conglomerate’s stock worth $5,246,367,000 after buying an additional 377,703 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of 3M by 11.8% in the second quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock worth $517,617,000 after acquiring an additional 533,520 shares during the period. Pacer Advisors Inc. boosted its holdings in 3M by 2.0% in the second quarter. Pacer Advisors Inc. now owns 4,952,878 shares of the conglomerate’s stock valued at $506,135,000 after acquiring an additional 97,340 shares during the last quarter. AQR Capital Management LLC lifted its position in shares of 3M by 18.6% in the 2nd quarter. AQR Capital Management LLC now owns 2,531,422 shares of the conglomerate’s stock worth $258,686,000 after purchasing an additional 396,773 shares during the period. Finally, ProShare Advisors LLC raised its stake in 3M by 1.8% during the first quarter. ProShare Advisors LLC now owns 2,006,221 shares of the conglomerate’s stock worth $212,800,000 after buying an additional 36,310 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Performance

NYSE MMM opened at $127.22 on Monday. The company has a fifty day moving average price of $133.00 and a 200-day moving average price of $115.48. The firm has a market cap of $69.28 billion, a price-to-earnings ratio of 16.06, a PEG ratio of 2.07 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. 3M has a 1 year low of $75.40 and a 1 year high of $141.34.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping the consensus estimate of $1.93 by $0.05. The business had revenue of $6.29 billion for the quarter, compared to analysts’ expectations of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The firm’s revenue for the quarter was down 24.3% compared to the same quarter last year. During the same period in the previous year, the company earned $2.68 earnings per share. As a group, equities research analysts predict that 3M will post 7.28 EPS for the current fiscal year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were issued a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.20%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s dividend payout ratio is presently 35.35%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on MMM. Citigroup boosted their price objective on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Melius raised 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Bank of America increased their price target on 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Royal Bank of Canada lifted their price objective on shares of 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a research note on Wednesday, October 23rd. Finally, Morgan Stanley initiated coverage on shares of 3M in a research note on Friday, September 6th. They set an “underweight” rating and a $125.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $139.27.

Insider Activity at 3M

In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value of $700,635.50. Following the transaction, the chairman now owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the sale, the chief financial officer now owns 4,364 shares in the company, valued at approximately $541,659.68. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the transaction, the chairman now owns 174,036 shares in the company, valued at approximately $21,486,484.56. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by company insiders.

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.