Net Worth Advisory Group Makes New Investment in 3M (NYSE:MMM)

Net Worth Advisory Group purchased a new stake in 3M (NYSE:MMM) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 2,060 shares of the conglomerate’s stock, valued at approximately $266,000.

A number of other institutional investors have also added to or reduced their stakes in MMM. Financial Life Planners bought a new position in 3M in the 4th quarter valued at approximately $25,000. Proficio Capital Partners LLC bought a new position in 3M during the 4th quarter worth $26,000. FSA Wealth Management LLC acquired a new position in 3M during the 3rd quarter worth about $27,000. Daymark Wealth Partners LLC grew its position in shares of 3M by 9.0% in the 4th quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate’s stock valued at $31,000 after buying an additional 19,552 shares during the last quarter. Finally, ORG Partners LLC increased its stake in shares of 3M by 44.1% in the fourth quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock valued at $41,000 after buying an additional 98 shares during the period. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at 3M

In related news, CAO Theresa E. Reinseth sold 2,309 shares of 3M stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $149.95, for a total value of $346,234.55. Following the sale, the chief accounting officer now owns 4,417 shares of the company’s stock, valued at approximately $662,329.15. The trade was a 34.33 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Victoria Clarke sold 1,750 shares of the stock in a transaction on Friday, January 31st. The shares were sold at an average price of $154.22, for a total value of $269,885.00. Following the transaction, the executive vice president now directly owns 194 shares of the company’s stock, valued at approximately $29,918.68. This trade represents a 90.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 113,639 shares of company stock worth $17,163,446. 0.34% of the stock is owned by company insiders.

3M Stock Up 0.1 %

Shares of NYSE:MMM opened at $147.74 on Wednesday. The business’s 50 day moving average is $145.26 and its 200 day moving average is $136.53. 3M has a 12-month low of $81.23 and a 12-month high of $156.35. The stock has a market cap of $80.21 billion, a price-to-earnings ratio of 19.57, a PEG ratio of 3.30 and a beta of 0.97. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, beating the consensus estimate of $1.66 by $0.02. 3M had a net margin of 15.71% and a return on equity of 100.77%. The firm had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5.77 billion. During the same quarter last year, the business posted $2.42 EPS. The company’s revenue for the quarter was down 25.0% on a year-over-year basis. On average, sell-side analysts forecast that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 14th will be issued a $0.73 dividend. This is an increase from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.98%. The ex-dividend date of this dividend is Friday, February 14th. 3M’s payout ratio is 38.68%.

Analyst Upgrades and Downgrades

MMM has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. increased their target price on shares of 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, January 22nd. Barclays raised their price objective on shares of 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Royal Bank of Canada restated an “underperform” rating and issued a $96.00 price target on shares of 3M in a report on Thursday, February 27th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a research note on Friday, March 7th. Finally, UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $130.00 to $184.00 in a research report on Wednesday, November 13th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $149.13.

3M Company 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.