LCM Capital Management Inc Takes $246,000 Position in 3M (NYSE:MMM)

LCM Capital Management Inc purchased a new stake in 3M (NYSE:MMM) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 1,802 shares of the conglomerate’s stock, valued at approximately $246,000.

Other large investors have also modified their holdings of the company. Cornerstone Wealth Management LLC grew its holdings in shares of 3M by 4.0% in the first quarter. Cornerstone Wealth Management LLC now owns 7,597 shares of the conglomerate’s stock valued at $806,000 after purchasing an additional 289 shares in the last quarter. Mission Wealth Management LP raised its stake in shares of 3M by 58.2% in the first quarter. Mission Wealth Management LP now owns 7,422 shares of the conglomerate’s stock valued at $787,000 after acquiring an additional 2,731 shares in the last quarter. Prosperity Consulting Group LLC lifted its position in shares of 3M by 78.8% during the 1st quarter. Prosperity Consulting Group LLC now owns 5,117 shares of the conglomerate’s stock worth $543,000 after purchasing an additional 2,255 shares during the last quarter. StoneX Group Inc. acquired a new position in shares of 3M during the first quarter worth $1,162,000. Finally, PDS Planning Inc increased its holdings in 3M by 12.3% in the first quarter. PDS Planning Inc now owns 3,287 shares of the conglomerate’s stock valued at $349,000 after buying an additional 359 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Insider Buying and Selling

In related news, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total value of $260,652.00. Following the sale, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Chairman Michael F. Roman sold 5,675 shares of the company’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 sale, the chairman now directly owns 174,036 shares in the company, valued at $21,486,484.56. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the sale, the chief financial officer now owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on MMM. Wells Fargo & Company lifted their price target on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Melius upgraded shares of 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Royal Bank of Canada boosted their price objective on shares of 3M from $99.00 to $100.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft raised shares of 3M from a “hold” rating to a “buy” rating and increased their target price for the company from $110.00 to $150.00 in a research report on Monday, July 29th. Finally, Barclays boosted their price target on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. Two analysts have rated the stock with a sell rating, five have given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $139.27.

3M Stock Performance

NYSE MMM opened at $128.46 on Friday. The stock has a market capitalization of $69.95 billion, a price-to-earnings ratio of 16.22, a PEG ratio of 2.06 and a beta of 0.95. The business’s 50 day moving average is $133.06 and its two-hundred day moving average is $114.90. 3M has a 12-month low of $74.51 and a 12-month high of $141.34. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41.

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

3M Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.18%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s dividend payout ratio (DPR) is 35.35%.

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.