PUREfi Wealth LLC Makes New $430,000 Investment in 3M (NYSE:MMM)

PUREfi Wealth LLC acquired a new position in shares of 3M (NYSE:MMM) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm acquired 3,335 shares of the conglomerate’s stock, valued at approximately $430,000.

Other institutional investors also recently bought and sold shares of the company. D.A. Davidson & CO. increased its holdings in 3M by 16.2% during the 3rd quarter. D.A. Davidson & CO. now owns 146,333 shares of the conglomerate’s stock worth $20,004,000 after purchasing an additional 20,421 shares during the period. Franklin Resources Inc. increased its holdings in shares of 3M by 26.8% in the 3rd quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate’s stock valued at $114,770,000 after acquiring an additional 178,450 shares during the period. Meyer Handelman Co. increased its holdings in shares of 3M by 1.4% in the 4th quarter. Meyer Handelman Co. now owns 197,618 shares of the conglomerate’s stock valued at $25,511,000 after acquiring an additional 2,678 shares during the period. Ballentine Partners LLC increased its holdings in shares of 3M by 40.1% in the 3rd quarter. Ballentine Partners LLC now owns 18,217 shares of the conglomerate’s stock valued at $2,490,000 after acquiring an additional 5,210 shares during the period. Finally, Stonegate Investment Group LLC increased its holdings in shares of 3M by 5.6% in the 3rd quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate’s stock valued at $34,564,000 after acquiring an additional 13,473 shares during the period. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Trading Down 0.0 %

Shares of NYSE:MMM opened at $148.65 on Friday. 3M has a 1 year low of $75.40 and a 1 year high of $155.00. The firm has a market capitalization of $80.70 billion, a price-to-earnings ratio of 19.69, a price-to-earnings-growth ratio of 3.37 and a beta of 0.96. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The business’s 50 day moving average price is $138.49 and its 200-day moving average price is $133.62.

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

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 14th will be paid a $0.73 dividend. This is an increase from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a yield of 1.96%. The ex-dividend date is Friday, February 14th. 3M’s dividend payout ratio is currently 37.09%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on MMM shares. Bank of America lifted their price target on 3M from $160.00 to $175.00 and gave the company a “buy” rating in a report on Wednesday, January 22nd. Royal Bank of Canada reiterated an “underperform” rating and issued a $96.00 price target on shares of 3M in a report on Wednesday, January 22nd. Wells Fargo & Company raised 3M from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $140.00 to $170.00 in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. raised their price objective on 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of 3M in a research report on Saturday, February 1st. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, 3M presently has an average rating of “Moderate Buy” and an average price target of $148.87.

Insider Activity at 3M

In other 3M news, insider Christian T. Goralski, Jr. sold 6,318 shares of the business’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $149.43, for a total transaction of $944,098.74. Following the transaction, the insider now owns 5,024 shares of the company’s stock, valued at approximately $750,736.32. The trade was a 55.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Kevin H. Rhodes sold 6,743 shares of the company’s stock in a transaction on Monday, January 27th. The shares were sold at an average price of $149.85, for a total value of $1,010,438.55. Following the completion of the sale, the executive vice president now owns 4,902 shares of the company’s stock, valued at approximately $734,564.70. The trade was a 57.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 113,639 shares of company stock valued at $17,163,446. 0.34% of the stock is owned by insiders.

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.