Laurel Wealth Advisors LLC Sells 765 Shares of 3M (NYSE:MMM)

Laurel Wealth Advisors LLC trimmed its stake in 3M (NYSE:MMM) by 7.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 9,273 shares of the conglomerate’s stock after selling 765 shares during the period. Laurel Wealth Advisors LLC’s holdings in 3M were worth $1,362,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of MMM. USA Financial Formulas boosted its position in 3M by 20.3% during the 1st quarter. USA Financial Formulas now owns 7,605 shares of the conglomerate’s stock valued at $1,117,000 after acquiring an additional 1,285 shares in the last quarter. Redhawk Wealth Advisors Inc. purchased a new position in shares of 3M in the 1st quarter valued at approximately $220,000. Trueblood Wealth Management LLC purchased a new stake in 3M in the first quarter worth $217,000. Dividend Assets Capital LLC grew its stake in 3M by 8.1% in the first quarter. Dividend Assets Capital LLC now owns 2,667 shares of the conglomerate’s stock worth $392,000 after purchasing an additional 200 shares during the period. Finally, Sonora Investment Management Group LLC raised its holdings in 3M by 7.8% in the first quarter. Sonora Investment Management Group LLC now owns 2,087 shares of the conglomerate’s stock worth $306,000 after purchasing an additional 151 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

Wall Street Analyst Weigh In

MMM has been the topic of several research reports. Barclays boosted their price objective on shares of 3M from $160.00 to $164.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 23rd. Royal Bank of Canada lifted their target price on shares of 3M from $98.00 to $100.00 and gave the company an “underperform” rating in a report on Wednesday, April 23rd. Bank of America boosted their price target on 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research report on Thursday, March 6th. Citigroup increased their target price on 3M from $141.00 to $160.00 and gave the stock a “neutral” rating in a research note on Friday, May 30th. Finally, JPMorgan Chase & Co. lifted their price target on 3M from $140.00 to $167.00 and gave the stock an “overweight” rating in a research report on Friday, May 16th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $153.46.

3M Trading Up 0.5%

3M stock opened at $145.01 on Wednesday. 3M has a one year low of $98.26 and a one year high of $156.35. The business’s fifty day moving average is $141.21 and its 200 day moving average is $141.57. The stock has a market capitalization of $78.04 billion, a PE ratio of 19.21, a price-to-earnings-growth ratio of 3.30 and a beta of 1.03. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08.

3M (NYSE:MMM) last posted its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.77 by $0.11. 3M had a net margin of 15.71% and a return on equity of 100.77%. The business had revenue of $5.80 billion for the quarter, compared to analysts’ expectations of $5.78 billion. On average, sell-side analysts predict that 3M will post 7.8 EPS for the current year.

3M Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Friday, May 23rd will be issued a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 2.01%. 3M’s dividend payout ratio is currently 36.87%.

Insider Buying and Selling

In related news, EVP John Patrick Banovetz sold 7,759 shares of 3M stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $148.37, for a total value of $1,151,202.83. Following the completion of the sale, the executive vice president now owns 31,372 shares of the company’s stock, valued at $4,654,663.64. The trade was a 19.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Zoe L. Dickson sold 7,915 shares of the company’s stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $149.02, for a total value of $1,179,493.30. Following the sale, the executive vice president now owns 6,127 shares of the company’s stock, 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. 0.48% of the stock is currently owned by corporate 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.