Kingsview Wealth Management LLC Increases Position in 3M Company (NYSE:MMM)

Kingsview Wealth Management LLC grew its holdings in 3M Company (NYSE:MMM) by 0.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 33,277 shares of the conglomerate’s stock after acquiring an additional 96 shares during the period. Kingsview Wealth Management LLC’s holdings in 3M were worth $4,887,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Norges Bank acquired a new position in 3M during the 4th quarter valued at about $636,767,000. Invesco Ltd. raised its holdings in shares of 3M by 51.6% during the fourth quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate’s stock valued at $576,845,000 after acquiring an additional 1,520,619 shares during the period. D1 Capital Partners L.P. acquired a new stake in shares of 3M during the fourth quarter valued at approximately $175,110,000. Capital World Investors raised its holdings in shares of 3M by 25.4% during the fourth quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate’s stock valued at $794,410,000 after acquiring an additional 1,248,093 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its stake in 3M by 321.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,097,747 shares of the conglomerate’s stock valued at $141,708,000 after buying an additional 837,226 shares during the period. 65.25% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP John Patrick Banovetz sold 7,759 shares of the business’s 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 sale, the executive vice president owned 31,372 shares in the company, valued at approximately $4,654,663.64. The trade was a 19.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Zoe L. Dickson sold 7,915 shares of the company’s stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $149.02, for a total value of $1,179,493.30. Following the transaction, the executive vice president directly owned 6,127 shares of the company’s stock, valued at approximately $913,045.54. This represents a 56.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on MMM shares. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a report on Saturday, July 12th. Royal Bank Of Canada raised their price objective on shares of 3M from $98.00 to $100.00 and gave the company an “underperform” rating in a research report on Wednesday, April 23rd. Citigroup lifted their price objective on shares of 3M from $141.00 to $160.00 and gave the stock a “neutral” rating in a research note on Friday, May 30th. Wells Fargo & Company reaffirmed an “overweight” rating on shares of 3M in a research note on Friday. Finally, JPMorgan Chase & Co. set a $167.00 target price on shares of 3M in a report on Friday. Two analysts have rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $156.33.

3M Stock Up 1.0%

Shares of 3M stock opened at $159.21 on Friday. 3M Company has a 52-week low of $101.77 and a 52-week high of $165.14. The company has a 50-day simple moving average of $149.68 and a two-hundred day simple moving average of $145.26. The company has a debt-to-equity ratio of 2.72, a quick ratio of 1.25 and a current ratio of 1.66. The stock has a market capitalization of $85.68 billion, a PE ratio of 20.10, a price-to-earnings-growth ratio of 3.07 and a beta of 1.02.

3M (NYSE:MMM) last announced its quarterly earnings data on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.01 by $0.15. 3M had a return on equity of 96.19% and a net margin of 17.79%. During the same quarter in the prior year, the firm posted $1.93 earnings per share. On average, analysts anticipate that 3M Company will post 7.8 EPS for the current fiscal year.

3M Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.83%. 3M’s payout ratio is 36.87%.

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.