3M (NYSE:MMM) Shares Acquired by Cassaday & Co Wealth Management LLC

Cassaday & Co Wealth Management LLC increased its position in shares of 3M (NYSE:MMM) by 3.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,992 shares of the conglomerate’s stock after purchasing an additional 185 shares during the period. Cassaday & Co Wealth Management LLC’s holdings in 3M were worth $644,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Financial Life Planners purchased a new stake in shares of 3M in the 4th quarter valued at about $25,000. FSA Wealth Management LLC purchased a new position in 3M during the 3rd quarter worth approximately $27,000. Daymark Wealth Partners LLC increased its position in 3M by 9.0% during the fourth quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate’s stock worth $31,000 after buying an additional 19,552 shares during the period. ORG Partners LLC lifted its stake in 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 last quarter. Finally, True Wealth Design LLC boosted its holdings in shares of 3M by 2,466.7% in the third quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock valued at $42,000 after acquiring an additional 296 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of 3M in a research report on Wednesday. JPMorgan Chase & Co. upped their target price on shares of 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Wells Fargo & Company upgraded shares of 3M from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Bank of America boosted their price target on 3M from $160.00 to $175.00 and gave the company a “buy” rating in a research report on Wednesday, January 22nd. Finally, Citigroup increased their price objective on 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 22nd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, 3M currently has an average rating of “Moderate Buy” and an average target price of $148.87.

3M Price Performance

Shares of NYSE MMM opened at $144.87 on Friday. The company’s fifty day moving average is $140.62 and its two-hundred day moving average is $134.56. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. The firm has a market capitalization of $78.65 billion, a P/E ratio of 19.19, a PEG ratio of 3.32 and a beta of 0.96. 3M has a one year low of $75.40 and a one year high of $155.00.

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

3M Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th will be issued a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 2.02%. The ex-dividend date is Friday, February 14th. This is an increase from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio is 38.68%.

Insider Activity

In other news, CAO Theresa E. Reinseth sold 2,309 shares of the company’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $149.95, for a total value of $346,234.55. Following the sale, the chief accounting officer now directly owns 4,417 shares in the company, valued at $662,329.15. This represents a 34.33 % 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, 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 sale, the executive vice president now directly owns 194 shares in the company, valued at approximately $29,918.68. The trade was a 90.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 113,639 shares of company stock worth $17,163,446 over the last ninety days. 0.34% of the stock is currently owned by insiders.

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.