Mitchell & Pahl Private Wealth LLC Has $3.13 Million Position in 3M (NYSE:MMM)

Mitchell & Pahl Private Wealth LLC lessened its position in 3M (NYSE:MMM) by 1.6% in the 1st quarter, Holdings Channel reports. The firm owned 21,314 shares of the conglomerate’s stock after selling 336 shares during the period. 3M accounts for approximately 1.5% of Mitchell & Pahl Private Wealth LLC’s investment portfolio, making the stock its 13th biggest holding. Mitchell & Pahl Private Wealth LLC’s holdings in 3M were worth $3,130,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MMM. Financial Life Planners bought a new stake in shares of 3M in the 4th quarter valued at $25,000. Proficio Capital Partners LLC bought a new stake in shares of 3M in the fourth quarter worth about $26,000. REAP Financial Group LLC increased its stake in 3M by 88.7% during the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate’s stock worth $26,000 after purchasing an additional 94 shares in the last quarter. Hazlett Burt & Watson Inc. bought a new position in 3M in the fourth quarter valued at approximately $27,000. Finally, Pinney & Scofield Inc. acquired a new position in shares of 3M in the fourth quarter valued at approximately $28,000. 65.25% of the stock is owned by institutional investors.

Insider Buying and Selling at 3M

In other 3M news, EVP John Patrick Banovetz sold 7,759 shares of the business’s stock in a transaction dated Friday, May 23rd. The shares were 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 position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Zoe L. Dickson sold 7,915 shares of the stock in a transaction on 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 sale, the executive vice president now directly owns 6,127 shares in the company, valued at approximately $913,045.54. This trade represents a 56.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on MMM shares. Royal Bank of Canada raised their price objective on shares of 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a report on Wednesday, April 23rd. JPMorgan Chase & Co. increased their target price on 3M from $140.00 to $167.00 and gave the stock an “overweight” rating in a report on Friday, May 16th. Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a report on Saturday, May 24th. Barclays increased their price objective on 3M from $160.00 to $164.00 and gave the stock an “overweight” rating in a report on Wednesday, April 23rd. Finally, Citigroup boosted their target price on 3M from $141.00 to $160.00 and gave the company a “neutral” rating in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $153.46.

3M Price Performance

Shares of MMM opened at $148.20 on Monday. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. The company’s fifty day simple moving average is $141.33 and its 200 day simple moving average is $140.81. 3M has a 1-year low of $97.68 and a 1-year high of $156.35. The company has a market cap of $79.76 billion, a price-to-earnings ratio of 19.63, a PEG ratio of 3.30 and a beta of 1.02.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, beating analysts’ consensus estimates of $1.77 by $0.11. The company had revenue of $5.80 billion during the quarter, compared to the consensus estimate of $5.78 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. On average, research analysts forecast that 3M will post 7.8 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd will be given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 1.97%. 3M’s dividend payout ratio (DPR) is presently 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.