Cornerstone Wealth Management LLC Acquires 1,139 Shares of 3M (NYSE:MMM)

Cornerstone Wealth Management LLC grew its holdings in shares of 3M (NYSE:MMM) by 12.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,606 shares of the conglomerate’s stock after buying an additional 1,139 shares during the period. Cornerstone Wealth Management LLC’s holdings in 3M were worth $1,450,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. Twelve Points Wealth Management LLC boosted its holdings in shares of 3M by 10.4% during the 3rd quarter. Twelve Points Wealth Management LLC now owns 4,656 shares of the conglomerate’s stock valued at $637,000 after buying an additional 440 shares in the last quarter. Griffin Asset Management Inc. boosted its stake in 3M by 2.3% in the 3rd quarter. Griffin Asset Management Inc. now owns 8,560 shares of the conglomerate’s stock worth $1,170,000 after purchasing an additional 195 shares in the last quarter. Investment Advisory Group LLC bought a new position in 3M in the 3rd quarter worth about $233,000. Swedbank AB boosted its stake in 3M by 10.3% in the 3rd quarter. Swedbank AB now owns 418,438 shares of the conglomerate’s stock worth $57,200,000 after purchasing an additional 39,206 shares in the last quarter. Finally, Norway Savings Bank bought a new position in 3M in the 3rd quarter worth about $255,000. Institutional investors own 65.25% of the company’s stock.

Insider Buying and Selling

In related news, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the sale, the chairman now directly owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the transaction, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the transaction, the chairman now owns 174,036 shares of the company’s stock, valued at $21,486,484.56. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by insiders.

3M Price Performance

NYSE MMM opened at $135.75 on Friday. 3M has a 52 week low of $71.12 and a 52 week high of $140.72. The firm has a market capitalization of $75.12 billion, a P/E ratio of -10.67, a PEG ratio of 2.49 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95. The company has a 50-day moving average price of $132.45 and a 200-day moving average price of $112.30.

3M (NYSE:MMM) last released its earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.25. The company had revenue of $6.26 billion during the quarter, compared to analyst estimates of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same period in the prior year, the firm posted $2.17 EPS. Equities research analysts anticipate that 3M will post 7.24 earnings per share for the current year.

3M Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.06%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s dividend payout ratio is -22.01%.

Analyst Ratings Changes

A number of brokerages recently issued reports on MMM. Mizuho upped their price target on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research note on Thursday. Royal Bank of Canada upped their price target on shares of 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a research note on Monday, July 29th. Bank of America upped their target price on shares of 3M from $120.00 to $143.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Argus upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 target price on the stock in a research note on Tuesday, July 30th. Finally, StockNews.com cut shares of 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the company. According to MarketBeat, 3M presently has an average rating of “Hold” and an average target price of $130.57.

3M 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.