Element Wealth LLC Has $277,000 Position in 3M (NYSE:MMM)

Element Wealth LLC trimmed its holdings in 3M (NYSE:MMM) by 20.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,029 shares of the conglomerate’s stock after selling 509 shares during the period. Element Wealth LLC’s holdings in 3M were worth $277,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. CVA Family Office LLC raised its holdings in 3M by 1.9% in the 3rd quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate’s stock worth $571,000 after purchasing an additional 79 shares during the period. Fortis Capital Advisors LLC raised its stake in shares of 3M by 2.9% in the second quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate’s stock worth $307,000 after buying an additional 84 shares during the period. KMG Fiduciary Partners LLC lifted its position in shares of 3M by 0.5% during the 3rd quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate’s stock valued at $2,213,000 after buying an additional 84 shares in the last quarter. Raleigh Capital Management Inc. increased its holdings in 3M by 2.9% in the 3rd quarter. Raleigh Capital Management Inc. now owns 3,038 shares of the conglomerate’s stock worth $415,000 after acquiring an additional 87 shares in the last quarter. Finally, Mount Yale Investment Advisors LLC raised its stake in 3M by 1.1% during the 3rd quarter. Mount Yale Investment Advisors LLC now owns 8,462 shares of the conglomerate’s stock worth $1,157,000 after acquiring an additional 95 shares during the period. 65.25% of the stock is owned by institutional investors.

Insider Transactions at 3M

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

Analyst Upgrades and Downgrades

MMM has been the topic of several analyst reports. Citigroup boosted their target price on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research report on Monday, July 29th. Mizuho raised their price target on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Melius upgraded 3M from a “hold” rating to a “buy” rating in a report on Tuesday. StockNews.com lowered shares of 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Finally, Royal Bank of Canada lifted their target price on shares of 3M from $99.00 to $100.00 and gave the stock an “underperform” rating in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $135.67.

3M Stock Performance

Shares of MMM opened at $126.44 on Friday. The company’s 50 day simple moving average is $133.07 and its 200-day simple moving average is $113.57. 3M has a 12-month low of $72.47 and a 12-month high of $141.34. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. The firm has a market cap of $69.46 billion, a PE ratio of 15.96, a price-to-earnings-growth ratio of 2.42 and a beta of 0.95.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, beating the consensus estimate of $1.93 by $0.05. The firm had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. The firm’s revenue was down 24.3% compared to the same quarter last year. During the same period in the prior year, the business earned $2.68 EPS. As a group, equities analysts predict that 3M will post 7.26 EPS for the current year.

3M Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were paid a $0.70 dividend. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.80 annualized dividend and a yield of 2.21%. 3M’s dividend payout ratio is currently 35.35%.

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.