Accurate Wealth Management LLC Acquires 211 Shares of 3M (NYSE:MMM)

by · The Markets Daily

Accurate Wealth Management LLC increased its holdings in 3M (NYSE:MMM – Free Report) by 2.6% in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 8,425 shares of the conglomerate’s stock after buying an additional 211 shares during the quarter. Accurate Wealth Management LLC’s holdings in 3M were worth $1,144,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Tributary Capital Management LLC bought a new stake in 3M in the 1st quarter worth about $25,000. Financial Synergies Wealth Advisors Inc. boosted its position in 3M by 419.1% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after purchasing an additional 197 shares during the last quarter. MFA Wealth Advisors LLC purchased a new position in 3M in the second quarter worth about $28,000. Daymark Wealth Partners LLC boosted its position in 3M by 8.6% in the third quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock worth $30,000 after purchasing an additional 17,211 shares during the last quarter. Finally, Meeder Asset Management Inc. boosted its position in 3M by 689.7% in the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after purchasing an additional 269 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on MMM. Wells Fargo & Company raised their target price on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Citigroup raised their target price on 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Argus raised 3M from a “hold” rating to a “buy” rating and set a $145.00 target price on the stock in a research report on Tuesday, July 30th. Royal Bank of Canada lifted their price objective on 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a research report on Monday, July 29th. Finally, Bank of America lifted their price objective on 3M from $120.00 to $143.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $130.57.

Get Our Latest Analysis on 3M

3M Stock Down 0.4 %

NYSE MMM opened at $135.14 on Friday. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95. 3M has a 12 month low of $71.12 and a 12 month high of $140.72. The stock’s 50 day moving average is $132.67 and its 200 day moving average is $112.59. The stock has a market cap of $74.78 billion, a PE ratio of -10.62, a P/E/G ratio of 2.49 and a beta of 0.95.

3M (NYSE:MMM – Get Free Report) last released its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.68 by $0.25. 3M had a return on equity of 112.92% and a net margin of 3.08%. The business had revenue of $6.26 billion for the quarter, compared to the consensus estimate of $5.85 billion. During the same quarter in the previous year, the company posted $2.17 EPS. Research analysts predict that 3M will post 7.24 EPS for the current fiscal year.

3M Announces Dividend

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. This represents a $2.80 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s payout ratio is -22.01%.

Insiders Place Their Bets

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

About 3M

(Free Report)

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.

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