Armstrong Fleming & Moore Inc Buys 600 Shares of 3M (NYSE:MMM)

17 Oct 2024, 19:38 by Sarita Garza · The Markets Daily

Armstrong Fleming & Moore Inc lifted its holdings in 3M (NYSE:MMM – Free Report) by 23.8% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 3,119 shares of the conglomerate’s stock after acquiring an additional 600 shares during the quarter. Armstrong Fleming & Moore Inc’s holdings in 3M were worth $426,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Tributary Capital Management LLC bought a new stake in 3M during the 1st quarter valued at approximately $25,000. Financial Synergies Wealth Advisors Inc. boosted its position in shares of 3M by 419.1% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after purchasing an additional 197 shares in the last quarter. MFA Wealth Advisors LLC purchased a new position in 3M during the second quarter valued at $28,000. Northwest Investment Counselors LLC bought a new position in shares of 3M in the 1st quarter worth about $32,000. Finally, Meeder Asset Management Inc. grew its holdings 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 period. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Trading Down 0.5 %

NYSE MMM traded down $0.67 during trading hours on Thursday, hitting $135.68. 632,863 shares of the company were exchanged, compared to its average volume of 4,895,689. The stock has a market cap of $75.08 billion, a PE ratio of -10.72, a price-to-earnings-growth ratio of 2.49 and a beta of 0.95. 3M has a 52 week low of $71.12 and a 52 week high of $140.72. The stock has a 50-day moving average price of $132.24 and a 200 day moving average price of $112.14. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95.

3M (NYSE:MMM – Get Free Report) last posted its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 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 previous year, the firm earned $2.17 earnings per share. Analysts forecast that 3M will post 7.24 earnings per share for the current fiscal year.

3M Dividend Announcement

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

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Mizuho increased their price target on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a report on Thursday. Bank of America raised their price target on shares of 3M from $120.00 to $143.00 and gave the company a “buy” rating in a report on Monday, July 29th. Argus raised shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price objective for the company in a report on Tuesday, July 30th. Barclays raised their target price on shares of 3M from $145.00 to $160.00 and gave the stock an “overweight” rating in a report on Wednesday, October 2nd. Finally, Citigroup increased their price target on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a 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 data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $130.57.

View Our Latest Analysis on 3M

Insider Activity at 3M

In other news, Chairman Michael F. Roman sold 5,675 shares of the company’s 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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other 3M 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 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Theresa E. Reinseth sold 2,100 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the sale, the chief financial officer now owns 4,364 shares in the company, valued at $541,659.68. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by corporate insiders.

3M Company Profile

(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.