Summit Financial Wealth Advisors LLC Has $3.91 Million Position in 3M (NYSE:MMM)

Summit Financial Wealth Advisors LLC boosted its holdings in shares of 3M (NYSE:MMM) by 19.1% in the second quarter, according to its most recent filing with the SEC. The firm owned 39,018 shares of the conglomerate’s stock after acquiring an additional 6,255 shares during the period. Summit Financial Wealth Advisors LLC’s holdings in 3M were worth $3,905,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Financial Freedom LLC acquired a new position in 3M in the fourth quarter valued at about $25,000. Financial Management Professionals Inc. raised its position in shares of 3M by 1,538.9% in the 1st quarter. Financial Management Professionals Inc. now owns 295 shares of the conglomerate’s stock valued at $31,000 after acquiring an additional 277 shares during the period. Aspire Private Capital LLC bought a new position in 3M during the 1st quarter worth approximately $31,676,265,000. Artemis Wealth Advisors LLC grew its holdings in 3M by 1,361.9% during the first quarter. Artemis Wealth Advisors LLC now owns 307 shares of the conglomerate’s stock valued at $32,000 after purchasing an additional 286 shares during the period. Finally, 25 LLC bought a new stake in 3M in the first quarter valued at approximately $33,000. Institutional investors own 65.24% of the company’s stock.

3M Trading Down 0.3 %

NYSE:MMM traded down $0.32 on Tuesday, hitting $100.72. 267,941 shares of the company’s stock were exchanged, compared to its average volume of 3,604,781. The firm has a 50-day moving average price of $104.39 and a 200-day moving average price of $102.92. 3M has a 52 week low of $92.38 and a 52 week high of $133.91. The company has a current ratio of 1.44, a quick ratio of 0.96 and a debt-to-equity ratio of 1.65.

3M (NYSE:MMM) last released its earnings results on Tuesday, July 25th. The conglomerate reported $2.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.44. The business had revenue of $7.99 billion for the quarter, compared to analyst estimates of $7.88 billion. 3M had a positive return on equity of 38.99% and a negative net margin of 4.43%. 3M’s revenue was down 8.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.48 earnings per share. Equities research analysts anticipate that 3M will post 8.95 EPS for the current fiscal year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 12th. Investors of record on Monday, August 21st were paid a $1.50 dividend. The ex-dividend date was Friday, August 18th. This represents a $6.00 annualized dividend and a dividend yield of 5.96%. 3M’s dividend payout ratio is presently -211.27%.

Analyst Upgrades and Downgrades

MMM has been the subject of several research analyst reports. Wolfe Research raised shares of 3M from an “underperform” rating to a “peer perform” rating in a report on Tuesday, August 29th. VNET Group restated a “maintains” rating on shares of 3M in a report on Tuesday, June 27th. Bank of America upgraded 3M from an “underperform” rating to a “neutral” rating and set a $110.00 price objective on the stock in a report on Tuesday, July 11th. Citigroup increased their target price on 3M from $100.00 to $111.00 in a research note on Wednesday, July 26th. Finally, UBS Group upped their price target on shares of 3M from $95.00 to $115.00 in a report on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating and eleven have given a hold rating to the company’s stock. According to MarketBeat, 3M currently has a consensus rating of “Hold” and an average price target of $113.08.

3M Profile

3M Company provides diversified technology services in the United States and internationally. The company operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.