Spire Wealth Management lowered its position in 3M (NYSE:MMM – Free Report) by 6.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 7,852 shares of the conglomerate’s stock after selling 510 shares during the period. Spire Wealth Management’s holdings in 3M were worth $786,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of the company. Financial Freedom LLC purchased a new position in 3M during the fourth quarter valued at $25,000. Aspire Private Capital LLC purchased a new position in 3M during the first quarter valued at $31,676,265,000. 25 LLC purchased a new position in 3M during the first quarter valued at $33,000. Retirement Group LLC lifted its position in 3M by 267.0% during the first quarter. Retirement Group LLC now owns 367 shares of the conglomerate’s stock valued at $39,000 after purchasing an additional 267 shares in the last quarter. Finally, Trivant Custom Portfolio Group LLC purchased a new position in 3M during the first quarter valued at $48,000. Institutional investors own 65.24% of the company’s stock.
Wall Street Analyst Weigh In
MMM has been the topic of several research analyst reports. Morgan Stanley upgraded 3M from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $102.00 to $113.00 in a research report on Thursday, August 31st. Mizuho restated a “neutral” rating and issued a $120.00 price objective on shares of 3M in a research report on Tuesday, August 29th. Barclays boosted their price objective on 3M from $96.00 to $98.00 and gave the company an “underweight” rating in a research report on Wednesday, October 25th. Wolfe Research upgraded 3M from an “underperform” rating to a “peer perform” rating in a research report on Tuesday, August 29th. Finally, Wells Fargo & Company cut their target price on 3M from $115.00 to $93.00 in a research note on Monday, October 9th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $104.30.
3M Stock Down 1.2 %
3M stock opened at $95.69 on Friday. The business has a fifty day moving average of $93.30 and a two-hundred day moving average of $99.08. The company has a quick ratio of 0.72, a current ratio of 1.05 and a debt-to-equity ratio of 2.72. The firm has a market cap of $52.85 billion, a P/E ratio of -7.17, a P/E/G ratio of 1.45 and a beta of 0.98. 3M has a twelve month low of $85.35 and a twelve month high of $130.02.
3M (NYSE:MMM – Get Free Report) last issued its quarterly earnings data on Tuesday, October 24th. The conglomerate reported $2.68 EPS for the quarter, beating the consensus estimate of $2.34 by $0.34. 3M had a positive return on equity of 47.18% and a negative net margin of 22.59%. The firm had revenue of $8.31 billion during the quarter, compared to analyst estimates of $7.99 billion. During the same quarter in the prior year, the business posted $2.69 EPS. The business’s revenue for the quarter was down 3.6% compared to the same quarter last year. On average, analysts forecast that 3M will post 9.12 earnings per share for the current fiscal year.
3M Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 12th. Shareholders of record on Friday, November 17th will be given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 6.27%. The ex-dividend date of this dividend is Thursday, November 16th. 3M’s dividend payout ratio is currently -44.94%.
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.
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