Summit Financial Wealth Advisors LLC Has $8.72 Million Holdings in 3M (NYSE:MMM)

Summit Financial Wealth Advisors LLC lifted its stake in shares of 3M (NYSE:MMMFree Report) by 1.8% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 79,782 shares of the conglomerate’s stock after buying an additional 1,396 shares during the period. 3M comprises approximately 2.0% of Summit Financial Wealth Advisors LLC’s investment portfolio, making the stock its 16th biggest position. Summit Financial Wealth Advisors LLC’s holdings in 3M were worth $8,722,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of MMM. Synergy Asset Management LLC bought a new position in 3M during the 4th quarter worth $230,000. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH raised its position in shares of 3M by 818.5% during the fourth quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 32,213 shares of the conglomerate’s stock worth $3,522,000 after acquiring an additional 28,706 shares during the last quarter. Zullo Investment Group Inc. lifted its stake in shares of 3M by 16.9% in the fourth quarter. Zullo Investment Group Inc. now owns 4,113 shares of the conglomerate’s stock worth $450,000 after acquiring an additional 595 shares during the period. Symphony Financial Ltd. Co. acquired a new stake in 3M during the 4th quarter valued at approximately $1,131,000. Finally, Hennessy Advisors Inc. raised its holdings in 3M by 11.1% during the 4th quarter. Hennessy Advisors Inc. now owns 41,400 shares of the conglomerate’s stock worth $4,526,000 after purchasing an additional 4,150 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total transaction of $39,328.32. Following the completion of the sale, the insider now directly owns 3,966 shares of the company’s stock, valued at $366,141.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

MMM has been the subject of a number of analyst reports. Barclays raised shares of 3M from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $111.00 to $126.00 in a research note on Tuesday, March 19th. StockNews.com began coverage on 3M in a research note on Wednesday. They set a “buy” rating for the company. Royal Bank of Canada restated an “underperform” rating and set a $84.00 price target on shares of 3M in a report on Wednesday, March 20th. Mizuho reiterated a “neutral” rating and set a $105.00 target price on shares of 3M in a research report on Wednesday. Finally, Wells Fargo & Company decreased their price target on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 24th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $107.60.

Read Our Latest Research Report on 3M

3M Stock Performance

Shares of MMM opened at $106.07 on Friday. 3M has a 52 week low of $85.35 and a 52 week high of $113.14. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.76 and a current ratio of 1.07. The stock has a 50 day moving average price of $96.82 and a two-hundred day moving average price of $97.83. The firm has a market capitalization of $58.69 billion, a P/E ratio of -8.40, a P/E/G ratio of 1.50 and a beta of 1.00.

3M (NYSE:MMMGet Free Report) last issued its quarterly earnings data on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share for the quarter, beating the consensus estimate of $2.31 by $0.11. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The business had revenue of $8.01 billion for the quarter, compared to analysts’ expectations of $7.69 billion. During the same period last year, the business earned $2.28 EPS. The business’s revenue was down 1.1% on a year-over-year basis. Equities analysts forecast that 3M will post 9.77 earnings per share for the current fiscal year.

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were paid a $1.51 dividend. This is a positive change from 3M’s previous quarterly dividend of $1.50. The ex-dividend date was Thursday, February 15th. This represents a $6.04 annualized dividend and a yield of 5.69%. 3M’s dividend payout ratio (DPR) is -47.82%.

3M Company Profile

(Free Report)

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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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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