PUREfi Wealth LLC Invests $430,000 in 3M (NYSE:MMM)

PUREfi Wealth LLC purchased a new position in shares of 3M (NYSE:MMM) in the fourth quarter, HoldingsChannel reports. The firm purchased 3,335 shares of the conglomerate’s stock, valued at approximately $430,000.

Other hedge funds have also modified their holdings of the company. Financial Life Planners purchased a new position in shares of 3M during the 4th quarter worth $25,000. FSA Wealth Management LLC purchased a new position in shares of 3M during the 3rd quarter worth $27,000. McClarren Financial Advisors Inc. lifted its stake in 3M by 118.6% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after acquiring an additional 121 shares in the last quarter. True Wealth Design LLC lifted its stake in 3M by 2,466.7% during the 3rd quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock worth $42,000 after acquiring an additional 296 shares in the last quarter. Finally, ORG Partners LLC lifted its stake in 3M by 44.1% during the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock worth $41,000 after acquiring an additional 98 shares in the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Price Performance

Shares of NYSE MMM opened at $148.65 on Friday. The stock’s 50-day simple moving average is $138.49 and its 200-day simple moving average is $133.62. The firm has a market capitalization of $80.70 billion, a PE ratio of 19.69, a price-to-earnings-growth ratio of 3.37 and a beta of 0.96. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $155.00.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.66 by $0.02. The firm had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. The firm’s quarterly revenue was down 25.0% compared to the same quarter last year. During the same quarter last year, the business posted $2.42 EPS. As a group, equities research analysts forecast that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 14th will be paid a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 1.96%. The ex-dividend date is Friday, February 14th. This is an increase from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio (DPR) is currently 37.09%.

Insider Buying and Selling

In related news, Chairman Michael F. Roman sold 49,598 shares of 3M stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $152.30, for a total value of $7,553,775.40. Following the sale, the chairman now directly owns 180,895 shares in the company, valued at $27,550,308.50. The trade was a 21.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Victoria Clarke sold 1,750 shares of 3M stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $154.22, for a total value of $269,885.00. Following the completion of the sale, the executive vice president now owns 194 shares in the company, valued at approximately $29,918.68. This trade represents a 90.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 113,639 shares of company stock worth $17,163,446 in the last quarter. 0.34% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms recently issued reports on MMM. Barclays increased their target price on 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 22nd. Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 target price on the stock in a research note on Tuesday, October 22nd. Melius raised 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Weiss Ratings reissued a “hold (c)” rating on shares of 3M in a research note on Saturday, February 1st. Finally, Wells Fargo & Company raised 3M from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $148.87.

3M Profile

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.