Mission Wealth Management LP Has $403,000 Holdings in 3M (NYSE:MMM)

Mission Wealth Management LP lessened its stake in 3M (NYSE:MMM) by 22.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,125 shares of the conglomerate’s stock after selling 922 shares during the quarter. Mission Wealth Management LP’s holdings in 3M were worth $403,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. SBI Securities Co. Ltd. acquired a new stake in 3M in the 4th quarter valued at about $5,156,000. Modera Wealth Management LLC increased its position in 3M by 6.7% in the 4th quarter. Modera Wealth Management LLC now owns 9,424 shares of the conglomerate’s stock valued at $1,217,000 after acquiring an additional 593 shares in the last quarter. SRS Capital Advisors Inc. increased its position in 3M by 9.0% in the 4th quarter. SRS Capital Advisors Inc. now owns 2,310 shares of the conglomerate’s stock valued at $298,000 after acquiring an additional 191 shares in the last quarter. Asahi Life Asset Management CO. LTD. increased its position in 3M by 34.0% in the 4th quarter. Asahi Life Asset Management CO. LTD. now owns 12,516 shares of the conglomerate’s stock valued at $1,616,000 after acquiring an additional 3,173 shares in the last quarter. Finally, Norden Group LLC boosted its stake in shares of 3M by 14.0% in the 4th quarter. Norden Group LLC now owns 3,121 shares of the conglomerate’s stock valued at $403,000 after purchasing an additional 384 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on MMM shares. Royal Bank of Canada reaffirmed an “underperform” rating and issued a $96.00 target price on shares of 3M in a research note on Thursday, February 27th. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and raised their target price for the company from $130.00 to $184.00 in a research note on Wednesday, November 13th. JPMorgan Chase & Co. raised their target price on shares of 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, January 22nd. Barclays raised their target price on shares of 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, January 22nd. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of 3M in a research note on Wednesday, February 19th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $148.87.

Insider Buying and Selling at 3M

In other news, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of 3M stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $150.25, for a total value of $247,161.25. Following the sale, the insider now directly owns 5,153 shares in the company, valued at $774,238.25. This trade represents a 24.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the business’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $149.43, for a total transaction of $944,098.74. Following the transaction, the insider now owns 5,024 shares in the company, valued at approximately $750,736.32. The trade was a 55.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 113,639 shares of company stock valued at $17,163,446. 0.34% of the stock is currently owned by corporate insiders.

3M Stock Performance

Shares of MMM opened at $147.74 on Thursday. 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 twelve month low of $76.86 and a twelve month high of $156.35. The firm’s 50 day moving average price is $143.87 and its two-hundred day moving average price is $135.96. The firm has a market cap of $80.21 billion, a P/E ratio of 19.57, a PEG ratio of 3.30 and a beta of 0.96.

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

3M Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th will be paid a $0.73 dividend. The ex-dividend date is Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a yield of 1.98%. This is a positive change from 3M’s previous quarterly dividend of $0.70. 3M’s payout ratio is presently 38.68%.

About 3M

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.