Axxcess Wealth Management LLC Reduces Stake in 3M (NYSE:MMM)

Axxcess Wealth Management LLC lowered its position in 3M (NYSE:MMM - Free Report) by 45.0% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 3,358 shares of the conglomerate's stock after selling 2,747 shares during the period. Axxcess Wealth Management LLC's holdings in 3M were worth $433,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of MMM. D.A. Davidson & CO. boosted its stake in shares of 3M by 16.2% in the third quarter. D.A. Davidson & CO. now owns 146,333 shares of the conglomerate's stock worth $20,004,000 after acquiring an additional 20,421 shares during the period. Franklin Resources Inc. boosted its stake in 3M by 26.8% in the 3rd quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate's stock worth $114,770,000 after purchasing an additional 178,450 shares during the period. Meyer Handelman Co. boosted its stake in 3M by 1.4% in the 4th quarter. Meyer Handelman Co. now owns 197,618 shares of the conglomerate's stock worth $25,511,000 after purchasing an additional 2,678 shares during the period. FMR LLC raised its position in shares of 3M by 88.7% during the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate's stock valued at $1,225,087,000 after buying an additional 4,212,409 shares during the last quarter. Finally, USA Financial Formulas purchased a new position in shares of 3M in the fourth quarter worth $816,000. Hedge funds and other institutional investors own 65.25% of the company's stock.

3M Trading Up 0.2 %

3M stock traded up $0.38 during trading hours on Tuesday, hitting $153.53. The company had a trading volume of 4,117,823 shares, compared to its average volume of 4,016,672. The company has a 50-day moving average price of $149.05 and a two-hundred day moving average price of $137.88. 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 1 year low of $85.62 and a 1 year high of $156.35. The firm has a market cap of $83.35 billion, a P/E ratio of 20.34, a P/E/G ratio of 3.30 and a beta of 0.97.

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3M (NYSE:MMM - Get Free Report) last issued its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.66 by $0.02. The business had revenue of $6.01 billion during the quarter, compared to analysts' expectations of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. The business's revenue for the quarter was down 25.0% compared to the same quarter last year. During the same period in the prior year, the business earned $2.42 EPS. On average, sell-side analysts anticipate that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 1.90%. The ex-dividend date of this dividend was Friday, February 14th. This is a boost from 3M's previous quarterly dividend of $0.70. 3M's dividend payout ratio (DPR) is 38.68%.

Analyst Ratings Changes

A number of analysts have issued reports on MMM shares. Barclays lifted their price target on shares of 3M from $161.00 to $165.00 and gave the company an "overweight" rating in a report on Wednesday, January 22nd. Wells Fargo & Company raised 3M from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. JPMorgan Chase & Co. increased their price target on 3M from $162.00 to $165.00 and gave the company an "overweight" rating in a research note on Wednesday, January 22nd. Royal Bank of Canada reaffirmed an "underperform" rating and issued a $96.00 price objective on shares of 3M in a research note on Thursday, February 27th. Finally, Bank of America increased their target price on 3M from $175.00 to $179.00 and gave the company a "buy" rating in a research report on Thursday, March 6th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, 3M currently has an average rating of "Moderate Buy" and an average target price of $149.13.

Insider Transactions at 3M

In other 3M news, CAO Theresa E. Reinseth sold 2,309 shares of 3M stock in a transaction on Friday, January 24th. The shares were sold at an average price of $149.95, for a total value of $346,234.55. Following the transaction, the chief accounting officer now directly owns 4,417 shares of the company's stock, valued at approximately $662,329.15. The trade was a 34.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Victoria Clarke sold 1,750 shares of the stock in a transaction 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 sale, the executive vice president now owns 194 shares of the company's stock, valued at approximately $29,918.68. This represents a 90.02 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 113,639 shares of company stock valued at $17,163,446. Corporate insiders own 0.34% of the company's stock.

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.