Golden State Equity Partners Increases Stock Holdings in 3M (NYSE:MMM)

Golden State Equity Partners grew its position in 3M (NYSE:MMM - Free Report) by 1,430.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,520 shares of the conglomerate's stock after purchasing an additional 8,898 shares during the quarter. Golden State Equity Partners' holdings in 3M were worth $1,229,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. FSA Wealth Management LLC bought a new position in 3M during the third quarter worth $27,000. Daymark Wealth Partners LLC boosted its stake in shares of 3M by 8.6% in the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate's stock valued at $30,000 after purchasing an additional 17,211 shares in the last quarter. McClarren Financial Advisors Inc. boosted its stake in shares of 3M by 118.6% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate's stock valued at $30,000 after purchasing an additional 121 shares in the last quarter. ORG Partners LLC boosted its stake in shares of 3M by 44.1% in the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate's stock valued at $41,000 after purchasing an additional 98 shares in the last quarter. Finally, True Wealth Design LLC lifted its position 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 buying an additional 296 shares in the last quarter. Institutional investors own 65.25% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on MMM. Mizuho upped their price target on shares of 3M from $105.00 to $146.00 and gave the stock a "neutral" rating in a research report on Thursday, October 17th. Royal Bank of Canada reaffirmed an "underperform" rating and issued a $96.00 price target on shares of 3M in a research note on Wednesday, January 22nd. Melius raised 3M from a "hold" rating to a "buy" rating in a research note on Tuesday, October 22nd. UBS Group raised 3M from a "neutral" rating to a "buy" rating and upped their price target for the stock from $130.00 to $184.00 in a research report on Wednesday, November 13th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of 3M in a research report on Saturday. 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's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $148.87.

3M Stock Performance

MMM stock traded up $1.12 during trading hours on Wednesday, hitting $152.80. 1,671,127 shares of the stock were exchanged, compared to its average volume of 4,411,986. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. The firm has a market capitalization of $83.21 billion, a P/E ratio of 20.24, a P/E/G ratio of 3.37 and a beta of 0.96. The company has a 50-day simple moving average of $135.98 and a two-hundred day simple moving average of $131.93. 3M has a 12 month low of $75.40 and a 12 month high of $155.00.

3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $6.01 billion for 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 company's quarterly revenue was down 25.0% compared to the same quarter last year. During the same quarter last year, the business earned $2.42 EPS. On average, analysts forecast that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 14th will be given a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.91%. This is a boost from 3M's previous quarterly dividend of $0.70. 3M's dividend payout ratio (DPR) is presently 37.09%.

Insider Buying and Selling

In other news, EVP Victoria Clarke sold 1,750 shares of 3M stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $154.22, for a total transaction of $269,885.00. Following the sale, the executive vice president now directly owns 194 shares of the company's stock, valued at approximately $29,918.68. This trade represents a 90.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of 3M stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $149.43, for a total value of $944,098.74. Following the sale, the insider now directly owns 5,024 shares in the company, valued at $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 worth $17,163,446. Company insiders own 0.38% of the company's stock.

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.