Lifelong Wealth Advisors Inc. Takes Position in 3M (NYSE:MMM)

Lifelong Wealth Advisors Inc. purchased a new position in 3M (NYSE:MMM - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 4,876 shares of the conglomerate's stock, valued at approximately $630,000.

Other institutional investors also recently bought and sold shares of the company. Financial Life Planners purchased a new stake in shares of 3M during the fourth quarter valued at $25,000. Proficio Capital Partners LLC purchased a new stake in shares of 3M during the 4th quarter valued at about $26,000. Hazlett Burt & Watson Inc. bought a new stake in shares of 3M in the fourth quarter worth approximately $27,000. Daymark Wealth Partners LLC raised its holdings in shares of 3M by 9.0% during the fourth quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate's stock valued at $31,000 after purchasing an additional 19,552 shares during the last quarter. Finally, Meeder Asset Management Inc. lifted its position in 3M by 230.1% during the fourth quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate's stock valued at $40,000 after purchasing an additional 214 shares during the period. 65.25% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other 3M news, insider Christian T. Goralski, Jr. sold 6,318 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the insider now 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Michael F. Roman sold 49,598 shares of the company's stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $152.30, for a total value of $7,553,775.40. Following the completion of the transaction, the chairman now directly owns 180,895 shares in the company, valued at $27,550,308.50. This trade represents a 21.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 113,639 shares of company stock valued at $17,163,446 in the last ninety days. Insiders own 0.48% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. 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 report on Wednesday, January 22nd. Citigroup dropped their target price on 3M from $152.00 to $142.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a research report on Tuesday, April 8th. JPMorgan Chase & Co. cut their target price on shares of 3M from $165.00 to $140.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Finally, Bank of America lifted their price target on shares of 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a research note on Thursday, March 6th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, 3M presently has a consensus rating of "Moderate Buy" and an average target price of $146.47.

3M Price Performance

Shares of NYSE:MMM traded down $0.30 during midday trading on Friday, reaching $130.16. 4,951,917 shares of the company were exchanged, compared to its average volume of 4,153,305. The stock has a market cap of $70.20 billion, a PE ratio of 17.24, a price-to-earnings-growth ratio of 3.30 and a beta of 1.01. 3M has a one year low of $90.65 and a one year high of $156.35. 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 business's fifty day moving average is $144.53 and its two-hundred day moving average is $138.23.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, beating 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 firm's revenue for the quarter 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, analysts predict that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were paid a dividend of $0.73 per share. This is a boost from 3M's previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a yield of 2.24%. The ex-dividend date of this dividend was Friday, February 14th. 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.