SteelPeak Wealth LLC Sells 17,489 Shares of 3M (NYSE:MMM)

SteelPeak Wealth LLC cut its holdings in 3M (NYSE:MMM - Free Report) by 21.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 63,719 shares of the conglomerate's stock after selling 17,489 shares during the period. SteelPeak Wealth LLC's holdings in 3M were worth $8,710,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in MMM. McClarren Financial Advisors Inc. boosted its position in 3M by 118.6% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate's stock valued at $30,000 after buying an additional 121 shares during the period. MFA Wealth Advisors LLC bought a new stake in shares of 3M in the second quarter worth about $28,000. Meeder Asset Management Inc. increased its holdings in 3M by 689.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate's stock valued at $31,000 after purchasing an additional 269 shares during the period. TruNorth Capital Management LLC purchased a new position in 3M during the 2nd quarter valued at about $33,000. Finally, Gradient Investments LLC raised its position in 3M by 44.7% during the 2nd quarter. Gradient Investments LLC now owns 356 shares of the conglomerate's stock valued at $36,000 after purchasing an additional 110 shares during the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Stock Down 1.3 %

Shares of NYSE MMM traded down $1.68 during midday trading on Wednesday, hitting $127.59. The stock had a trading volume of 2,734,388 shares, compared to its average volume of 4,930,043. The company has a market cap of $70.60 billion, a P/E ratio of -10.12, a PEG ratio of 2.42 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. The business's 50 day moving average is $133.10 and its 200-day moving average is $114.71. 3M has a 52 week low of $74.51 and a 52 week high of $141.34.

3M (NYSE:MMM - Get Free Report) last posted its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping analysts' consensus estimates of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The business had revenue of $6.29 billion during the quarter, compared to analyst estimates of $6.06 billion. During the same quarter last year, the company earned $2.68 EPS. The company's quarterly revenue was down 24.3% compared to the same quarter last year. As a group, analysts predict that 3M will post 7.26 EPS for the current year.

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were issued a dividend of $0.70 per share. The ex-dividend date was Monday, August 26th. This represents a $2.80 annualized dividend and a dividend yield of 2.19%. 3M's payout ratio is -22.01%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on MMM. Melius raised 3M from a "hold" rating to a "buy" rating in a research note on Tuesday, October 22nd. JPMorgan Chase & Co. upped their price objective on shares of 3M from $160.00 to $165.00 and gave the stock an "overweight" rating in a report on Monday. Melius Research raised shares of 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. Bank of America lifted their price objective on 3M from $143.00 to $160.00 and gave the company a "buy" rating in a research report on Wednesday, October 23rd. Finally, Morgan Stanley initiated coverage on 3M in a research note on Friday, September 6th. They issued an "underweight" rating and a $125.00 target price for the company. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, 3M currently has a consensus rating of "Hold" and an average target price of $139.27.

Insider Activity at 3M

In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the business's stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at approximately $541,659.68. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Theresa E. Reinseth sold 2,100 shares of the company's stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the sale, the chief financial officer now owns 4,364 shares of the company's stock, valued at $541,659.68. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Chairman Michael F. Roman sold 5,675 shares of the business's stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the sale, the chairman now owns 174,036 shares of the company's stock, valued at $21,486,484.56. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is owned by insiders.

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.