Palacios Wealth Management LLC Makes New $251,000 Investment in 3M (NYSE:MMM)

Palacios Wealth Management LLC acquired a new stake in 3M (NYSE:MMM - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 1,817 shares of the conglomerate's stock, valued at approximately $251,000.

Several other large investors have also made changes to their positions in the business. State Street Corp increased its stake in 3M by 1.1% during the 3rd quarter. State Street Corp now owns 27,194,612 shares of the conglomerate's stock worth $3,717,503,000 after buying an additional 302,900 shares in the last quarter. FMR LLC increased 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 worth $1,225,087,000 after purchasing an additional 4,212,409 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in 3M by 1.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,815,625 shares of the conglomerate's stock valued at $521,596,000 after purchasing an additional 43,942 shares during the last quarter. National Pension Service boosted its stake in 3M by 14.5% during the 3rd quarter. National Pension Service now owns 1,268,003 shares of the conglomerate's stock worth $173,336,000 after purchasing an additional 161,036 shares during the last quarter. Finally, International Assets Investment Management LLC grew its holdings in shares of 3M by 11,601.2% during the third quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate's stock worth $172,416,000 after buying an additional 1,250,491 shares in the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Stock Down 0.0 %

Shares of NYSE:MMM traded down $0.07 during trading hours on Monday, reaching $148.65. The stock had a trading volume of 2,388,343 shares, compared to its average volume of 4,440,606. The stock has a market capitalization of $80.70 billion, a price-to-earnings ratio of 19.69, a P/E/G ratio of 3.37 and a beta of 0.96. The firm's 50 day moving average is $138.80 and its 200-day moving average is $133.88. 3M has a 1 year low of $75.40 and a 1 year high of $155.00. 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 (NYSE:MMM - Get Free Report) last announced its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.66 by $0.02. 3M had a return on equity of 100.77% and a net margin of 15.71%. The company had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5.77 billion. During the same period in the previous year, the business earned $2.42 EPS. 3M's revenue for the quarter was down 25.0% on a year-over-year basis. Research analysts predict that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th will be given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 1.96%. The ex-dividend date is Friday, February 14th. This is an increase from 3M's previous quarterly dividend of $0.70. 3M's payout ratio is currently 37.09%.

Analyst Ratings Changes

A number of research firms have commented on MMM. Weiss Ratings reiterated a "hold (c)" rating on shares of 3M in a report on Saturday, February 1st. Royal Bank of Canada restated an "underperform" rating and issued a $96.00 target price on shares of 3M in a report on Wednesday, January 22nd. Wells Fargo & Company upgraded 3M from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. Barclays lifted their target price on shares of 3M from $161.00 to $165.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. increased their price target 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. 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 stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $148.87.

Insider Activity

In other 3M news, insider Christian T. Goralski, Jr. sold 6,318 shares of 3M 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 transaction, the insider now owns 5,024 shares of the company's stock, valued at $750,736.32. The trade was a 55.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Kevin H. Rhodes sold 6,743 shares of the firm's stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $149.85, for a total transaction of $1,010,438.55. Following the transaction, the executive vice president now owns 4,902 shares in the company, valued at approximately $734,564.70. This trade represents a 57.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 113,639 shares of company stock worth $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.