Petros Family Wealth LLC Invests $868,000 in 3M (NYSE:MMM)

Petros Family Wealth LLC bought a new stake in 3M (NYSE:MMM - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 6,722 shares of the conglomerate's stock, valued at approximately $868,000. 3M makes up about 0.9% of Petros Family Wealth LLC's portfolio, making the stock its 27th largest holding.

Other large investors have also made changes to their positions in the company. Financial Life Planners acquired a new stake in shares of 3M during the fourth quarter worth $25,000. Hazlett Burt & Watson Inc. purchased a new position in 3M during the 4th quarter worth approximately $27,000. Meeder Asset Management Inc. boosted its holdings in shares of 3M by 230.1% in the 4th quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate's stock valued at $40,000 after acquiring an additional 214 shares during the last quarter. ORG Partners LLC raised its holdings in shares of 3M by 44.1% during the fourth quarter. ORG Partners LLC now owns 320 shares of the conglomerate's stock worth $41,000 after purchasing an additional 98 shares during the last quarter. Finally, Catalyst Capital Advisors LLC boosted its holdings in 3M by 81.5% in the fourth quarter. Catalyst Capital Advisors LLC now owns 363 shares of the conglomerate's stock valued at $47,000 after purchasing an additional 163 shares during the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

Insider Activity at 3M

In other 3M news, EVP Victoria Clarke sold 1,750 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 194 shares in the company, valued at $29,918.68. This represents a 90.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the company's stock in a transaction on Friday, January 24th. The shares were 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 of the company's stock, valued at approximately $750,736.32. The trade was a 55.70 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 113,639 shares of company stock valued at $17,163,446 over the last quarter. 0.34% of the stock is owned by insiders.

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3M Trading Down 0.6 %

MMM traded down $0.77 on Tuesday, hitting $135.24. The company had a trading volume of 2,541,134 shares, compared to its average volume of 4,128,466. 3M has a 1 year low of $90.17 and a 1 year high of $156.35. The firm has a market cap of $72.94 billion, a P/E ratio of 17.91, a PEG ratio of 3.30 and a beta of 1.01. The company's fifty day moving average price is $146.04 and its 200 day moving average price is $138.38. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86.

3M (NYSE:MMM - Get Free Report) last released its 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. 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 company posted $2.42 EPS. 3M's revenue was down 25.0% compared to the same quarter last year. As a group, equities analysts expect that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were issued a dividend of $0.73 per share. This is an increase from 3M's previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.92 annualized dividend and a yield of 2.16%. 3M's dividend payout ratio is 38.68%.

Analyst Upgrades and Downgrades

MMM has been the subject of a number of analyst reports. Barclays decreased their price target on 3M from $165.00 to $160.00 and set an "overweight" rating for the company in a report on Thursday, April 10th. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a research report on Tuesday, April 8th. Wells Fargo & Company upgraded 3M from an "equal weight" rating to an "overweight" rating and boosted their price objective for the stock from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Royal Bank of Canada reaffirmed an "underperform" rating and issued a $96.00 price target on shares of 3M in a research note on Thursday, February 27th. Finally, JPMorgan Chase & Co. reduced their price objective on 3M from $165.00 to $140.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $146.47.

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.