News

Jul 13, 2023

Intellectus Partners LLC Increases Stock Holdings in 3M (NYSE:MMM)

Intellectus Partners LLC increased its holdings in shares of 3M (NYSE:MMM - Free Report) by 32.5% during the first quarter, according to its most recent filing with the Securities and Exchange

Intellectus Partners LLC increased its holdings in shares of 3M (NYSE:MMM - Free Report) by 32.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,265 shares of the conglomerate's stock after buying an additional 2,274 shares during the period. Intellectus Partners LLC's holdings in 3M were worth $974,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Financial Freedom LLC acquired a new stake in shares of 3M in the fourth quarter valued at about $25,000. US Asset Management LLC purchased a new stake in 3M during the 4th quarter valued at about $27,000. Financial Management Professionals Inc. raised its holdings in 3M by 1,538.9% in the 1st quarter. Financial Management Professionals Inc. now owns 295 shares of the conglomerate's stock valued at $31,000 after acquiring an additional 277 shares during the last quarter. Artemis Wealth Advisors LLC lifted its stake in 3M by 1,361.9% in the 1st quarter. Artemis Wealth Advisors LLC now owns 307 shares of the conglomerate's stock worth $32,000 after purchasing an additional 286 shares in the last quarter. Finally, Koesten Hirschmann & Crabtree INC. acquired a new position in shares of 3M during the 4th quarter worth approximately $40,000. 64.60% of the stock is owned by hedge funds and other institutional investors.

In other news, insider Khandpur K. Ashish sold 9,432 shares of the company's stock in a transaction dated Thursday, May 18th. The stock was sold at an average price of $99.27, for a total transaction of $936,314.64. Following the completion of the transaction, the insider now directly owns 20,943 shares of the company's stock, valued at approximately $2,079,011.61. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.51% of the company's stock.

Shares of NYSE MMM traded down $0.69 during trading on Monday, reaching $111.19. The stock had a trading volume of 765,934 shares, compared to its average volume of 3,611,705. 3M has a fifty-two week low of $92.38 and a fifty-two week high of $152.30. The company has a market cap of $61.38 billion, a P/E ratio of -39.39, a PEG ratio of 1.73 and a beta of 0.96. The company has a debt-to-equity ratio of 1.65, a quick ratio of 0.96 and a current ratio of 1.44. The business's 50-day moving average price is $101.24 and its 200-day moving average price is $105.80.

3M (NYSE:MMM - Get Free Report) last released its earnings results on Tuesday, July 25th. The conglomerate reported $2.17 EPS for the quarter, topping the consensus estimate of $1.73 by $0.44. The firm had revenue of $7.99 billion during the quarter, compared to analysts' expectations of $7.88 billion. 3M had a positive return on equity of 38.99% and a negative net margin of 4.43%. 3M's revenue for the quarter was down 8.1% on a year-over-year basis. During the same period in the previous year, the firm posted $2.48 EPS. On average, equities research analysts predict that 3M will post 8.94 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 12th. Stockholders of record on Friday, May 19th were given a dividend of $1.50 per share. The ex-dividend date was Thursday, May 18th. This represents a $6.00 annualized dividend and a dividend yield of 5.40%. 3M's dividend payout ratio is currently -211.27%.

Several research analysts have recently weighed in on MMM shares. Barclays boosted their price target on shares of 3M from $93.00 to $96.00 in a research report on Wednesday, July 26th. Royal Bank of Canada increased their price target on shares of 3M from $95.00 to $100.00 in a research note on Wednesday, July 26th. Citigroup lifted their price target on shares of 3M from $100.00 to $111.00 in a research report on Wednesday, July 26th. VNET Group reiterated a "maintains" rating on shares of 3M in a research report on Tuesday, June 27th. Finally, Morgan Stanley restated an "underweight" rating and issued a $100.00 target price on shares of 3M in a research report on Friday, July 14th. Two investment analysts have rated the stock with a sell rating and nine have given a hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $115.83.

3M Company provides diversified technology services in the United States and internationally. The company operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.

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