Independent Solutions Wealth Management LLC Increases Stake in 3M Company (NYSE:MMM)

Independent Solutions Wealth Management LLC boosted its stake in 3M Company (NYSE:MMM) by 372.2% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 7,833 shares of the conglomerate’s stock after buying an additional 6,174 shares during the quarter. Independent Solutions Wealth Management LLC’s holdings in 3M were worth $1,150,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the company. Proficio Capital Partners LLC bought a new stake in shares of 3M during the fourth quarter valued at approximately $26,000. REAP Financial Group LLC lifted its position in 3M by 88.7% during the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate’s stock valued at $26,000 after acquiring an additional 94 shares during the period. Hazlett Burt & Watson Inc. bought a new stake in shares of 3M in the 4th quarter worth approximately $27,000. Pinney & Scofield Inc. bought a new stake in 3M in the fourth quarter worth $28,000. Finally, Curat Global LLC purchased a new stake in shares of 3M in the first quarter worth $29,000. 65.25% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on MMM. Citigroup lifted their price target on 3M from $141.00 to $160.00 and gave the stock a “neutral” rating in a research report on Friday, May 30th. Bank of America raised their price objective on shares of 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research note on Thursday, March 6th. Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a research note on Wednesday, June 11th. Barclays raised their price target on shares of 3M from $160.00 to $164.00 and gave the company an “overweight” rating in a research report on Wednesday, April 23rd. Finally, Royal Bank Of Canada upped their price objective on 3M from $98.00 to $100.00 and gave the company an “underperform” rating in a research report on Wednesday, April 23rd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $155.83.

Insider Activity

In other news, EVP John Patrick Banovetz sold 7,759 shares of 3M stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the transaction, the executive vice president now directly owns 31,372 shares of the company’s stock, valued at $4,654,663.64. The trade was a 19.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Zoe L. Dickson sold 7,915 shares of the business’s stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $149.02, for a total value of $1,179,493.30. Following the transaction, the executive vice president now owns 6,127 shares of the company’s stock, valued at approximately $913,045.54. This trade represents a 56.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.48% of the company’s stock.

3M Trading Up 1.6%

Shares of NYSE:MMM opened at $149.92 on Wednesday. The stock’s 50-day simple moving average is $143.64 and its two-hundred day simple moving average is $142.44. The stock has a market capitalization of $80.68 billion, a price-to-earnings ratio of 18.93, a PEG ratio of 3.06 and a beta of 1.03. 3M Company has a 52-week low of $98.26 and a 52-week high of $156.35. The company has a debt-to-equity ratio of 2.72, a quick ratio of 1.25 and a current ratio of 1.66.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.77 by $0.11. The company had revenue of $5.80 billion for the quarter, compared to the consensus estimate of $5.78 billion. 3M had a net margin of 17.79% and a return on equity of 96.19%. Analysts expect that 3M Company will post 7.8 EPS for the current year.

3M Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were paid a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 1.95%. 3M’s dividend payout ratio is presently 36.87%.

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.