Sagace Wealth Management LLC Purchases Shares of 1,521 3M (NYSE:MMM)

Sagace Wealth Management LLC acquired a new position in 3M (NYSE:MMM) during the first quarter, Holdings Channel reports. The firm acquired 1,521 shares of the conglomerate’s stock, valued at approximately $223,000.

Other large investors also recently added to or reduced their stakes in the company. Brighton Jones LLC increased its stake in 3M by 26.6% in the fourth quarter. Brighton Jones LLC now owns 8,898 shares of the conglomerate’s stock valued at $1,149,000 after acquiring an additional 1,872 shares during the last quarter. Summit Trail Advisors LLC raised its holdings in shares of 3M by 58.1% during the 4th quarter. Summit Trail Advisors LLC now owns 6,753 shares of the conglomerate’s stock valued at $872,000 after buying an additional 2,482 shares in the last quarter. Essex Financial Services Inc. lifted its holdings in shares of 3M by 9.0% in the 4th quarter. Essex Financial Services Inc. now owns 10,073 shares of the conglomerate’s stock worth $1,300,000 after acquiring an additional 835 shares during the last quarter. Stonebridge Financial Group LLC bought a new stake in 3M in the fourth quarter worth $210,000. Finally, Gladstone Institutional Advisory LLC grew its stake in shares of 3M by 74.2% during the fourth quarter. Gladstone Institutional Advisory LLC now owns 34,020 shares of the conglomerate’s stock valued at $4,392,000 after buying an additional 14,496 shares during the last quarter. Institutional investors own 65.25% of the company’s stock.

3M Stock Up 1.5%

MMM opened at $147.18 on Thursday. 3M has a 1-year low of $98.26 and a 1-year high of $156.35. The firm’s 50 day simple moving average is $141.63 and its two-hundred day simple moving average is $141.61. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. The company has a market capitalization of $79.21 billion, a PE ratio of 19.49, a PEG ratio of 3.30 and a beta of 1.03.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.77 by $0.11. The business had revenue of $5.80 billion for the quarter, compared to the consensus estimate of $5.78 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. As a group, equities analysts forecast that 3M will post 7.8 EPS for the current year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd will be issued a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 1.98%. 3M’s dividend payout ratio (DPR) is 36.87%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Barclays increased their target price on 3M from $160.00 to $164.00 and gave the company an “overweight” rating in a report on Wednesday, April 23rd. Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a research note on Wednesday. JPMorgan Chase & Co. lifted their target price on shares of 3M from $140.00 to $167.00 and gave the stock an “overweight” rating in a research note on Friday, May 16th. Royal Bank of Canada increased their price target on shares of 3M from $98.00 to $100.00 and gave the company an “underperform” rating in a research report on Wednesday, April 23rd. Finally, Bank of America boosted their price objective on shares of 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research report on Thursday, March 6th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $153.46.

Insider Buying and Selling

In related news, EVP Zoe L. Dickson sold 7,915 shares of the firm’s stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the completion of the sale, the executive vice president now directly owns 6,127 shares of the company’s stock, valued at approximately $913,045.54. This trade represents a 56.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP John Patrick Banovetz sold 7,759 shares of the company’s 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 completion of the transaction, the executive vice president now owns 31,372 shares in the company, valued at approximately $4,654,663.64. The trade was a 19.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.48% of the stock is owned by company insiders.

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.