Redhawk Wealth Advisors Inc. Makes New $207,000 Investment in 3M (NYSE:MMM)

Redhawk Wealth Advisors Inc. acquired a new position in shares of 3M (NYSE:MMM) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 1,511 shares of the conglomerate’s stock, valued at approximately $207,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MMM. Capital World Investors bought a new stake in 3M during the 1st quarter worth approximately $165,986,000. National Bank of Canada FI boosted its stake in shares of 3M by 218.3% in the 1st quarter. National Bank of Canada FI now owns 1,489,351 shares of the conglomerate’s stock worth $147,344,000 after buying an additional 1,021,440 shares during the last quarter. Janus Henderson Group PLC boosted its stake in shares of 3M by 1,015.6% in the 1st quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate’s stock worth $94,247,000 after buying an additional 808,914 shares during the last quarter. Electron Capital Partners LLC purchased a new position in shares of 3M in the 2nd quarter worth approximately $76,732,000. Finally, Bank of New York Mellon Corp boosted its stake in shares of 3M by 11.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock worth $517,617,000 after buying an additional 533,520 shares during the last quarter. 65.25% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on MMM. StockNews.com downgraded 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Royal Bank of Canada upped their price objective on 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a research note on Monday, July 29th. Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and upped their price objective for the company from $110.00 to $150.00 in a research note on Monday, July 29th. Morgan Stanley initiated coverage on 3M in a research note on Friday, September 6th. They issued an “underweight” rating and a $125.00 price objective on the stock. Finally, Citigroup upped their price objective on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $127.64.

3M Trading Down 0.0 %

Shares of MMM stock opened at $135.75 on Wednesday. The company’s fifty day simple moving average is $131.97 and its two-hundred day simple moving average is $111.97. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08. 3M has a 1 year low of $71.12 and a 1 year high of $140.72. The stock has a market capitalization of $75.12 billion, a price-to-earnings ratio of -10.67, a PEG ratio of 2.49 and a beta of 0.95.

3M (NYSE:MMM) last released its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, topping the consensus estimate of $1.68 by $0.25. The firm had revenue of $6.26 billion for the quarter, compared to analysts’ expectations of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same quarter in the prior year, the firm posted $2.17 earnings per share. As a group, analysts anticipate that 3M will post 7.24 earnings per share for the current year.

3M Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were issued a $0.70 dividend. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.80 annualized dividend and a dividend yield of 2.06%. 3M’s payout ratio is currently -22.01%.

Insider Transactions at 3M

In other news, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the transaction, the chairman now owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the transaction, the chief financial officer now owns 4,364 shares of the company’s stock, valued at $541,659.68. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the transaction, the chairman now directly owns 174,036 shares in the company, valued at approximately $21,486,484.56. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

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.