EP Wealth Advisors LLC Has $1.48 Million Holdings in 3M (NYSE:MMM)

EP Wealth Advisors LLC grew its holdings in 3M (NYSE:MMM) by 1.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 14,487 shares of the conglomerate’s stock after buying an additional 143 shares during the period. EP Wealth Advisors LLC’s holdings in 3M were worth $1,480,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Kimelman & Baird LLC acquired a new stake in 3M during the 2nd quarter valued at $552,000. Regal Investment Advisors LLC lifted its stake in shares of 3M by 5.8% during the 2nd quarter. Regal Investment Advisors LLC now owns 37,048 shares of the conglomerate’s stock worth $3,786,000 after buying an additional 2,032 shares during the last quarter. Quarry LP boosted its holdings in shares of 3M by 68.7% during the 2nd quarter. Quarry LP now owns 12,673 shares of the conglomerate’s stock worth $1,295,000 after buying an additional 5,162 shares during the period. Wellington Wealth Strategies LLC. grew its stake in 3M by 80.0% in the 2nd quarter. Wellington Wealth Strategies LLC. now owns 4,094 shares of the conglomerate’s stock valued at $418,000 after buying an additional 1,819 shares during the last quarter. Finally, NewEdge Advisors LLC raised its holdings in 3M by 15.1% in the 2nd quarter. NewEdge Advisors LLC now owns 62,500 shares of the conglomerate’s stock valued at $6,387,000 after acquiring an additional 8,220 shares during the period. 65.25% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on MMM shares. Argus raised 3M from a “hold” rating to a “buy” rating and set a $145.00 target price on the stock in a research report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft raised 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 report on Monday, July 29th. Citigroup lifted their target price on 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a report on Monday, July 29th. Bank of America upped their price target on shares of 3M from $120.00 to $143.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Finally, Morgan Stanley initiated coverage on shares of 3M in a research note on Friday, September 6th. They issued an “underweight” rating and a $125.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $124.43.

3M Price Performance

3M stock opened at $137.06 on Wednesday. The company has a debt-to-equity ratio of 2.95, a quick ratio of 1.08 and a current ratio of 1.36. 3M has a 52 week low of $71.12 and a 52 week high of $140.72. The stock has a market capitalization of $75.84 billion, a P/E ratio of -10.78, a price-to-earnings-growth ratio of 2.51 and a beta of 0.95. The stock has a fifty day moving average of $129.26 and a 200-day moving average of $109.91.

3M (NYSE:MMM) last issued its earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, topping the consensus estimate of $1.68 by $0.25. 3M had a return on equity of 112.92% and a net margin of 3.08%. The firm had revenue of $6.26 billion during the quarter, compared to the consensus estimate of $5.85 billion. During the same quarter in the previous year, the firm earned $2.17 earnings per share. On average, sell-side analysts expect that 3M will post 7.22 earnings per share for the current fiscal year.

3M Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were paid a dividend of $0.70 per share. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.04%. 3M’s payout ratio is presently -22.01%.

Insider Transactions at 3M

In related news, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total transaction of $260,652.00. Following the sale, the chief financial officer now owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at approximately $541,659.68. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the transaction, the chairman now owns 174,036 shares of the company’s stock, valued at $21,486,484.56. The disclosure for this sale can be found here. Company 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.