Waterfront Wealth Inc. Grows Stock Holdings in 3M (NYSE:MMM)

Waterfront Wealth Inc. boosted its position in 3M (NYSE:MMM) by 2.9% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 9,220 shares of the conglomerate’s stock after acquiring an additional 261 shares during the period. Waterfront Wealth Inc.’s holdings in 3M were worth $1,190,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MMM. Financial Life Planners purchased a new stake in 3M in the 4th quarter worth approximately $25,000. FSA Wealth Management LLC acquired a new position in shares of 3M in the 3rd quarter valued at $27,000. Daymark Wealth Partners LLC boosted its holdings in shares of 3M by 9.0% in the 4th quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate’s stock valued at $31,000 after purchasing an additional 19,552 shares during the last quarter. ORG Partners LLC boosted its holdings in shares of 3M by 44.1% in the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock valued at $41,000 after purchasing an additional 98 shares during the last quarter. Finally, True Wealth Design LLC boosted its holdings in shares of 3M by 2,466.7% in the 3rd quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock valued at $42,000 after purchasing an additional 296 shares during the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on MMM. Bank of America lifted their target price on shares of 3M from $160.00 to $175.00 and gave the company a “buy” rating in a report on Wednesday, January 22nd. Citigroup lifted their target price on shares of 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a report on Wednesday, January 22nd. JPMorgan Chase & Co. lifted their target price on shares of 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Barclays boosted their price objective on shares of 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, January 22nd. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of 3M in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $148.87.

Insiders Place Their Bets

In other news, insider Christian T. Goralski, Jr. sold 6,318 shares of the company’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $149.43, for a total value of $944,098.74. Following the completion of the sale, the insider now directly owns 5,024 shares of the company’s stock, valued at approximately $750,736.32. This represents a 55.70 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Victoria Clarke sold 1,750 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $154.22, for a total transaction of $269,885.00. Following the completion of the sale, the executive vice president now directly owns 194 shares of the company’s stock, valued at approximately $29,918.68. This represents a 90.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 113,639 shares of company stock worth $17,163,446. Insiders own 0.34% of the company’s stock.

3M Price Performance

Shares of NYSE:MMM opened at $149.08 on Friday. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $155.00. The firm has a 50-day simple moving average of $140.32 and a 200 day simple moving average of $134.41. The company has a market cap of $80.93 billion, a PE ratio of 19.75, a P/E/G ratio of 3.32 and a beta of 0.96.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, beating analysts’ consensus estimates of $1.66 by $0.02. 3M had a net margin of 15.71% and a return on equity of 100.77%. The business had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5.77 billion. During the same quarter in the prior year, the firm earned $2.42 EPS. The company’s revenue for the quarter was down 25.0% compared to the same quarter last year. On average, sell-side analysts anticipate that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th will be given a $0.73 dividend. This is a boost from 3M’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.92 annualized dividend and a yield of 1.96%. 3M’s dividend payout ratio is 38.68%.

3M Company 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.