Flagship Wealth Advisors LLC Acquires Shares of 1,519 3M (NYSE:MMM)

Flagship Wealth Advisors LLC acquired a new stake in shares of 3M (NYSE:MMM) during the fourth quarter, HoldingsChannel.com reports. The firm acquired 1,519 shares of the conglomerate’s stock, valued at approximately $196,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MMM. FMR LLC raised its position in 3M by 88.7% during the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock valued at $1,225,087,000 after purchasing an additional 4,212,409 shares during the period. Amundi raised its position in 3M by 55.7% during the fourth quarter. Amundi now owns 2,511,095 shares of the conglomerate’s stock valued at $337,815,000 after purchasing an additional 898,244 shares during the period. Raymond James Financial Inc. purchased a new stake in 3M during the fourth quarter valued at approximately $103,788,000. Jennison Associates LLC purchased a new stake in shares of 3M in the third quarter worth approximately $82,208,000. Finally, Parsifal Capital Management LP raised its holdings in shares of 3M by 179.0% in the third quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate’s stock worth $112,107,000 after buying an additional 526,194 shares during the period. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at 3M

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the business’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $150.25, for a total value of $247,161.25. Following the sale, the insider now owns 5,153 shares of the company’s stock, valued at $774,238.25. The trade was a 24.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the company’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $149.43, for a total value of $944,098.74. Following the sale, the insider now directly owns 5,024 shares in the company, valued at $750,736.32. This represents a 55.70 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 113,639 shares of company stock worth $17,163,446 in the last ninety days. Insiders own 0.38% of the company’s stock.

3M Trading Up 3.1 %

MMM stock opened at $150.58 on Monday. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. 3M has a 12-month low of $85.62 and a 12-month high of $156.35. The stock has a market cap of $81.75 billion, a price-to-earnings ratio of 19.94, a PEG ratio of 3.30 and a beta of 0.97. The business’s 50-day moving average is $146.42 and its 200 day moving average is $136.90.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.66 by $0.02. 3M had a return on equity of 100.77% and a net margin of 15.71%. The company had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $5.77 billion. During the same period in the previous year, the firm posted $2.42 EPS. 3M’s revenue 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 fiscal year.

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were issued a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 1.94%. This is a boost from 3M’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, February 14th. 3M’s payout ratio is presently 38.68%.

Analyst Ratings Changes

MMM has been the topic of several recent analyst reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a report on Friday, March 7th. Barclays increased their price objective on 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 22nd. Wells Fargo & Company raised 3M from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $140.00 to $170.00 in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. increased their target price on 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, January 22nd. Finally, Bank of America raised their price objective on 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research report on Thursday, March 6th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company. According to MarketBeat, 3M presently has an average rating of “Moderate Buy” and a consensus target price of $149.13.

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.