Pathway Financial Advisors LLC Takes $205,000 Position in 3M (NYSE:MMM)

Pathway Financial Advisors LLC bought a new position in shares of 3M (NYSE:MMM) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 1,874 shares of the conglomerate’s stock, valued at approximately $205,000.

Several other hedge funds have also recently bought and sold shares of MMM. Financial Freedom LLC acquired a new position in 3M during the 4th quarter worth about $25,000. Briaud Financial Planning Inc acquired a new position in 3M during the 3rd quarter worth about $35,000. Authentikos Wealth Advisory LLC acquired a new position in 3M during the 3rd quarter worth about $37,000. CGC Financial Services LLC lifted its stake in 3M by 89.9% during the 4th quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock worth $37,000 after acquiring an additional 160 shares in the last quarter. Finally, VisionPoint Advisory Group LLC lifted its stake in 3M by 91.9% during the 3rd quarter. VisionPoint Advisory Group LLC now owns 449 shares of the conglomerate’s stock worth $42,000 after acquiring an additional 215 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Insider Buying and Selling

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total transaction of $39,328.32. Following the transaction, the insider now owns 3,966 shares in the company, valued at approximately $366,141.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.34% of the stock is currently owned by company insiders.

3M Stock Performance

Shares of MMM traded up $0.79 during mid-day trading on Friday, reaching $92.27. The company’s stock had a trading volume of 3,588,522 shares, compared to its average volume of 4,648,513. 3M has a 12-month low of $71.12 and a 12-month high of $95.67. The company has a current ratio of 1.07, a quick ratio of 0.76 and a debt-to-equity ratio of 2.69. The company’s 50 day moving average is $95.76 and its 200 day moving average is $97.24.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, January 23rd. The conglomerate reported $2.42 EPS for the quarter, beating analysts’ consensus estimates of $2.31 by $0.11. The business had revenue of $8.01 billion for the quarter, compared to the consensus estimate of $7.69 billion. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The business’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.28 EPS. Equities analysts anticipate that 3M will post 8.79 EPS for the current year.

3M Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were paid a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a yield of 6.55%. The ex-dividend date of this dividend was Thursday, February 15th. This is an increase from 3M’s previous quarterly dividend of $1.50. 3M’s dividend payout ratio (DPR) is currently -47.82%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Bank of America decreased their target price on 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 2nd. Citigroup upped their price target on 3M from $95.31 to $98.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Barclays cut their price target on 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a report on Tuesday, April 2nd. Wells Fargo & Company cut their price target on 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 24th. Finally, StockNews.com upgraded 3M from a “buy” rating to a “strong-buy” rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, 3M currently has a consensus rating of “Hold” and an average target price of $104.00.

About 3M

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.