Sound Income Strategies LLC Has $411,000 Stake in 3M (NYSE:MMM)

by · The Markets Daily

Sound Income Strategies LLC lifted its position in 3M (NYSE:MMM – Free Report) by 6.3% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 3,006 shares of the conglomerate’s stock after purchasing an additional 179 shares during the quarter. Sound Income Strategies LLC’s holdings in 3M were worth $411,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the company. Tributary Capital Management LLC acquired a new position in shares of 3M in the 1st quarter worth approximately $25,000. Financial Synergies Wealth Advisors Inc. boosted its stake in 3M by 419.1% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after purchasing an additional 197 shares in the last quarter. MFA Wealth Advisors LLC bought a new position in shares of 3M in the second quarter valued at about $28,000. Daymark Wealth Partners LLC grew its holdings in 3M by 8.6% during the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock worth $30,000 after acquiring an additional 17,211 shares during the last quarter. Finally, Meeder Asset Management Inc. raised its stake in shares of 3M by 689.7% in the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after acquiring an additional 269 shares during the last quarter. 65.25% of the stock is owned by institutional investors.

3M Trading Up 1.0 %

Shares of MMM stock opened at $134.75 on Monday. The stock has a 50 day simple moving average of $131.53 and a 200 day simple moving average of $111.55. 3M has a 1 year low of $71.12 and a 1 year high of $140.72. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95. The stock has a market cap of $74.57 billion, a P/E ratio of -10.59, a price-to-earnings-growth ratio of 2.49 and a beta of 0.95.

3M (NYSE:MMM – Get Free Report) last posted its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, beating analysts’ consensus estimates of $1.68 by $0.25. 3M had a return on equity of 112.92% and a net margin of 3.08%. The business 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, research analysts predict that 3M will post 7.24 earnings per share for the current fiscal year.

3M Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.08%. The ex-dividend date was Monday, August 26th. 3M’s dividend payout ratio (DPR) is presently -22.01%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Royal Bank of Canada upped their price objective on 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a report on Monday, July 29th. Deutsche Bank Aktiengesellschaft upgraded shares of 3M from a “hold” rating to a “buy” rating and lifted their price target for the stock from $110.00 to $150.00 in a research report on Monday, July 29th. Wells Fargo & Company boosted their target price on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Citigroup raised their price objective on shares of 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a report on Monday, July 29th. Finally, StockNews.com cut 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, 3M has an average rating of “Hold” and an average target price of $127.64.

View Our Latest Stock Report on MMM

Insider Transactions at 3M

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

About 3M

(Free Report)

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.

See Also

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