Austin Private Wealth LLC Sells 639 Shares of 3M (NYSE:MMM)

Austin Private Wealth LLC reduced its stake in 3M (NYSE:MMM) by 19.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,578 shares of the conglomerate’s stock after selling 639 shares during the period. Austin Private Wealth LLC’s holdings in 3M were worth $352,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in MMM. Ballentine Partners LLC lifted its position in 3M by 40.1% during the third quarter. Ballentine Partners LLC now owns 18,217 shares of the conglomerate’s stock worth $2,490,000 after purchasing an additional 5,210 shares during the period. Stonegate Investment Group LLC increased its holdings in 3M by 5.6% in the 3rd quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate’s stock worth $34,564,000 after purchasing an additional 13,473 shares in the last quarter. Ausdal Financial Partners Inc. raised its position in 3M by 6.7% in the second quarter. Ausdal Financial Partners Inc. now owns 3,991 shares of the conglomerate’s stock valued at $408,000 after purchasing an additional 249 shares during the last quarter. Candriam S.C.A. boosted its stake in shares of 3M by 19.2% during the second quarter. Candriam S.C.A. now owns 38,469 shares of the conglomerate’s stock valued at $3,931,000 after purchasing an additional 6,185 shares in the last quarter. Finally, True Vision MN LLC bought a new stake in shares of 3M during the second quarter worth about $512,000. 65.25% of the stock is currently owned by institutional investors.

3M Trading Up 1.0 %

MMM stock traded up $1.28 during midday trading on Tuesday, hitting $127.13. The company had a trading volume of 443,334 shares, compared to its average volume of 4,887,283. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. 3M has a 52 week low of $75.40 and a 52 week high of $141.34. The stock has a market cap of $69.23 billion, a price-to-earnings ratio of 15.89, a PEG ratio of 2.05 and a beta of 0.95. The stock’s 50 day moving average price is $132.88 and its 200 day moving average price is $115.73.

3M (NYSE:MMM) last posted its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.93 by $0.05. The company had revenue of $6.29 billion for the quarter, compared to analysts’ expectations of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. 3M’s quarterly revenue was down 24.3% on a year-over-year basis. During the same period last year, the firm earned $2.68 earnings per share. As a group, equities research analysts expect that 3M will post 7.28 earnings per share for the current fiscal year.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were given a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.20%. The ex-dividend date was Monday, August 26th. 3M’s dividend payout ratio is presently 35.35%.

Insider Buying and Selling

In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction 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 approximately $21,486,484.56. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.38% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

MMM has been the subject of several recent research reports. Argus upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price target for the company in a research report on Tuesday, July 30th. JPMorgan Chase & Co. lifted their price objective on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. StockNews.com lowered 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Wells Fargo & Company lifted their target price on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Finally, Bank of America raised their price objective on shares of 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Two analysts have rated the stock with a sell rating, five have given a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $139.27.

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.