Adams Chetwood Wealth Management LLC Purchases 2,475 Shares of 3M Co (NYSE:MMM)
Adams Chetwood Wealth Management LLC boosted its holdings in shares of 3M Co (NYSE:MMM) by 144.7% during the 1st quarter, Holdings Channel reports. The fund owned 4,185 shares of the conglomerate’s stock after buying an additional 2,475 shares during the period. Adams Chetwood Wealth Management LLC’s holdings in 3M were worth $622,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Tsfg LLC lifted its position in shares of 3M by 52.7% in the 1st quarter. Tsfg LLC now owns 200 shares of the conglomerate’s stock worth $27,000 after purchasing an additional 69 shares during the period. PARK CIRCLE Co purchased a new position in 3M during the first quarter valued at approximately $27,000. Cascade Investment Advisors Inc. bought a new position in 3M in the first quarter worth approximately $28,000. Stonebridge Financial Planning Group LLC lifted its holdings in 3M by 211.3% during the first quarter. Stonebridge Financial Planning Group LLC now owns 221 shares of the conglomerate’s stock worth $33,000 after buying an additional 150 shares during the period. Finally, IndexIQ Advisors LLC bought a new stake in 3M during the 4th quarter valued at $35,000. 65.83% of the stock is currently owned by institutional investors and hedge funds.
In other news, EVP Khandpur K. Ashish sold 3,605 shares of the firm’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $146.85, for a total value of $529,394.25. Following the completion of the transaction, the executive vice president now directly owns 19,193 shares in the company, valued at $2,818,492.05. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Michael F. Roman sold 7,894 shares of 3M stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $148.70, for a total value of $1,173,837.80. Following the sale, the chief executive officer now directly owns 57,868 shares of the company’s stock, valued at approximately $8,604,971.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 40,184 shares of company stock worth $5,930,874. 0.42% of the stock is owned by insiders.
3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, April 28th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.03 by $0.13. The business had revenue of $8.08 billion for the quarter, compared to analyst estimates of $7.86 billion. 3M had a net margin of 15.37% and a return on equity of 50.24%. 3M’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.23 EPS. As a group, analysts expect that 3M Co will post 7.92 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Investors of record on Friday, May 22nd will be given a $1.47 dividend. This represents a $5.88 annualized dividend and a dividend yield of 3.66%. The ex-dividend date of this dividend is Thursday, May 21st. 3M’s payout ratio is 64.62%.
Several research analysts have recently commented on MMM shares. Bank of America boosted their price target on 3M from $165.00 to $170.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 29th. Morgan Stanley boosted their target price on shares of 3M from $131.00 to $160.00 and gave the stock an “equal weight” rating in a report on Friday, May 1st. Deutsche Bank raised their price target on shares of 3M from $158.00 to $163.00 and gave the company a “hold” rating in a report on Wednesday, April 29th. Royal Bank of Canada boosted their price objective on shares of 3M from $143.00 to $148.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 29th. Finally, Barclays increased their target price on shares of 3M from $141.00 to $154.00 and gave the company an “underweight” rating in a research report on Wednesday, April 29th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company. 3M has an average rating of “Hold” and an average price target of $161.85.
3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.
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