IVC Wealth Advisors LLC Lowers Holdings in 3M (NYSE:MMM)

IVC Wealth Advisors LLC lowered its position in shares of 3M (NYSE:MMM) by 2.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,620 shares of the conglomerate’s stock after selling 114 shares during the period. IVC Wealth Advisors LLC’s holdings in 3M were worth $768,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in MMM. Montz Harcus Wealth Management LLC purchased a new stake in shares of 3M in the 3rd quarter worth approximately $215,000. Frank Rimerman Advisors LLC lifted its holdings in 3M by 36.8% during the third quarter. Frank Rimerman Advisors LLC now owns 5,181 shares of the conglomerate’s stock worth $708,000 after buying an additional 1,394 shares during the period. TCV Trust & Wealth Management Inc. boosted its position in 3M by 1.3% during the 3rd quarter. TCV Trust & Wealth Management Inc. now owns 6,464 shares of the conglomerate’s stock valued at $884,000 after acquiring an additional 84 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of 3M by 1.7% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 211,978 shares of the conglomerate’s stock valued at $28,977,000 after acquiring an additional 3,480 shares during the period. Finally, NorthCrest Asset Manangement LLC raised its position in shares of 3M by 21.5% in the 3rd quarter. NorthCrest Asset Manangement LLC now owns 2,513 shares of the conglomerate’s stock worth $343,000 after acquiring an additional 445 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors.

Insider Transactions at 3M

In related news, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the transaction, the chairman now owns 174,036 shares in the company, valued at $21,486,484.56. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the 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 transaction, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at $541,659.68. This trade represents 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 this hyperlink. Also, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at $21,486,484.56. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

3M Trading Down 1.4 %

NYSE MMM opened at $124.75 on Monday. 3M has a 1 year low of $72.47 and a 1 year high of $141.34. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. The company has a market capitalization of $69.03 billion, a PE ratio of -9.81, a P/E/G ratio of 2.42 and a beta of 0.95. The company has a fifty day moving average of $133.00 and a 200 day moving average of $114.18.

3M (NYSE:MMM) last issued its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The firm had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. During the same quarter in the prior year, the business earned $2.68 earnings per share. The company’s revenue was down 24.3% compared to the same quarter last year. Research analysts forecast that 3M will post 7.26 earnings per share for the current year.

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were issued a $0.70 dividend. The ex-dividend date was Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a yield of 2.24%. 3M’s payout ratio is -22.01%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on MMM. Melius Research upgraded 3M from a “hold” rating to a “buy” rating and set a $180.00 target price on the stock in a research note on Tuesday, October 22nd. Citigroup lifted their price objective on shares of 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Argus raised shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 target price for the company in a research report on Tuesday, July 30th. Bank of America raised their target price on shares of 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Finally, Mizuho upped their price target on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $135.67.

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.