McGlone Suttner Wealth Management Inc. Acquires 461 Shares of 3M (NYSE:MMM)

McGlone Suttner Wealth Management Inc. grew its holdings in shares of 3M (NYSE:MMM) by 22.4% in the third quarter, HoldingsChannel.com reports. The fund owned 2,516 shares of the conglomerate’s stock after purchasing an additional 461 shares during the period. McGlone Suttner Wealth Management Inc.’s holdings in 3M were worth $344,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Tributary Capital Management LLC purchased a new position in 3M in the 1st quarter worth approximately $25,000. Financial Synergies Wealth Advisors Inc. grew its position in shares of 3M by 419.1% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after buying an additional 197 shares during the last quarter. MFA Wealth Advisors LLC bought a new stake in shares of 3M during the second quarter valued at approximately $28,000. Northwest Investment Counselors LLC bought a new stake in shares of 3M during the first quarter valued at approximately $32,000. Finally, Meeder Asset Management Inc. boosted its position in shares of 3M by 689.7% during the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after purchasing an additional 269 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Price Performance

3M stock traded up $1.29 during midday trading on Friday, reaching $134.75. 3,103,642 shares of the stock traded hands, compared to its average volume of 4,957,898. The stock’s fifty day moving average is $131.53 and its 200-day moving average is $111.50. 3M has a 12 month low of $71.12 and a 12 month high of $140.72. The stock has a market cap of $74.57 billion, a P/E ratio of -10.59, a PEG ratio of 2.49 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95.

3M (NYSE:MMM) last announced 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 company had revenue of $6.26 billion during the quarter, compared to analyst estimates of $5.85 billion. During the same period in the prior year, the company earned $2.17 earnings per share. As a group, equities research analysts anticipate that 3M will post 7.24 EPS for the current year.

3M Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s payout ratio is presently -22.01%.

Insider Activity at 3M

In other news, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the sale, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Chairman Michael F. Roman sold 5,675 shares of the firm’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 value of $700,635.50. Following the completion of the sale, the chairman now directly owns 174,036 shares of the company’s stock, valued at $21,486,484.56. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the sale, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at $541,659.68. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have commented on MMM. Argus raised 3M from a “hold” rating to a “buy” rating and set a $145.00 target price on the stock in a report on Tuesday, July 30th. Wells Fargo & Company boosted their price target on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and boosted their price target for the stock from $110.00 to $150.00 in a research note on Monday, July 29th. Citigroup boosted their price target on 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research note 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 analysts have rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $127.64.

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.