RWA Wealth Partners LLC Buys 23,378 Shares of 3M (NYSE:MMM)

RWA Wealth Partners LLC grew its stake in shares of 3M (NYSE:MMM) by 436.0% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 28,740 shares of the conglomerate’s stock after acquiring an additional 23,378 shares during the quarter. RWA Wealth Partners LLC’s holdings in 3M were worth $3,142,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of MMM. Vanguard Group Inc. lifted its position in shares of 3M by 0.7% during the 3rd quarter. Vanguard Group Inc. now owns 49,033,679 shares of the conglomerate’s stock worth $4,590,533,000 after buying an additional 317,483 shares during the last quarter. Invesco Ltd. lifted its position in shares of 3M by 2.4% during the 3rd quarter. Invesco Ltd. now owns 4,082,950 shares of the conglomerate’s stock worth $382,246,000 after buying an additional 94,864 shares during the last quarter. Nuance Investments LLC raised its position in 3M by 10.1% in the third quarter. Nuance Investments LLC now owns 4,062,557 shares of the conglomerate’s stock valued at $380,337,000 after purchasing an additional 371,935 shares during the last quarter. Pacer Advisors Inc. raised its position in 3M by 1,273.9% in the fourth quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate’s stock valued at $413,637,000 after purchasing an additional 3,508,334 shares during the last quarter. Finally, Van ECK Associates Corp raised its position in 3M by 20.8% in the third quarter. Van ECK Associates Corp now owns 2,944,135 shares of the conglomerate’s stock valued at $275,630,000 after purchasing an additional 506,654 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on MMM. JPMorgan Chase & Co. dropped their target price on 3M from $118.00 to $110.00 and set a “neutral” rating for the company in a research report on Wednesday, April 17th. Royal Bank of Canada decreased their price target on 3M from $84.00 to $78.00 and set an “underperform” rating for the company in a research note on Tuesday, April 2nd. Citigroup increased their price target on 3M from $95.31 to $98.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Bank of America decreased their price target on 3M from $110.00 to $100.00 and set a “neutral” rating for the company in a research note on Tuesday, April 2nd. Finally, Mizuho reissued a “neutral” rating and issued a $105.00 price target on shares of 3M in a research note on Wednesday, March 27th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $104.00.

Insider Activity

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total value of $39,328.32. Following the completion of the transaction, the insider now directly owns 3,966 shares in the company, valued at $366,141.12. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.38% of the stock is owned by company insiders.

3M Stock Performance

MMM stock opened at $93.00 on Wednesday. The stock’s 50 day moving average is $95.73 and its 200-day moving average is $97.43. 3M has a twelve month low of $71.12 and a twelve month high of $95.67. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.76 and a current ratio of 1.07.

3M (NYSE:MMM) last released its earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.31 by $0.11. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The business had revenue of $8.01 billion during the quarter, compared to the consensus estimate of $7.69 billion. During the same period last year, the business posted $2.28 earnings per share. The business’s revenue for the quarter was down 1.1% on a year-over-year basis. On average, research analysts predict that 3M will post 7.87 EPS for the current year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were given a $1.51 dividend. This is an increase from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 dividend on an annualized basis and a yield of 6.49%. The ex-dividend date was Thursday, February 15th. 3M’s dividend payout ratio (DPR) is currently -47.82%.

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.