Ropes Wealth Advisors LLC Has $6.04 Million Position in 3M Co (MMM)

Ropes Wealth Advisors LLC boosted its position in 3M Co (NYSE:MMM) by 0.9% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,062 shares of the conglomerate’s stock after buying an additional 265 shares during the period. 3M makes up about 1.6% of Ropes Wealth Advisors LLC’s holdings, making the stock its 15th biggest position. Ropes Wealth Advisors LLC’s holdings in 3M were worth $6,039,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of MMM. Lederer & Associates Investment Counsel CA lifted its holdings in 3M by 2.1% in the first quarter. Lederer & Associates Investment Counsel CA now owns 2,410 shares of the conglomerate’s stock valued at $501,000 after acquiring an additional 50 shares during the period. LVM Capital Management Ltd. MI lifted its holdings in 3M by 0.4% in the first quarter. LVM Capital Management Ltd. MI now owns 14,602 shares of the conglomerate’s stock valued at $3,034,000 after acquiring an additional 59 shares during the period. Sawyer & Company Inc lifted its holdings in 3M by 1.6% in the fourth quarter. Sawyer & Company Inc now owns 3,790 shares of the conglomerate’s stock valued at $722,000 after acquiring an additional 60 shares during the period. Atlas Brown Inc. lifted its holdings in 3M by 0.9% in the fourth quarter. Atlas Brown Inc. now owns 6,928 shares of the conglomerate’s stock valued at $1,320,000 after acquiring an additional 60 shares during the period. Finally, Providence Wealth Advisors LLC lifted its holdings in 3M by 0.9% in the fourth quarter. Providence Wealth Advisors LLC now owns 6,851 shares of the conglomerate’s stock valued at $1,297,000 after acquiring an additional 61 shares during the period. Hedge funds and other institutional investors own 67.11% of the company’s stock.

In related news, Chairman Inge G. Thulin sold 5,863 shares of the business’s stock in a transaction dated Friday, March 29th. The shares were sold at an average price of $207.78, for a total value of $1,218,214.14. Following the completion of the transaction, the chairman now owns 268,188 shares of the company’s stock, valued at approximately $55,724,102.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gregory R. Page bought 1,000 shares of the business’s stock in a transaction that occurred on Thursday, May 9th. The stock was purchased at an average cost of $176.26 per share, with a total value of $176,260.00. Following the purchase, the director now directly owns 4,000 shares in the company, valued at approximately $705,040. The disclosure for this purchase can be found here. Insiders own 0.83% of the company’s stock.

A number of equities research analysts have commented on MMM shares. Citigroup set a $221.00 target price on 3M and gave the company a “buy” rating in a report on Friday, April 26th. Morgan Stanley reduced their target price on 3M from $201.00 to $199.00 and set an “equal weight” rating for the company in a report on Friday, March 22nd. Deutsche Bank reduced their target price on 3M from $188.00 to $183.00 and set a “hold” rating for the company in a report on Friday, April 26th. Argus downgraded 3M from a “buy” rating to a “hold” rating in a report on Friday, April 26th. Finally, Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating in a research note on Wednesday, April 10th. Four equities research analysts have rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $197.75.

NYSE:MMM opened at $171.81 on Friday. The firm has a market cap of $100.37 billion, a PE ratio of 16.43, a PEG ratio of 1.81 and a beta of 0.99. The company has a debt-to-equity ratio of 1.60, a current ratio of 2.02 and a quick ratio of 1.38. 3M Co has a 52-week low of $171.36 and a 52-week high of $219.75.

3M (NYSE:MMM) last released its quarterly earnings results on Thursday, April 25th. The conglomerate reported $2.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.50 by ($0.27). The firm had revenue of $7.86 billion for the quarter, compared to analyst estimates of $8.02 billion. 3M had a return on equity of 57.42% and a net margin of 17.43%. The company’s quarterly revenue was down 5.0% compared to the same quarter last year. During the same period last year, the firm earned $2.50 EPS. On average, analysts expect that 3M Co will post 9.45 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th will be paid a dividend of $1.44 per share. This represents a $5.76 annualized dividend and a dividend yield of 3.35%. The ex-dividend date is Thursday, May 23rd. 3M’s dividend payout ratio (DPR) is presently 55.07%.

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About 3M

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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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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