Jupiter Wealth Management LLC Sells 6,233 Shares of 3M Co (NYSE:MMM)

Jupiter Wealth Management LLC trimmed its holdings in shares of 3M Co (NYSE:MMM) by 19.6% in the second quarter, according to its most recent filing with the SEC. The firm owned 25,500 shares of the conglomerate’s stock after selling 6,233 shares during the period. 3M makes up about 2.2% of Jupiter Wealth Management LLC’s investment portfolio, making the stock its 18th biggest position. Jupiter Wealth Management LLC’s holdings in 3M were worth $4,454,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in MMM. Creative Financial Designs Inc. ADV lifted its holdings in 3M by 202.0% during the 1st quarter. Creative Financial Designs Inc. ADV now owns 151 shares of the conglomerate’s stock valued at $31,000 after purchasing an additional 101 shares during the last quarter. Cordasco Financial Network lifted its holdings in 3M by 220.0% during the 1st quarter. Cordasco Financial Network now owns 160 shares of the conglomerate’s stock valued at $33,000 after purchasing an additional 110 shares during the last quarter. Capital Financial Planning LLC bought a new position in 3M during the 4th quarter valued at about $34,000. Meridian Wealth Management LLC bought a new position in 3M during the 1st quarter valued at about $38,000. Finally, Lake Point Wealth Management bought a new position in 3M during the 4th quarter valued at about $37,000. 67.55% of the stock is owned by institutional investors.

MMM traded up $4.66 during midday trading on Friday, hitting $161.50. The company had a trading volume of 3,434,000 shares, compared to its average volume of 3,225,629. The company has a debt-to-equity ratio of 1.53, a quick ratio of 1.34 and a current ratio of 1.93. The company has a market capitalization of $90.23 billion, a PE ratio of 15.44, a P/E/G ratio of 1.78 and a beta of 1.09. 3M Co has a twelve month low of $155.63 and a twelve month high of $219.75. The firm’s 50-day simple moving average is $170.65 and its 200-day simple moving average is $187.36.

3M (NYSE:MMM) last posted its quarterly earnings data on Thursday, July 25th. The conglomerate reported $2.20 earnings per share for the quarter, beating the consensus estimate of $2.04 by $0.16. The firm had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $8.10 billion. 3M had a net margin of 15.27% and a return on equity of 55.05%. The company’s quarterly revenue was down 2.6% compared to the same quarter last year. During the same quarter last year, the company posted $2.59 EPS. As a group, sell-side analysts anticipate that 3M Co will post 9.28 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Friday, August 16th will be given a $1.44 dividend. This represents a $5.76 annualized dividend and a yield of 3.57%. The ex-dividend date is Thursday, August 15th. 3M’s payout ratio is presently 55.07%.

MMM has been the subject of several analyst reports. Gordon Haskett downgraded shares of 3M from a “buy” rating to a “hold” rating and set a $191.98 price target for the company. in a report on Monday, April 29th. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating and set a $183.00 price target for the company in a report on Monday, July 29th. Barclays reissued a “sell” rating and set a $162.00 price target on shares of 3M in a report on Thursday, June 6th. UBS Group cut their price target on shares of 3M from $201.00 to $182.00 and set a “neutral” rating for the company in a report on Friday, July 12th. Finally, Royal Bank of Canada set a $179.00 price target on shares of 3M and gave the company a “hold” rating in a report on Friday, July 26th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $182.54.

In other 3M news, insider John Patrick Banovetz sold 1,040 shares of the firm’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $170.40, for a total value of $177,216.00. Following the completion of the sale, the insider now owns 5,974 shares in the company, valued at approximately $1,017,969.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.83% of the company’s stock.

3M Company Profile

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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