Perigon Wealth Management LLC Purchases 1,526 Shares of 3M (NYSE:MMM)

Perigon Wealth Management LLC grew its position in shares of 3M (NYSE:MMM) by 5.2% in the 4th quarter, HoldingsChannel.com reports. The fund owned 30,842 shares of the conglomerate’s stock after buying an additional 1,526 shares during the quarter. Perigon Wealth Management LLC’s holdings in 3M were worth $4,293,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Hutchens & Kramer Investment Management Group LLC bought a new position in 3M during the 4th quarter valued at approximately $219,000. Griffin Asset Management Inc. increased its stake in shares of 3M by 4.7% during the fourth quarter. Griffin Asset Management Inc. now owns 8,960 shares of the conglomerate’s stock valued at $1,157,000 after buying an additional 400 shares during the period. Baldwin Wealth Partners LLC MA raised its holdings in shares of 3M by 2.9% during the fourth quarter. Baldwin Wealth Partners LLC MA now owns 6,348 shares of the conglomerate’s stock valued at $819,000 after acquiring an additional 180 shares in the last quarter. Foundations Investment Advisors LLC lifted its stake in 3M by 792.3% in the fourth quarter. Foundations Investment Advisors LLC now owns 37,432 shares of the conglomerate’s stock worth $4,832,000 after acquiring an additional 33,237 shares during the period. Finally, Mount Yale Investment Advisors LLC boosted its holdings in 3M by 6.7% in the fourth quarter. Mount Yale Investment Advisors LLC now owns 9,031 shares of the conglomerate’s stock valued at $1,166,000 after acquiring an additional 569 shares in the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently commented on MMM. Bank of America raised their target price on shares of 3M from $160.00 to $175.00 and gave the stock a “buy” rating in a research report on Wednesday, January 22nd. Mizuho upped their target price on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Melius upgraded 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Barclays upped their price target on 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 22nd. Finally, Wells Fargo & Company raised 3M from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, 3M presently has an average rating of “Moderate Buy” and a consensus price target of $148.87.

3M Stock Performance

Shares of MMM opened at $151.34 on Wednesday. 3M has a 12 month low of $75.40 and a 12 month high of $152.96. The business’s fifty day simple moving average is $133.26 and its two-hundred day simple moving average is $129.89. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. The company has a market cap of $82.42 billion, a price-to-earnings ratio of 20.05, a P/E/G ratio of 2.46 and a beta of 0.95.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, topping the consensus estimate of $1.66 by $0.02. The company had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. 3M’s revenue for the quarter was down 25.0% on a year-over-year basis. During the same period last year, the company earned $2.42 EPS. Research analysts anticipate that 3M will post 7.66 earnings per share for the current fiscal year.

3M Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Friday, November 15th were issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 1.85%. The ex-dividend date was Friday, November 15th. 3M’s dividend payout ratio is currently 37.09%.

Insiders Place Their Bets

In related news, Chairman Michael F. Roman sold 45,276 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $150.01, for a total transaction of $6,791,852.76. Following the completion of the sale, the chairman now directly owns 175,718 shares in the company, valued at approximately $26,359,457.18. The trade was a 20.49 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $150.25, for a total transaction of $247,161.25. Following the completion of the transaction, the insider now owns 5,153 shares in the company, valued at $774,238.25. The trade was a 24.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 62,291 shares of company stock valued at $9,339,786. Company insiders own 0.34% of the company’s stock.

About 3M

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.