3M (NYSE:MMM) Shares Bought by Axxcess Wealth Management LLC

Axxcess Wealth Management LLC grew its position in 3M (NYSE:MMM) by 83.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,111 shares of the conglomerate’s stock after buying an additional 2,330 shares during the quarter. Axxcess Wealth Management LLC’s holdings in 3M were worth $559,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Fragasso Group Inc. raised its stake in shares of 3M by 3.8% during the third quarter. Fragasso Group Inc. now owns 2,556 shares of the conglomerate’s stock valued at $239,000 after purchasing an additional 93 shares during the period. Bangor Savings Bank lifted its holdings in 3M by 1.0% in the 4th quarter. Bangor Savings Bank now owns 10,489 shares of the conglomerate’s stock worth $1,147,000 after buying an additional 104 shares in the last quarter. Allen Capital Group LLC boosted its position in 3M by 0.5% in the 4th quarter. Allen Capital Group LLC now owns 20,931 shares of the conglomerate’s stock valued at $2,288,000 after buying an additional 105 shares during the last quarter. N.E.W. Advisory Services LLC grew its stake in shares of 3M by 4.0% during the third quarter. N.E.W. Advisory Services LLC now owns 2,900 shares of the conglomerate’s stock valued at $272,000 after acquiring an additional 111 shares in the last quarter. Finally, Money Concepts Capital Corp increased its position in shares of 3M by 5.3% during the third quarter. Money Concepts Capital Corp now owns 2,244 shares of the conglomerate’s stock worth $210,000 after acquiring an additional 112 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Stock Performance

Shares of NYSE MMM opened at $95.55 on Wednesday. The company has a quick ratio of 1.27, a current ratio of 1.64 and a debt-to-equity ratio of 4.17. The firm’s 50-day moving average price is $96.30 and its two-hundred day moving average price is $97.84. 3M has a 52-week low of $71.12 and a 52-week high of $99.70. The stock has a market capitalization of $52.87 billion, a P/E ratio of -7.51, a P/E/G ratio of 1.79 and a beta of 1.00.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.10 by $0.29. The business had revenue of $8 billion for the quarter, compared to the consensus estimate of $7.64 billion. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. During the same quarter last year, the business posted $1.97 EPS. As a group, sell-side analysts forecast that 3M will post 7.23 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Mizuho restated a “neutral” rating and set a $105.00 price objective on shares of 3M in a report on Wednesday, March 27th. UBS Group upped their price target on shares of 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Royal Bank of Canada increased their price objective on shares of 3M from $78.00 to $87.00 and gave the company an “underperform” rating in a research note on Wednesday, May 1st. Citigroup boosted their target price on shares of 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. Finally, JPMorgan Chase & Co. raised shares of 3M from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $110.00 to $111.00 in a research report on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, 3M presently has a consensus rating of “Hold” and an average target price of $103.70.

Insider Activity

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total value of $39,328.32. Following the sale, the insider now owns 3,966 shares of the company’s stock, valued at approximately $366,141.12. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.38% of the company’s stock.

3M 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.