Jaffetilchin Investment Partners LLC Buys New Position in 3M (NYSE:MMM)

Jaffetilchin Investment Partners LLC purchased a new position in shares of 3M (NYSE:MMM) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,013 shares of the conglomerate’s stock, valued at approximately $308,000.

Several other hedge funds have also made changes to their positions in MMM. Pine Valley Investments Ltd Liability Co boosted its position in 3M by 25.8% in the 2nd quarter. Pine Valley Investments Ltd Liability Co now owns 100,647 shares of the conglomerate’s stock valued at $10,285,000 after buying an additional 20,629 shares during the period. Sterling Financial Planning Inc. boosted its holdings in 3M by 53.8% in the second quarter. Sterling Financial Planning Inc. now owns 4,649 shares of the conglomerate’s stock valued at $475,000 after purchasing an additional 1,627 shares during the period. MBA Advisors LLC grew its stake in 3M by 11.1% during the 2nd quarter. MBA Advisors LLC now owns 2,867 shares of the conglomerate’s stock worth $293,000 after purchasing an additional 286 shares in the last quarter. Hantz Financial Services Inc. acquired a new position in 3M during the 2nd quarter worth $3,485,000. Finally, Forum Financial Management LP raised its position in 3M by 26.1% in the 2nd quarter. Forum Financial Management LP now owns 2,399 shares of the conglomerate’s stock valued at $245,000 after purchasing an additional 497 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Analyst Ratings Changes

MMM has been the subject of a number of analyst reports. Argus raised 3M from a “hold” rating to a “buy” rating and set a $145.00 price objective for the company in a research report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft upgraded shares of 3M from a “hold” rating to a “buy” rating and boosted their price target for the stock from $110.00 to $150.00 in a report on Monday, July 29th. Barclays raised their price objective on shares of 3M from $120.00 to $145.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Bank of America boosted their target price on shares of 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Finally, Wells Fargo & Company raised their price target on 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 10th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the company. According to MarketBeat, 3M presently has a consensus rating of “Moderate Buy” and an average price target of $124.38.

Insider Transactions at 3M

In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the sale, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CFO Theresa E. Reinseth sold 2,100 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the transaction, the chief financial officer now owns 4,364 shares of the company’s stock, valued at $541,659.68. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value of $700,635.50. Following the sale, the chairman now owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

3M Trading Up 1.3 %

NYSE:MMM opened at $134.69 on Friday. The company has a market capitalization of $73.99 billion, a PE ratio of -10.59, a P/E/G ratio of 2.49 and a beta of 0.95. 3M has a 52-week low of $71.12 and a 52-week high of $134.99. The stock’s 50 day moving average price is $115.56 and its 200 day moving average price is $103.62. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95.

3M (NYSE:MMM) last announced its earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.68 by $0.25. 3M had a net margin of 3.08% and a return on equity of 112.92%. The business had revenue of $6.26 billion for the quarter, compared to analyst estimates of $5.85 billion. During the same period last year, the firm posted $2.17 earnings per share. On average, research analysts anticipate that 3M will post 7.2 EPS for the current year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Monday, August 26th will be issued a $0.70 dividend. The ex-dividend date of this dividend is Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.08%. 3M’s payout ratio is -22.01%.

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.