Oppenheimer & Co. Inc. Purchases 8,940 Shares of 3M (NYSE:MMM)

Oppenheimer & Co. Inc. boosted its position in shares of 3M (NYSE:MMM) by 35.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 34,513 shares of the conglomerate’s stock after purchasing an additional 8,940 shares during the period. Oppenheimer & Co. Inc.’s holdings in 3M were worth $3,527,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in 3M by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 49,461,361 shares of the conglomerate’s stock worth $5,246,367,000 after purchasing an additional 377,703 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in 3M by 11.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock worth $517,617,000 after purchasing an additional 533,520 shares in the last quarter. Norges Bank bought a new position in 3M during the 4th quarter worth about $502,585,000. Balyasny Asset Management L.P. increased its holdings in 3M by 313.8% during the 4th quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate’s stock worth $289,803,000 after purchasing an additional 2,010,319 shares in the last quarter. Finally, Nordea Investment Management AB increased its holdings in 3M by 8.2% during the 1st quarter. Nordea Investment Management AB now owns 2,168,811 shares of the conglomerate’s stock worth $228,875,000 after purchasing an additional 164,236 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

3M Trading Up 0.9 %

3M stock opened at $133.18 on Monday. 3M has a 52 week low of $71.12 and a 52 week high of $134.99. The company has a debt-to-equity ratio of 2.95, a quick ratio of 1.08 and a current ratio of 1.36. The stock has a market capitalization of $73.16 billion, a P/E ratio of -10.47, a PEG ratio of 2.41 and a beta of 0.95. The stock has a 50-day simple moving average of $121.42 and a 200 day simple moving average of $106.54.

3M (NYSE:MMM) last issued its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.25. The firm had revenue of $6.26 billion during the quarter, compared to the consensus estimate of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same period last year, the business posted $2.17 earnings per share. Analysts expect that 3M will post 7.22 earnings per share for the current year.

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were given a dividend of $0.70 per share. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.80 annualized dividend and a yield of 2.10%. 3M’s dividend payout ratio (DPR) is presently -22.01%.

Insiders Place Their Bets

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

Wall Street Analysts Forecast Growth

MMM has been the subject of several analyst reports. StockNews.com cut 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Wells Fargo & Company raised their price objective on 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a report on Wednesday, July 10th. Barclays raised their price objective on 3M from $120.00 to $145.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Citigroup raised their price objective on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a report on Monday, July 29th. Finally, Wolfe Research upgraded 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price objective for the company in a report on Thursday, June 13th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $124.43.

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.