3M (NYSE:MMM) Position Raised by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. lifted its stake in shares of 3M (NYSE:MMM) by 1.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 529,892 shares of the conglomerate’s stock after purchasing an additional 8,301 shares during the quarter. Envestnet Asset Management Inc.’s holdings in 3M were worth $54,150,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Oppenheimer Asset Management Inc. raised its stake in shares of 3M by 76.1% during the second quarter. Oppenheimer Asset Management Inc. now owns 109,507 shares of the conglomerate’s stock valued at $11,191,000 after purchasing an additional 47,317 shares in the last quarter. Wealthspire Advisors LLC raised its stake in shares of 3M by 3.9% during the second quarter. Wealthspire Advisors LLC now owns 11,518 shares of the conglomerate’s stock valued at $1,177,000 after purchasing an additional 430 shares in the last quarter. Leelyn Smith LLC raised its stake in shares of 3M by 6.8% during the second quarter. Leelyn Smith LLC now owns 21,236 shares of the conglomerate’s stock valued at $2,170,000 after purchasing an additional 1,349 shares in the last quarter. Thoroughbred Financial Services LLC bought a new stake in shares of 3M during the second quarter valued at about $502,000. Finally, 1ST Source Bank raised its stake in shares of 3M by 1.5% during the second quarter. 1ST Source Bank now owns 26,714 shares of the conglomerate’s stock valued at $2,730,000 after purchasing an additional 382 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Bank of America boosted their price target on shares of 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. 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 research report on Monday, July 29th. Morgan Stanley assumed coverage on shares of 3M in a research report on Friday, September 6th. They issued an “underweight” rating and a $125.00 price target on the stock. StockNews.com cut shares of 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Finally, Wells Fargo & Company boosted their price target on shares of 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 10th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $124.43.

Insider Buying and Selling at 3M

In related 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 completion of the sale, the chief financial officer now owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, Chairman Michael F. Roman sold 5,675 shares of the business’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 completion of the sale, the chairman now owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Theresa E. Reinseth sold 2,100 shares of the business’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 value 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 disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

3M Trading Down 0.2 %

NYSE:MMM opened at $133.35 on Thursday. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $135.28. The stock’s 50-day moving average is $123.40 and its two-hundred day moving average is $107.32. The stock has a market cap of $73.79 billion, a PE ratio of -10.48, a price-to-earnings-growth ratio of 2.41 and a beta of 0.95.

3M (NYSE:MMM) last released its earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.68 by $0.25. 3M had a return on equity of 112.92% and a net margin of 3.08%. The company had revenue of $6.26 billion for the quarter, compared to analysts’ expectations of $5.85 billion. During the same quarter in the previous year, the business posted $2.17 EPS. As a group, equities research analysts forecast that 3M will post 7.22 earnings per share for the current fiscal year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were paid a dividend of $0.70 per share. The ex-dividend date 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%.

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.