Symmetry Investments LP Invests $2.95 Million in 3M (NYSE:MMM)

Symmetry Investments LP acquired a new stake in shares of 3M (NYSE:MMM) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 28,900 shares of the conglomerate’s stock, valued at approximately $2,953,000.

Several other institutional investors have also bought and sold shares of the stock. Balyasny Asset Management L.P. lifted its position in 3M by 313.8% in the fourth 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 during the period. Capital World Investors acquired a new stake in shares of 3M in the first quarter valued at $165,986,000. National Bank of Canada FI boosted its position in shares of 3M by 218.3% during the 1st quarter. National Bank of Canada FI now owns 1,489,351 shares of the conglomerate’s stock valued at $147,344,000 after purchasing an additional 1,021,440 shares in the last quarter. Janus Henderson Group PLC boosted its position in shares of 3M by 1,015.6% during the 1st quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate’s stock valued at $94,247,000 after purchasing an additional 808,914 shares in the last quarter. Finally, Schroder Investment Management Group grew its stake in shares of 3M by 129.8% in the 4th quarter. Schroder Investment Management Group now owns 1,352,528 shares of the conglomerate’s stock worth $147,858,000 after purchasing an additional 764,066 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Insider Transactions 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 other news, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the transaction, the chairman now owns 174,036 shares in the company, valued at approximately $21,486,484.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction 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 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.

Analyst Ratings Changes

MMM has been the topic of several recent research reports. StockNews.com lowered shares of 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Wells Fargo & Company boosted their target price on 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 10th. Deutsche Bank Aktiengesellschaft raised 3M from a “hold” rating to a “buy” rating and upped their target price for the company from $110.00 to $150.00 in a report on Monday, July 29th. Citigroup lifted their price target on 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. Finally, Wolfe Research raised shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price objective for the company in a research note on Thursday, June 13th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $124.43.

3M Stock Performance

Shares of MMM opened at $134.76 on Friday. The company has a market capitalization of $74.57 billion, a PE ratio of -10.59, a PEG ratio of 2.41 and a beta of 0.95. 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 company’s 50 day moving average price is $124.63 and its 200 day moving average price is $107.80. 3M has a 52 week low of $71.12 and a 52 week high of $135.32.

3M (NYSE:MMM) last issued its earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, beating 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 company had revenue of $6.26 billion during the quarter, compared to analyst estimates of $5.85 billion. During the same quarter last year, the business posted $2.17 EPS. Research analysts expect that 3M will post 7.22 EPS for the current fiscal year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.08%. The ex-dividend date was Monday, August 26th. 3M’s payout ratio is currently -22.01%.

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.