3,787 Shares in 3M (NYSE:MMM) Bought by Frank Rimerman Advisors LLC

Frank Rimerman Advisors LLC acquired a new position in 3M (NYSE:MMM) during the second quarter, according to the company in its most recent filing with the SEC. The fund acquired 3,787 shares of the conglomerate’s stock, valued at approximately $387,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MMM. Vanguard Group Inc. lifted its stake in shares of 3M by 0.8% in the first quarter. Vanguard Group Inc. now owns 49,461,361 shares of the conglomerate’s stock worth $5,246,367,000 after acquiring 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 during the last quarter. Pacer Advisors Inc. increased its holdings in 3M by 2.0% during the 2nd quarter. Pacer Advisors Inc. now owns 4,952,878 shares of the conglomerate’s stock worth $506,135,000 after purchasing an additional 97,340 shares during the last quarter. Balyasny Asset Management L.P. raised its position in shares of 3M by 313.8% in the 4th quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate’s stock valued at $289,803,000 after purchasing an additional 2,010,319 shares in the last quarter. Finally, Nordea Investment Management AB boosted its stake in shares of 3M by 8.2% during the 1st quarter. Nordea Investment Management AB now owns 2,168,811 shares of the conglomerate’s stock valued at $228,875,000 after buying an additional 164,236 shares during the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the business’s stock in a transaction 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 transaction, the chief financial officer now owns 4,364 shares in the company, valued at approximately $541,659.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction that occurred 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 $21,486,484.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 sale, the chief financial officer now directly owns 4,364 shares in the company, valued at approximately $541,659.68. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on MMM shares. StockNews.com lowered shares of 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Deutsche Bank Aktiengesellschaft raised shares of 3M from a “hold” rating to a “buy” rating and boosted their target price for the stock from $110.00 to $150.00 in a research report on Monday, July 29th. Barclays increased their price target on shares of 3M from $120.00 to $145.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Morgan Stanley began coverage on 3M in a report on Friday, September 6th. They issued an “underweight” rating and a $125.00 price objective for the company. Finally, Bank of America increased their target price on 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Two analysts have rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $124.43.

3M Trading Up 1.2 %

NYSE:MMM opened at $137.29 on Wednesday. 3M has a 12-month low of $71.12 and a 12-month high of $137.94. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08. The business has a 50 day simple moving average of $125.97 and a 200 day simple moving average of $108.63. The firm has a market capitalization of $75.97 billion, a P/E ratio of -10.79, a P/E/G ratio of 2.41 and a beta of 0.95.

3M (NYSE:MMM) last released its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, topping the consensus estimate of $1.68 by $0.25. The business had revenue of $6.26 billion during the quarter, compared to analyst estimates of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same quarter in the prior year, the firm earned $2.17 earnings per share. Equities research analysts predict that 3M will post 7.22 EPS for the current year.

3M Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were given a dividend of $0.70 per share. The ex-dividend date was Monday, August 26th. This represents a $2.80 annualized dividend and a dividend yield of 2.04%. 3M’s dividend payout ratio 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.