Point72 Asia Singapore Pte. Ltd. Lowers Stake in 3M (NYSE:MMM)

Point72 Asia Singapore Pte. Ltd. decreased its position in 3M (NYSE:MMM) by 30.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 26,767 shares of the conglomerate’s stock after selling 11,870 shares during the quarter. Point72 Asia Singapore Pte. Ltd.’s holdings in 3M were worth $2,735,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in MMM. Tributary Capital Management LLC purchased a new stake in shares of 3M in the 1st quarter valued at $25,000. Financial Synergies Wealth Advisors Inc. increased its stake in 3M by 419.1% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after purchasing an additional 197 shares during the period. MFA Wealth Advisors LLC acquired a new stake in shares of 3M during the second quarter worth about $28,000. Meeder Asset Management Inc. boosted its stake in shares of 3M by 689.7% in the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after purchasing an additional 269 shares during the period. Finally, Northwest Investment Counselors LLC acquired a new position in shares of 3M in the first quarter valued at approximately $32,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Morgan Stanley initiated coverage on shares of 3M in a research report on Friday, September 6th. They issued an “underweight” rating and a $125.00 price target for the company. Royal Bank of Canada lifted their target price on 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a report on Monday, July 29th. Barclays upped their price target on 3M from $120.00 to $145.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Citigroup lifted their price objective on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of 3M from a “hold” rating to a “buy” rating and upped their target price for the stock from $110.00 to $150.00 in a research note 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 MarketBeat, 3M presently has an average rating of “Hold” and a consensus target price of $124.43.

3M Trading Up 1.2 %

Shares of 3M stock opened at $137.29 on Wednesday. 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 has a fifty day simple moving average of $125.97 and a 200-day simple moving average of $108.63. 3M has a 12-month low of $71.12 and a 12-month high of $137.94.

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. 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 analyst estimates of $5.85 billion. During the same quarter last year, the company posted $2.17 earnings per share. As a group, equities analysts expect that 3M will post 7.22 earnings per share for the current year.

3M Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.04%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s dividend payout ratio is currently -22.01%.

Insider Activity

In other news, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction 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 transaction, the chairman now directly owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was 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 of the company’s stock, valued at $21,486,484.56. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Theresa E. Reinseth sold 2,100 shares of the company’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 sale, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at $541,659.68. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

3M 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.