MBB Public Markets I LLC Invests $4.12 Million in 3M (NYSE:MMM)

MBB Public Markets I LLC purchased a new position in shares of 3M (NYSE:MMM) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 40,304 shares of the conglomerate’s stock, valued at approximately $4,119,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in shares of 3M by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 49,461,361 shares of the conglomerate’s stock valued at $5,246,367,000 after buying an additional 377,703 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of 3M by 11.8% during the second quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock worth $517,617,000 after acquiring an additional 533,520 shares in the last quarter. Pacer Advisors Inc. boosted its position in 3M by 2.0% during the second quarter. Pacer Advisors Inc. now owns 4,952,878 shares of the conglomerate’s stock valued at $506,135,000 after purchasing an additional 97,340 shares during the last quarter. Balyasny Asset Management L.P. grew its stake 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 valued at $289,803,000 after purchasing an additional 2,010,319 shares in the last quarter. Finally, AQR Capital Management LLC increased its position in 3M by 18.6% in the 2nd quarter. AQR Capital Management LLC now owns 2,531,422 shares of the conglomerate’s stock worth $258,686,000 after purchasing an additional 396,773 shares during the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on MMM shares. Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and lifted their price target for the company from $110.00 to $150.00 in a report on Monday, July 29th. Royal Bank of Canada lifted their target price on shares of 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a research note on Monday, July 29th. Citigroup increased their price target on shares of 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. StockNews.com lowered shares of 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Finally, Argus upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price objective for the company in a report on Tuesday, July 30th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $124.43.

Insider Buying and Selling at 3M

In other news, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction dated 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 SEC, which is accessible through the SEC website. In related news, Chairman Michael F. Roman sold 5,675 shares of 3M 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 sale, the chairman now directly owns 174,036 shares of the company’s stock, 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 the business’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total value of $260,652.00. Following the transaction, the chief financial officer now owns 4,364 shares in the company, valued at $541,659.68. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

3M Stock Down 1.6 %

MMM stock opened at $137.26 on Friday. The stock has a market capitalization of $75.95 billion, a price-to-earnings ratio of -10.79, a price-to-earnings-growth ratio of 2.51 and a beta of 0.95. The company has a 50-day moving average of $127.98 and a two-hundred day moving average of $109.33. 3M has a 52-week low of $71.12 and a 52-week high of $140.72. 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 (NYSE:MMM) last announced 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. The firm had revenue of $6.26 billion during the quarter, compared to the consensus estimate of $5.85 billion. 3M had a return on equity of 112.92% and a net margin of 3.08%. During the same quarter in the prior year, the company earned $2.17 EPS. As a group, equities research analysts anticipate that 3M will post 7.22 EPS for the current year.

3M Announces Dividend

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

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.