Dana Investment Advisors Inc. Boosts Holdings in 3M (NYSE:MMM)

Dana Investment Advisors Inc. lifted its holdings in 3M (NYSE:MMM) by 6.1% in the second quarter, HoldingsChannel reports. The fund owned 14,275 shares of the conglomerate’s stock after buying an additional 820 shares during the period. Dana Investment Advisors Inc.’s holdings in 3M were worth $1,459,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in MMM. Fortis Capital Advisors LLC lifted its stake in 3M by 2.9% in the second quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate’s stock worth $307,000 after purchasing an additional 84 shares during the last quarter. Brown Brothers Harriman & Co. grew its stake in shares of 3M by 0.4% during the second quarter. Brown Brothers Harriman & Co. now owns 22,613 shares of the conglomerate’s stock valued at $2,311,000 after buying an additional 97 shares during the last quarter. AMG National Trust Bank increased its holdings in shares of 3M by 3.1% in the second quarter. AMG National Trust Bank now owns 3,326 shares of the conglomerate’s stock worth $340,000 after buying an additional 100 shares during the period. Platinum Investment Management Ltd. lifted its stake in shares of 3M by 11.4% in the 1st quarter. Platinum Investment Management Ltd. now owns 1,020 shares of the conglomerate’s stock valued at $108,000 after acquiring an additional 104 shares during the last quarter. Finally, Geneos Wealth Management Inc. boosted its holdings in 3M by 2.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 5,302 shares of the conglomerate’s stock valued at $562,000 after acquiring an additional 105 shares during the period. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Stock Performance

Shares of MMM opened at $134.78 on Friday. 3M has a one year low of $71.12 and a one year high of $140.72. The company has a 50-day simple moving average of $130.54 and a two-hundred day simple moving average of $110.26. 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 firm has a market capitalization of $74.58 billion, a PE ratio of -10.60, a price-to-earnings-growth ratio of 2.51 and a beta of 0.95.

3M (NYSE:MMM) last released its quarterly 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 company had revenue of $6.26 billion for the quarter, compared to analyst estimates of $5.85 billion. 3M had a return on equity of 112.92% and a net margin of 3.08%. During the same period in the previous year, the company posted $2.17 earnings per share. On average, analysts anticipate that 3M will post 7.22 EPS for the current fiscal year.

3M Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of brokerages have commented on MMM. Deutsche Bank Aktiengesellschaft raised 3M from a “hold” rating to a “buy” rating and lifted their price target for the stock from $110.00 to $150.00 in a research note on Monday, July 29th. Barclays upped their price target on shares of 3M from $145.00 to $160.00 and gave the company an “overweight” rating in a report on Wednesday. Citigroup increased their price target on shares of 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research report on Monday, July 29th. Royal Bank of Canada boosted their price objective on shares of 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a research report on Monday, July 29th. Finally, Morgan Stanley began coverage on shares of 3M in a report on Friday, September 6th. They set an “underweight” rating and a $125.00 target price for the company. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat, 3M has an average rating of “Hold” and a consensus price target of $125.50.

Insider Buying and Selling

In related news, 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 transaction of $260,652.00. Following the sale, the chief financial officer now owns 4,364 shares of the company’s stock, valued at $541,659.68. The transaction 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 stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the transaction, the chairman now owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The transaction was disclosed in a filing 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 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 directly owns 4,364 shares in the company, valued at $541,659.68. The disclosure for this sale can be found here. 0.34% of the stock is owned by company insiders.

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.