NorthCrest Asset Manangement LLC Raises Stock Position in 3M (NYSE:MMM)

NorthCrest Asset Manangement LLC boosted its stake in 3M (NYSE:MMM) by 21.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,513 shares of the conglomerate’s stock after acquiring an additional 445 shares during the period. NorthCrest Asset Manangement LLC’s holdings in 3M were worth $343,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. McClarren Financial Advisors Inc. lifted its holdings in shares of 3M by 118.6% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after purchasing an additional 121 shares during the last quarter. Tributary Capital Management LLC acquired a new position in 3M during the first quarter worth approximately $25,000. MFA Wealth Advisors LLC purchased a new stake in 3M in the second quarter valued at approximately $28,000. Meeder Asset Management Inc. boosted its holdings 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 acquiring an additional 269 shares during the period. Finally, TruNorth Capital Management LLC purchased a new position in shares of 3M during the second quarter worth approximately $33,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

Insider Buying and Selling at 3M

In related news, Chairman Michael F. Roman sold 5,675 shares of the company’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 value of $700,635.50. Following the sale, the chairman now owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CFO Theresa E. Reinseth sold 2,100 shares of 3M 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 completion of the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Michael F. Roman sold 5,675 shares of the business’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 completion of the transaction, the chairman now directly owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on MMM shares. Barclays raised their price objective on shares of 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Royal Bank of Canada boosted their price target on 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a research report on Wednesday, October 23rd. Morgan Stanley began coverage on 3M in a research report on Friday, September 6th. They set an “underweight” rating and a $125.00 price objective for the company. Citigroup boosted their target price on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a report on Monday, July 29th. Finally, Mizuho increased their price target on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, 3M has an average rating of “Hold” and a consensus target price of $135.67.

3M Stock Performance

MMM opened at $124.75 on Monday. 3M has a 1-year low of $72.47 and a 1-year high of $141.34. The stock has a market cap of $69.03 billion, a P/E ratio of -9.81, a P/E/G ratio of 2.42 and a beta of 0.95. The stock’s 50 day simple moving average is $133.00 and its 200 day simple moving average is $114.18. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08.

3M (NYSE:MMM) last posted its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating the consensus estimate of $1.93 by $0.05. The company had revenue of $6.29 billion for the quarter, compared to analyst estimates of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. 3M’s revenue was down 24.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.68 earnings per share. As a group, equities analysts anticipate that 3M will post 7.26 EPS for the current fiscal year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s payout ratio is currently -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.