Great Lakes Advisors LLC Acquires 4,819 Shares of 3M (NYSE:MMM)

Great Lakes Advisors LLC boosted its holdings in 3M (NYSE:MMM) by 6.1% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 83,350 shares of the conglomerate’s stock after acquiring an additional 4,819 shares during the quarter. Great Lakes Advisors LLC’s holdings in 3M were worth $8,518,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of MMM. Tributary Capital Management LLC bought a new position in shares of 3M in the first quarter valued at approximately $25,000. Financial Synergies Wealth Advisors Inc. grew its position in shares of 3M by 419.1% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after acquiring an additional 197 shares during the period. MFA Wealth Advisors LLC bought a new stake in shares of 3M in the 2nd quarter worth approximately $28,000. Northwest Investment Counselors LLC purchased a new position in 3M in the first quarter valued at approximately $32,000. Finally, TruNorth Capital Management LLC bought a new position in 3M during the second quarter valued at $33,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Wall Street Analyst Weigh In

MMM has been the topic of several research reports. Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and boosted their target price for the company from $110.00 to $150.00 in a research note on Monday, July 29th. Bank of America boosted their price objective on 3M from $120.00 to $143.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Citigroup increased their target price on shares of 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. StockNews.com lowered shares of 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Finally, Wolfe Research upgraded shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price objective for the company in a research note on Thursday, June 13th. Two analysts have rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, 3M currently has a consensus rating of “Hold” and a consensus price target of $124.43.

3M Price Performance

NYSE:MMM opened at $128.60 on Friday. The firm has a market capitalization of $71.16 billion, a price-to-earnings ratio of -10.11, a P/E/G ratio of 2.49 and a beta of 0.95. 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 stock has a fifty day moving average of $118.48 and a 200 day moving average of $105.08. 3M has a 52-week low of $71.12 and a 52-week high of $134.99.

3M (NYSE:MMM) last posted its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, topping the consensus estimate of $1.68 by $0.25. The company had revenue of $6.26 billion for the quarter, compared to analysts’ expectations of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same period in the prior year, the business earned $2.17 earnings per share. On average, research analysts expect that 3M will post 7.2 EPS for the current fiscal year.

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Monday, August 26th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.18%. The ex-dividend date of this dividend is Monday, August 26th. 3M’s dividend payout ratio is currently -22.01%.

Insider Buying and Selling

In other 3M 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 sale, 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 at the SEC website. In related news, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the transaction, the chief financial officer now owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction 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 in the company, valued at approximately $21,486,484.56. The disclosure for this sale can be found here. 0.34% of the stock is owned by company insiders.

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.