Kimelman & Baird LLC Invests $552,000 in 3M (NYSE:MMM)

Kimelman & Baird LLC purchased a new stake in 3M (NYSE:MMM) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 5,400 shares of the conglomerate’s stock, valued at approximately $552,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Balyasny Asset Management L.P. increased its position in shares of 3M by 313.8% during 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 acquiring an additional 2,010,319 shares during the last quarter. Capital World Investors purchased a new stake in 3M in the first quarter valued at approximately $165,986,000. National Bank of Canada FI lifted its stake in 3M by 218.3% during the first quarter. National Bank of Canada FI now owns 1,489,351 shares of the conglomerate’s stock worth $147,344,000 after purchasing an additional 1,021,440 shares in the last quarter. Janus Henderson Group PLC boosted its position in shares of 3M by 1,015.6% during the first quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate’s stock worth $94,247,000 after buying an additional 808,914 shares during the period. Finally, Schroder Investment Management Group grew its stake in shares of 3M by 129.8% in the fourth quarter. Schroder Investment Management Group now owns 1,352,528 shares of the conglomerate’s stock valued at $147,858,000 after buying an additional 764,066 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Stock Down 1.5 %

Shares of NYSE MMM opened at $137.30 on Monday. 3M has a 1 year low of $71.12 and a 1 year high of $140.72. The company has a market capitalization of $75.98 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 debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08. The business has a 50-day moving average of $127.98 and a two-hundred day moving average of $109.45.

3M (NYSE:MMM) last announced its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.68 by $0.25. 3M had a return on equity of 112.92% and a net margin of 3.08%. The firm had revenue of $6.26 billion during the quarter, compared to the consensus estimate of $5.85 billion. During the same period in the prior year, the company posted $2.17 earnings per share. On average, analysts forecast that 3M will post 7.22 earnings per share for the current fiscal year.

3M Announces Dividend

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

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Wells Fargo & Company raised their target price on 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a report on Wednesday, July 10th. StockNews.com cut shares of 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Morgan Stanley initiated coverage on shares of 3M in a report on Friday, September 6th. They set an “underweight” rating and a $125.00 target price on the stock. Citigroup boosted 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. Finally, Bank of America lifted their target price on 3M from $120.00 to $143.00 and gave the company a “buy” rating in a report on Monday, July 29th. Two equities research 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 data from MarketBeat.com, 3M currently has an average rating of “Hold” and a consensus price target 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 stock was sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the sale, the chairman now directly owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction 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 transaction, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Chairman Michael F. Roman sold 5,675 shares of the 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 of the company’s stock, valued at approximately $21,486,484.56. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by 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.