Creative Planning Buys 10,599 Shares of 3M (NYSE:MMM)

Creative Planning grew its stake in 3M (NYSE:MMM) by 7.5% in the 2nd quarter, Holdings Channel.com reports. The firm owned 151,763 shares of the conglomerate’s stock after purchasing an additional 10,599 shares during the period. Creative Planning’s holdings in 3M were worth $15,509,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Gilbert & Cook Inc. bought a new stake in shares of 3M during the 4th quarter worth approximately $481,000. Aveo Capital Partners LLC bought a new stake in shares of 3M during the 4th quarter worth approximately $219,000. TFO Wealth Partners LLC lifted its stake in shares of 3M by 40,950.0% during the 4th quarter. TFO Wealth Partners LLC now owns 2,463 shares of the conglomerate’s stock worth $269,000 after acquiring an additional 2,457 shares during the last quarter. KBC Group NV lifted its stake in shares of 3M by 407.5% during the 4th quarter. KBC Group NV now owns 205,194 shares of the conglomerate’s stock worth $22,432,000 after acquiring an additional 164,763 shares during the last quarter. Finally, Jones Financial Companies Lllp lifted its stake in shares of 3M by 3.5% during the 4th quarter. Jones Financial Companies Lllp now owns 4,736 shares of the conglomerate’s stock worth $518,000 after acquiring an additional 159 shares during the last quarter. 65.25% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on MMM. Argus raised 3M from a “hold” rating to a “buy” rating and set a $145.00 price target for the company in a research note on Tuesday, July 30th. Wells Fargo & Company lifted their target price on 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 10th. Deutsche Bank Aktiengesellschaft raised 3M from a “hold” rating to a “buy” rating and lifted their target price for the company from $110.00 to $150.00 in a research report on Monday, July 29th. Barclays lifted their target price on 3M from $120.00 to $145.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. Finally, Morgan Stanley initiated coverage on 3M in a research report on Friday, September 6th. They set an “underweight” rating and a $125.00 target price for the company. Two 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. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $124.43.

Insider Activity at 3M

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 value of $700,635.50. Following the completion of the sale, the chairman now owns 174,036 shares of the company’s stock, valued at $21,486,484.56. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the transaction, the chairman now owns 174,036 shares of the company’s stock, valued at $21,486,484.56. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the transaction, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by corporate insiders.

3M Trading Down 0.4 %

Shares of NYSE:MMM opened at $136.70 on Tuesday. 3M has a 12-month low of $71.12 and a 12-month high of $140.72. The business’s fifty day simple moving average is $128.62 and its 200-day simple moving average is $109.68. The company has a market capitalization of $75.64 billion, a PE ratio of -10.75, a P/E/G ratio of 2.51 and a beta of 0.95. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95.

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 business had revenue of $6.26 billion for the quarter, compared to the consensus estimate of $5.85 billion. During the same period last year, the business posted $2.17 EPS. As a group, equities research analysts predict that 3M will post 7.22 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were paid a dividend of $0.70 per share. The ex-dividend date was Monday, August 26th. This represents a $2.80 annualized dividend and a yield of 2.05%. 3M’s dividend payout ratio (DPR) 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.