McAdam LLC Buys 1,460 Shares of 3M (NYSE:MMM)

McAdam LLC lifted its stake in shares of 3M (NYSE:MMM) by 55.7% in the third quarter, HoldingsChannel.com reports. The fund owned 4,080 shares of the conglomerate’s stock after acquiring an additional 1,460 shares during the quarter. McAdam LLC’s holdings in 3M were worth $558,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Iron Horse Wealth Management LLC lifted its stake in 3M by 85.2% in the third quarter. Iron Horse Wealth Management LLC now owns 1,041 shares of the conglomerate’s stock worth $142,000 after purchasing an additional 479 shares during the last quarter. Searle & CO. bought a new stake in 3M in the third quarter worth $217,000. Dupree Financial Group LLC lifted its stake in 3M by 0.4% in the third quarter. Dupree Financial Group LLC now owns 27,688 shares of the conglomerate’s stock worth $3,785,000 after purchasing an additional 115 shares during the last quarter. Lanham O Dell & Company Inc. bought a new stake in 3M in the third quarter worth $221,000. Finally, Alexander Labrunerie & CO. Inc. bought a new stake in 3M in the third quarter worth $201,000. 65.25% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Morgan Stanley assumed coverage on shares of 3M in a research note on Friday, September 6th. They set an “underweight” rating and a $125.00 price objective for the company. Wells Fargo & Company upped their price objective on shares of 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Melius Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective for the company in a research note on Tuesday. Barclays upped their price objective on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, Deutsche Bank Aktiengesellschaft raised shares of 3M from a “hold” rating to a “buy” rating and upped their price objective for the company from $110.00 to $150.00 in a research note on Monday, July 29th. Two analysts have rated the stock with a sell rating, five have given a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $135.67.

Insiders Place Their Bets

In other news, CFO Theresa E. Reinseth sold 2,100 shares of the company’s stock in a transaction that occurred 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 owns 4,364 shares in the company, valued at approximately $541,659.68. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, Chairman Michael F. Roman sold 5,675 shares of the company’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 value of $700,635.50. Following the transaction, the chairman now owns 174,036 shares in the company, valued at approximately $21,486,484.56. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Theresa E. Reinseth sold 2,100 shares of the company’s stock in a transaction that occurred 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 owns 4,364 shares in the company, valued at approximately $541,659.68. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

3M Price Performance

Shares of MMM opened at $126.44 on Friday. The stock has a market cap of $69.97 billion, a PE ratio of -9.93, a price-to-earnings-growth 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. 3M has a fifty-two week low of $72.47 and a fifty-two week high of $141.34. The firm’s 50-day simple moving average is $133.07 and its two-hundred day simple moving average is $113.57.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. The business had revenue of $6.29 billion for the quarter, compared to analysts’ expectations of $6.06 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. The business’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. Analysts anticipate that 3M will post 7.24 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s dividend payout ratio (DPR) is presently -22.01%.

About 3M

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.