3M (NYSE:MMM) Shares Acquired by Summitry LLC

Summitry LLC increased its stake in 3M (NYSE:MMM – Get Rating) by 1.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 24,426 shares of the conglomerate’s stock after buying an additional 270 shares during the quarter. Summitry LLC’s holdings in 3M were worth $3,637,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Landmark Wealth Management LLC purchased a new position in 3M in the first quarter valued at about $25,000. DB Fitzpatrick & Co Inc acquired a new position in 3M in the fourth quarter valued at approximately $29,000. Ritter Daniher Financial Advisory LLC grew its holdings in shares of 3M by 98.9% during the fourth quarter. Ritter Daniher Financial Advisory LLC now owns 179 shares of the conglomerate’s stock valued at $32,000 after purchasing an additional 89 shares during the last quarter. US Asset Management LLC acquired a new stake in shares of 3M during the 1st quarter worth approximately $34,000. Finally, First Quadrant LLC CA bought a new stake in shares of 3M in the 1st quarter worth approximately $34,000. Hedge funds and other institutional investors own 67.22% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Mizuho increased their target price on 3M from $130.00 to $140.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 27th. TheStreet cut 3M from a “b-” rating to a “c+” rating in a research note on Wednesday, June 29th. Deutsche Bank Aktiengesellschaft raised their target price on 3M from $146.00 to $148.00 and gave the company a “hold” rating in a research note on Wednesday, July 27th. Morgan Stanley raised their target price on 3M from $126.00 to $131.00 and gave the company an “underweight” rating in a research note on Wednesday, July 27th. Finally, Argus cut 3M from a “buy” rating to a “hold” rating in a research note on Thursday, April 28th. Four investment analysts have rated the stock with a sell rating, ten have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, 3M presently has a consensus rating of “Hold” and a consensus price target of $152.00.

Insiders Place Their Bets

In other 3M news, insider Mojdeh Poul sold 1,634 shares of the business’s stock in a transaction on Tuesday, May 17th. The shares were sold at an average price of $151.68, for a total transaction of $247,845.12. Following the completion of the transaction, the insider now owns 7,637 shares of the company’s stock, valued at approximately $1,158,380.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, insider Michael G. Vale sold 36,771 shares of the company’s stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $143.26, for a total transaction of $5,267,813.46. Following the completion of the transaction, the insider now owns 65,321 shares of the company’s stock, valued at $9,357,886.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mojdeh Poul sold 1,634 shares of the company’s stock in a transaction dated Tuesday, May 17th. The shares were sold at an average price of $151.68, for a total transaction of $247,845.12. Following the transaction, the insider now directly owns 7,637 shares of the company’s stock, valued at approximately $1,158,380.16. The disclosure for this sale can be found here. Insiders sold a total of 41,465 shares of company stock valued at $5,956,664 in the last quarter. Insiders own 0.34% of the company’s stock.

3M Price Performance

Shares of NYSE MMM traded down $0.76 during trading on Friday, hitting $147.36. The company had a trading volume of 115,037 shares, compared to its average volume of 3,236,593. The company has a market cap of $83.94 billion, a P/E ratio of 20.69, a PEG ratio of 1.45 and a beta of 0.97. 3M has a 52 week low of $125.60 and a 52 week high of $202.77. The business’s 50-day moving average is $136.20 and its 200 day moving average is $146.60. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.90 and a current ratio of 1.47.

3M (NYSE:MMM – Get Rating) last posted its quarterly earnings results on Tuesday, July 26th. The conglomerate reported $2.48 EPS for the quarter, beating the consensus estimate of $2.47 by $0.01. The business had revenue of $8.70 billion for the quarter, compared to analysts’ expectations of $8.70 billion. 3M had a net margin of 11.83% and a return on equity of 39.11%. 3M’s revenue was down 2.2% on a year-over-year basis. During the same period in the previous year, the company posted $2.59 EPS. Equities research analysts predict that 3M will post 10.4 earnings per share for the current fiscal year.

3M Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Sunday, June 12th. Shareholders of record on Friday, May 20th were given a dividend of $1.49 per share. This represents a $5.96 dividend on an annualized basis and a yield of 4.04%. The ex-dividend date of this dividend was Thursday, May 19th. 3M’s dividend payout ratio is 83.24%.

About 3M

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3M Company operates as a diversified technology company worldwide. It operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.