OmniStar Financial Group Inc. Grows Stake in 3M Co (NYSE:MMM)

OmniStar Financial Group Inc. lifted its position in 3M Co (NYSE:MMM) by 12.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,973 shares of the conglomerate’s stock after buying an additional 319 shares during the period. OmniStar Financial Group Inc.’s holdings in 3M were worth $489,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in MMM. Destination Wealth Management lifted its position in 3M by 3.3% during the second quarter. Destination Wealth Management now owns 1,841 shares of the conglomerate’s stock valued at $319,000 after purchasing an additional 59 shares in the last quarter. Northwest Bancshares Inc. lifted its position in 3M by 4.4% during the second quarter. Northwest Bancshares Inc. now owns 1,427 shares of the conglomerate’s stock valued at $247,000 after purchasing an additional 60 shares in the last quarter. Newman Dignan & Sheerar Inc. lifted its position in 3M by 2.6% during the second quarter. Newman Dignan & Sheerar Inc. now owns 2,408 shares of the conglomerate’s stock valued at $417,000 after purchasing an additional 60 shares in the last quarter. Advisors Management Group Inc. ADV lifted its position in 3M by 2.4% during the second quarter. Advisors Management Group Inc. ADV now owns 2,776 shares of the conglomerate’s stock valued at $481,000 after purchasing an additional 65 shares in the last quarter. Finally, Notis McConarty Edward lifted its position in 3M by 0.3% during the second quarter. Notis McConarty Edward now owns 25,814 shares of the conglomerate’s stock valued at $4,474,000 after purchasing an additional 67 shares in the last quarter. Hedge funds and other institutional investors own 66.77% of the company’s stock.

MMM has been the topic of several analyst reports. Royal Bank of Canada set a $179.00 target price on 3M and gave the company a “hold” rating in a research report on Friday, July 26th. Morgan Stanley decreased their price target on 3M from $177.00 to $173.00 and set an “equal weight” rating on the stock in a report on Friday, September 27th. UBS Group decreased their price target on 3M from $201.00 to $182.00 and set a “neutral” rating on the stock in a report on Friday, July 12th. Bank of America decreased their price target on 3M from $193.00 to $185.00 and set a “neutral” rating on the stock in a report on Thursday, June 27th. Finally, JPMorgan Chase & Co. raised their price target on 3M from $140.00 to $143.00 and gave the company an “underweight” rating in a report on Thursday. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $182.15.



In other news, insider John Patrick Banovetz sold 1,040 shares of 3M stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $170.40, for a total value of $177,216.00. Following the sale, the insider now directly owns 5,974 shares of the company’s stock, valued at $1,017,969.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.83% of the company’s stock.

NYSE:MMM traded up $5.79 on Friday, reaching $158.10. 4,672,127 shares of the company’s stock traded hands, compared to its average volume of 2,789,591. The company has a quick ratio of 1.34, a current ratio of 1.93 and a debt-to-equity ratio of 1.53. The stock has a 50-day simple moving average of $161.81 and a 200-day simple moving average of $175.86. The firm has a market cap of $86.72 billion, a PE ratio of 15.11, a P/E/G ratio of 1.70 and a beta of 1.11. 3M Co has a 12 month low of $150.58 and a 12 month high of $219.75.

3M (NYSE:MMM) last posted its quarterly earnings results on Thursday, July 25th. The conglomerate reported $2.20 EPS for the quarter, beating the Zacks’ consensus estimate of $2.04 by $0.16. The business had revenue of $8.17 billion for the quarter, compared to analysts’ expectations of $8.10 billion. 3M had a return on equity of 55.05% and a net margin of 15.27%. The business’s quarterly revenue was down 2.6% on a year-over-year basis. During the same period last year, the firm earned $2.59 earnings per share. On average, equities analysts anticipate that 3M Co will post 9.32 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Friday, August 16th were issued a $1.44 dividend. The ex-dividend date was Thursday, August 15th. This represents a $5.76 annualized dividend and a dividend yield of 3.64%. 3M’s dividend payout ratio (DPR) is 55.07%.

3M Company Profile

3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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