Financial Perspectives Inc Grows Stock Position in 3M (NYSE:MMM)

Financial Perspectives Inc grew its stake in shares of 3M (NYSE:MMM) by 1.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,335 shares of the conglomerate’s stock after acquiring an additional 174 shares during the quarter. Financial Perspectives Inc’s holdings in 3M were worth $1,567,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of MMM. Fortis Capital Advisors LLC grew its position in 3M by 2.9% in the second quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate’s stock worth $307,000 after acquiring an additional 84 shares during the period. Brown Brothers Harriman & Co. increased its position in shares of 3M by 0.4% during the 2nd quarter. Brown Brothers Harriman & Co. now owns 22,613 shares of the conglomerate’s stock worth $2,311,000 after purchasing an additional 97 shares during the last quarter. AMG National Trust Bank increased its position in shares of 3M by 3.1% during the 2nd quarter. AMG National Trust Bank now owns 3,326 shares of the conglomerate’s stock worth $340,000 after purchasing an additional 100 shares during the last quarter. Platinum Investment Management Ltd. raised its holdings in 3M by 11.4% in the 1st quarter. Platinum Investment Management Ltd. now owns 1,020 shares of the conglomerate’s stock valued at $108,000 after buying an additional 104 shares during the period. Finally, Geneos Wealth Management Inc. lifted its position in 3M by 2.0% in the first quarter. Geneos Wealth Management Inc. now owns 5,302 shares of the conglomerate’s stock valued at $562,000 after buying an additional 105 shares during the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on MMM shares. Royal Bank of Canada boosted their price target on shares of 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a research note on Monday, July 29th. Morgan Stanley initiated coverage on 3M in a research note on Friday, September 6th. They set an “underweight” rating and a $125.00 price target on the stock. Barclays lifted their price objective on 3M from $120.00 to $145.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Argus raised 3M from a “hold” rating to a “buy” rating and set a $145.00 target price on the stock in a research note on Tuesday, July 30th. Finally, Citigroup lifted their target price on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research report on Monday, July 29th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $124.43.

Insiders Place Their Bets

In other news, Chairman Michael F. Roman sold 5,675 shares of the company’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 in the company, valued at approximately $21,486,484.56. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, CFO Theresa E. Reinseth sold 2,100 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the sale, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was 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. The disclosure for this sale can be found here. 0.34% of the stock is owned by corporate insiders.

3M Stock Up 0.9 %

Shares of 3M stock opened at $133.18 on Monday. 3M has a 52-week low of $71.12 and a 52-week high of $134.99. The company has a 50 day moving average of $121.42 and a 200 day moving average of $106.54. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95. The company has a market capitalization of $73.16 billion, a P/E ratio of -10.47, a P/E/G ratio of 2.41 and a beta of 0.95.

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

3M Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were paid a $0.70 dividend. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.80 annualized dividend and a yield of 2.10%. 3M’s dividend payout ratio is currently -22.01%.

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.