Coastal Bridge Advisors LLC Acquires 979 Shares of 3M (NYSE:MMM)

Coastal Bridge Advisors LLC increased its holdings in 3M (NYSE:MMM) by 43.5% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 3,232 shares of the conglomerate’s stock after buying an additional 979 shares during the period. Coastal Bridge Advisors LLC’s holdings in 3M were worth $642,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in MMM. Avidian Wealth Solutions LLC grew its holdings in shares of 3M by 1.7% in the first quarter. Avidian Wealth Solutions LLC now owns 3,311 shares of the conglomerate’s stock valued at $638,000 after acquiring an additional 56 shares in the last quarter. GSB Wealth Management LLC grew its holdings in 3M by 3.4% during the first quarter. GSB Wealth Management LLC now owns 2,601 shares of the conglomerate’s stock valued at $501,000 after purchasing an additional 86 shares during the period. Commerce Bank grew its holdings in 3M by 0.3% during the first quarter. Commerce Bank now owns 178,187 shares of the conglomerate’s stock valued at $34,333,000 after purchasing an additional 556 shares during the period. Lester Murray Antman dba SimplyRich grew its holdings in 3M by 1.8% during the first quarter. Lester Murray Antman dba SimplyRich now owns 5,267 shares of the conglomerate’s stock valued at $1,015,000 after purchasing an additional 94 shares during the period. Finally, Providence First Trust Co bought a new position in 3M during the first quarter valued at $2,387,000. 66.82% of the stock is owned by institutional investors.

3M stock traded up $2.63 during trading hours on Wednesday, hitting $185.05. 83,278 shares of the stock traded hands, compared to its average volume of 2,424,369. The firm’s 50-day moving average price is $196.65 and its two-hundred day moving average price is $196.42. The company has a current ratio of 1.73, a quick ratio of 1.22 and a debt-to-equity ratio of 1.12. The company has a market cap of $107.08 billion, a PE ratio of 17.94, a PEG ratio of 1.92 and a beta of 0.96. 3M has a one year low of $156.13 and a one year high of $208.95.

3M (NYSE:MMM) last announced its quarterly earnings data on Monday, July 26th. The conglomerate reported $2.59 earnings per share for the quarter, topping analysts’ consensus estimates of $2.28 by $0.31. 3M had a net margin of 17.13% and a return on equity of 44.72%. The company had revenue of $8.90 billion during the quarter, compared to analyst estimates of $8.59 billion. During the same period in the previous year, the business earned $1.78 EPS. The firm’s revenue for the quarter was up 24.0% on a year-over-year basis. On average, sell-side analysts expect that 3M will post 10.11 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Sunday, September 12th. Shareholders of record on Monday, August 23rd were paid a $1.48 dividend. This represents a $5.92 annualized dividend and a yield of 3.20%. The ex-dividend date of this dividend was Friday, August 20th. 3M’s payout ratio is currently 67.73%.

Several brokerages have weighed in on MMM. Credit Suisse Group lowered 3M from an “outperform” rating to a “neutral” rating and increased their price objective for the company from $210.00 to $212.00 in a report on Tuesday, July 6th. Zacks Investment Research upgraded 3M from a “hold” rating to a “buy” rating and set a $208.00 target price on the stock in a research report on Friday, August 6th. Argus increased their target price on 3M from $220.00 to $225.00 and gave the stock a “buy” rating in a research report on Wednesday, July 28th. They noted that the move was a valuation call. Morgan Stanley increased their target price on 3M from $200.00 to $213.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 28th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on 3M from $196.00 to $201.00 and gave the stock a “hold” rating in a research report on Wednesday, July 28th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $198.92.

In other 3M news, insider Eric D. Hammes sold 1,765 shares of 3M stock in a transaction dated Tuesday, August 3rd. The shares were sold at an average price of $201.83, for a total transaction of $356,229.95. Following the transaction, the insider now directly owns 6,756 shares of the company’s stock, valued at $1,363,563.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Denise R. Rutherford sold 3,135 shares of 3M stock in a transaction that occurred on Monday, August 2nd. The shares were sold at an average price of $198.17, for a total transaction of $621,262.95. The disclosure for this sale can be found here. Insiders have sold a total of 20,666 shares of company stock worth $4,103,569 over the last 90 days. Corporate insiders own 0.34% of the company’s stock.

About 3M

3M Co is a technology company, which manufactures industrial, safety and consumer products. It operates through the following segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment consists of personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules.

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

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