Northcape Wealth Management LLC Raises Stake in 3M (NYSE:MMM)

Northcape Wealth Management LLC lifted its stake in 3M (NYSE:MMM) by 11.0% in the 2nd quarter, Holdings Channel reports. The firm owned 2,619 shares of the conglomerate’s stock after purchasing an additional 259 shares during the quarter. Northcape Wealth Management LLC’s holdings in 3M were worth $268,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in MMM. Vanguard Group Inc. boosted its stake in shares of 3M by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 49,461,361 shares of the conglomerate’s stock worth $5,246,367,000 after acquiring an additional 377,703 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in 3M by 0.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 12,080,578 shares of the conglomerate’s stock valued at $1,320,649,000 after purchasing an additional 43,732 shares during the last quarter. Norges Bank purchased a new position in shares of 3M in the fourth quarter valued at $502,585,000. Bank of New York Mellon Corp raised its stake in shares of 3M by 10.6% during the 1st quarter. Bank of New York Mellon Corp now owns 4,531,722 shares of the conglomerate’s stock worth $480,680,000 after buying an additional 435,439 shares during the last quarter. Finally, Balyasny Asset Management L.P. boosted its position in shares of 3M by 313.8% in the 4th quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate’s stock worth $289,803,000 after buying an additional 2,010,319 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Insiders Place Their Bets

In other news, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the transaction, the chairman now owns 174,036 shares in the company, valued at $21,486,484.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CFO Theresa E. Reinseth sold 2,100 shares of the firm’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 transaction of $260,652.00. Following the transaction, the chief financial officer now owns 4,364 shares of the company’s stock, valued at $541,659.68. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Chairman Michael F. Roman sold 5,675 shares of the business’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 transaction of $700,635.50. Following the completion of the sale, the chairman now directly owns 174,036 shares of the company’s stock, valued at $21,486,484.56. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on MMM shares. HSBC raised shares of 3M from a “hold” rating to a “buy” rating and upped their price target for the company from $91.13 to $115.00 in a report on Friday, May 10th. Barclays lifted their price target on shares of 3M from $120.00 to $145.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. 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. Royal Bank of Canada boosted their price target on 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a report on Monday, July 29th. Finally, StockNews.com lowered 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $123.57.

3M Price Performance

3M stock traded up $1.95 during midday trading on Friday, hitting $130.55. The company’s stock had a trading volume of 2,618,842 shares, compared to its average volume of 5,267,496. 3M has a 12 month low of $71.12 and a 12 month high of $130.65. 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 stock’s 50-day moving average price is $112.44 and its 200-day moving average price is $102.33. The company has a market capitalization of $72.24 billion, a PE ratio of -10.26, a price-to-earnings-growth ratio of 2.34 and a beta of 0.95.

3M (NYSE:MMM) last posted its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.25. The company had revenue of $6.26 billion for the quarter, compared to analysts’ expectations 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 earned $2.17 earnings per share. Analysts anticipate that 3M will post 7.21 earnings per share for the current fiscal year.

3M Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Monday, August 26th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.14%. The ex-dividend date is Monday, August 26th. 3M’s dividend payout ratio is -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.