Fortis Capital Advisors LLC Purchases 84 Shares of 3M (NYSE:MMM)

Fortis Capital Advisors LLC increased its position in shares of 3M (NYSE:MMM) by 2.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,001 shares of the conglomerate’s stock after acquiring an additional 84 shares during the period. Fortis Capital Advisors LLC’s holdings in 3M were worth $307,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. AMG National Trust Bank raised its position in shares of 3M by 3.1% in the second quarter. AMG National Trust Bank now owns 3,326 shares of the conglomerate’s stock worth $340,000 after buying an additional 100 shares in the last quarter. Platinum Investment Management Ltd. raised its holdings in shares of 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 acquiring an additional 104 shares in the last quarter. Geneos Wealth Management Inc. boosted its position in shares of 3M by 2.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 5,302 shares of the conglomerate’s stock valued at $562,000 after acquiring an additional 105 shares during the last quarter. Fragasso Financial Advisors Inc grew its holdings in shares of 3M by 4.2% during the second quarter. Fragasso Financial Advisors Inc now owns 2,638 shares of the conglomerate’s stock worth $270,000 after purchasing an additional 106 shares in the last quarter. Finally, Summit Financial Group Inc. raised its stake in 3M by 3.4% in the first quarter. Summit Financial Group Inc. now owns 3,316 shares of the conglomerate’s stock valued at $352,000 after purchasing an additional 110 shares in the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on MMM. Citigroup upped their price objective on 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a report on Monday, July 29th. Wells Fargo & Company increased their price target on shares of 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 10th. Deutsche Bank Aktiengesellschaft upgraded shares of 3M from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $110.00 to $150.00 in a report on Monday, July 29th. Royal Bank of Canada increased their target price on shares of 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a report on Monday, July 29th. Finally, StockNews.com downgraded shares of 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, five have given a hold rating and eight have given a buy rating to the company. According to MarketBeat, 3M has a consensus rating of “Moderate Buy” and an average price target of $124.38.

Insider Activity at 3M

In related news, Chairman Michael F. Roman sold 5,675 shares of the company’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 directly owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Theresa E. Reinseth sold 2,100 shares of the business’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 completion of the transaction, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at $541,659.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Michael F. Roman sold 5,675 shares of 3M 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 approximately $21,486,484.56. The disclosure for this sale can be found here. 0.34% of the stock is owned by insiders.

3M Stock Up 1.0 %

Shares of 3M stock opened at $132.11 on Thursday. The company has a 50-day moving average of $117.39 and a 200 day moving average of $104.55. 3M has a 1 year low of $71.12 and a 1 year high of $134.99. The firm has a market cap of $73.10 billion, a price-to-earnings ratio of -10.39, a PEG ratio of 2.49 and a beta of 0.95. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08.

3M (NYSE:MMM) last issued its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.68 by $0.25. The firm had revenue of $6.26 billion during the quarter, compared to the consensus estimate of $5.85 billion. 3M had a return on equity of 112.92% and a net margin of 3.08%. During the same period last year, the company earned $2.17 earnings per share. As a group, sell-side analysts anticipate that 3M will post 7.2 earnings per share for the current fiscal year.

3M Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Monday, August 26th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.12%. The ex-dividend date of this dividend is Monday, August 26th. 3M’s 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.