Financial Gravity Asset Management Inc. Has $1.83 Million Stock Position in 3M (NYSE:MMM)

Financial Gravity Asset Management Inc. raised its holdings in shares of 3M (NYSE:MMM) by 18.6% in the second quarter, Holdings Channel reports. The institutional investor owned 17,917 shares of the conglomerate’s stock after buying an additional 2,805 shares during the quarter. Financial Gravity Asset Management Inc.’s holdings in 3M were worth $1,831,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Gilbert & Cook Inc. acquired a new stake in 3M in the 4th quarter worth $481,000. Aveo Capital Partners LLC acquired a new stake in 3M during the fourth quarter worth about $219,000. Principal Securities Inc. acquired a new position in shares of 3M in the fourth quarter valued at $527,000. Teacher Retirement System of Texas lifted its position in 3M by 29.9% in the fourth quarter. Teacher Retirement System of Texas now owns 129,278 shares of the conglomerate’s stock worth $14,133,000 after purchasing an additional 29,772 shares during the period. Finally, AGF Management Ltd. boosted its stake in 3M by 33.1% during the fourth quarter. AGF Management Ltd. now owns 6,616 shares of the conglomerate’s stock worth $723,000 after buying an additional 1,644 shares in the last quarter. 65.25% of the stock is owned by institutional investors.

3M Stock Down 2.1 %

Shares of NYSE MMM opened at $128.60 on Friday. 3M has a 12-month low of $71.12 and a 12-month high of $134.99. The firm’s 50-day simple moving average is $118.48 and its 200 day simple moving average is $105.08. 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 cap of $71.16 billion, a price-to-earnings ratio of -10.11, a price-to-earnings-growth ratio of 2.49 and a beta of 0.95.

3M (NYSE:MMM) last announced its earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.68 by $0.25. The company had revenue of $6.26 billion for the quarter, compared to analyst estimates of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same period in the prior year, the business earned $2.17 earnings per share. On average, research analysts expect that 3M will post 7.2 earnings per share for the current fiscal year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Monday, August 26th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.18%. 3M’s payout ratio is currently -22.01%.

Insider Activity

In related news, CFO Theresa E. Reinseth sold 2,100 shares of 3M 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 in the company, valued at $541,659.68. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total value of $260,652.00. Following the transaction, the chief financial officer now owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 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. 0.34% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have recently commented on MMM shares. Bank of America raised their price objective on shares of 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Morgan Stanley initiated coverage on 3M in a research note on Friday. They issued an “underweight” rating and a $125.00 price objective on the stock. Vertical Research upgraded 3M from a “hold” rating to a “buy” rating and raised their target price for the stock from $92.00 to $140.00 in a research report on Thursday, May 16th. Wolfe Research raised 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price target on the stock in a research note on Thursday, June 13th. Finally, Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and increased their price objective for the stock from $110.00 to $150.00 in a research note on Monday, July 29th. Two investment 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. Based on data from MarketBeat, 3M has an average rating of “Hold” and an average target price of $124.43.

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.