3M (NYSE:MMM) Shares Acquired by Bank of New York Mellon Corp

Bank of New York Mellon Corp raised its holdings in shares of 3M (NYSE:MMM) by 11.8% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,065,242 shares of the conglomerate’s stock after buying an additional 533,520 shares during the period. Bank of New York Mellon Corp owned about 0.92% of 3M worth $517,617,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in MMM. Jade Capital Advisors LLC purchased a new stake in shares of 3M during the fourth quarter valued at $4,373,000. Scarborough Advisors LLC purchased a new position in shares of 3M in the fourth quarter worth approximately $978,000. KMG Fiduciary Partners LLC raised its holdings in shares of 3M by 2.2% during the first quarter. KMG Fiduciary Partners LLC now owns 14,769 shares of the conglomerate’s stock valued at $1,567,000 after acquiring an additional 311 shares during the period. Norden Group LLC lifted its position in shares of 3M by 1,381.0% in the 1st quarter. Norden Group LLC now owns 65,341 shares of the conglomerate’s stock valued at $6,930,000 after acquiring an additional 60,929 shares in the last quarter. Finally, Financial Synergies Wealth Advisors Inc. boosted its stake in 3M by 419.1% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after purchasing an additional 197 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Performance

MMM stock traded up $2.00 during midday trading on Monday, hitting $131.85. 3,908,478 shares of the company traded hands, compared to its average volume of 5,252,576. The business has a 50 day simple moving average of $112.44 and a 200-day simple moving average of $102.39. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95. 3M has a twelve month low of $71.12 and a twelve month high of $131.92. The stock has a market capitalization of $72.96 billion, a price-to-earnings ratio of -10.28, a price-to-earnings-growth ratio of 2.34 and a beta of 0.95.

3M (NYSE:MMM) last announced its earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, topping the consensus estimate of $1.68 by $0.25. 3M had a net margin of 3.08% and a return on equity of 112.92%. The firm had revenue of $6.26 billion for the quarter, compared to the consensus estimate of $5.85 billion. During the same quarter last year, the firm posted $2.17 EPS. As a group, equities research analysts predict that 3M will post 7.21 earnings per share for the current year.

3M Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Monday, August 26th will be given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.12%. The ex-dividend date is Monday, August 26th. 3M’s dividend payout ratio is currently -22.01%.

Insider Transactions at 3M

In related news, CFO Theresa E. Reinseth sold 2,100 shares of the business’s stock in a transaction 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 Securities & Exchange Commission, which is available at this hyperlink. In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction that occurred on 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 owns 4,364 shares in the company, valued at approximately $541,659.68. The sale was disclosed in a filing with the Securities & Exchange Commission, 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 shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the sale, the chairman now owns 174,036 shares in the company, 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 Ratings Changes

A number of analysts have recently issued reports on the company. Argus upgraded 3M from a “hold” rating to a “buy” rating and set a $145.00 target price for the company in a report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and upped their target price for the company from $110.00 to $150.00 in a report on Monday, July 29th. Vertical Research upgraded shares of 3M from a “hold” rating to a “buy” rating and raised their price target for the stock from $92.00 to $140.00 in a report on Thursday, May 16th. JPMorgan Chase & Co. upgraded shares of 3M from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $110.00 to $111.00 in a research note on Wednesday, May 1st. Finally, Wells Fargo & Company boosted their price target on shares of 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a report on Wednesday, July 10th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, 3M currently has a consensus rating of “Hold” and an average target price of $123.57.

3M 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.