Diversified LLC Makes New $631,000 Investment in 3M (NYSE:MMM)

Diversified LLC bought a new position in 3M (NYSE:MMM) in the second quarter, according to the company in its most recent disclosure with the SEC. The fund bought 6,170 shares of the conglomerate’s stock, valued at approximately $631,000.

A number of other large investors have also added to or reduced their stakes in MMM. Tributary Capital Management LLC purchased a new stake in shares of 3M in the 1st quarter worth $25,000. Financial Synergies Wealth Advisors Inc. increased its stake in shares of 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 in the last quarter. MFA Wealth Advisors LLC purchased a new stake in shares of 3M in the 2nd quarter worth $28,000. Northwest Investment Counselors LLC purchased a new stake in shares of 3M in the 1st quarter worth $32,000. Finally, TruNorth Capital Management LLC purchased a new stake in shares of 3M in the 2nd quarter worth $33,000. Institutional investors own 65.25% of the company’s stock.

Analyst Upgrades and Downgrades

MMM has been the subject of a number of analyst reports. Argus upgraded 3M from a “hold” rating to a “buy” rating and set a $145.00 price target for the company in a research note on Tuesday, July 30th. Wolfe Research upgraded 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price target for the company in a research note on Thursday, June 13th. Bank of America increased their price target on 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Wells Fargo & Company increased their price target on 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 10th. Finally, Vertical Research raised shares of 3M from a “hold” rating to a “buy” rating and increased their price objective for the company from $92.00 to $140.00 in a report on Thursday, May 16th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $123.57.

3M Trading Up 1.5 %

Shares of NYSE:MMM traded up $1.94 during trading on Friday, reaching $130.54. The company’s stock had a trading volume of 2,617,072 shares, compared to its average volume of 5,267,496. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95. 3M has a 12 month low of $71.12 and a 12 month high of $130.65. The firm’s 50 day simple moving average is $112.44 and its two-hundred day simple moving average is $102.27. The stock 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 announced its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $5.85 billion. During the same quarter last year, the firm earned $2.17 EPS. On average, research analysts predict that 3M will post 7.21 EPS for the current fiscal year.

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Monday, August 26th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.14%. The ex-dividend date of this dividend is Monday, August 26th. 3M’s payout ratio is currently -22.01%.

Insiders Place Their Bets

In other 3M 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 completion of the sale, 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 can be accessed through the SEC website. In other news, Chairman Michael F. Roman sold 5,675 shares of the firm’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 transaction of $700,635.50. Following the transaction, the chairman now directly owns 174,036 shares of the company’s stock, valued at $21,486,484.56. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, 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 transaction of $260,652.00. Following the transaction, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. The disclosure for this sale can be found here. 0.34% of the stock is owned by insiders.

About 3M

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.