Headlands Technologies LLC Makes New $3.91 Million Investment in 3M (NYSE:MMM)

Headlands Technologies LLC acquired a new position in shares of 3M (NYSE:MMM) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 38,229 shares of the conglomerate’s stock, valued at approximately $3,907,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Coldstream Capital Management Inc. grew its position in 3M by 14.3% during the 2nd quarter. Coldstream Capital Management Inc. now owns 10,368 shares of the conglomerate’s stock worth $1,060,000 after purchasing an additional 1,299 shares in the last quarter. Van Hulzen Asset Management LLC grew its position in 3M by 17.1% during the 2nd quarter. Van Hulzen Asset Management LLC now owns 2,330 shares of the conglomerate’s stock worth $238,000 after purchasing an additional 341 shares in the last quarter. Daiwa Securities Group Inc. grew its position in 3M by 11.4% during the 2nd quarter. Daiwa Securities Group Inc. now owns 144,461 shares of the conglomerate’s stock worth $14,762,000 after purchasing an additional 14,807 shares in the last quarter. Royal London Asset Management Ltd. grew its position in 3M by 0.9% during the 2nd quarter. Royal London Asset Management Ltd. now owns 218,912 shares of the conglomerate’s stock worth $22,371,000 after purchasing an additional 1,957 shares in the last quarter. Finally, LGT Fund Management Co Ltd. purchased a new position in 3M during the 2nd quarter worth approximately $12,375,000. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at 3M

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

3M Stock Up 1.3 %

MMM stock opened at $130.08 on Wednesday. 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 1 year low of $71.12 and a 1 year high of $134.99. The company has a fifty day simple moving average of $119.61 and a 200 day simple moving average of $105.70. The firm has a market cap of $71.46 billion, a PE ratio of -10.23, a PEG ratio of 2.38 and a beta of 0.95.

3M (NYSE:MMM) last released its quarterly earnings data 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 business had revenue of $6.26 billion during 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 quarter in the previous year, the business earned $2.17 EPS. Sell-side analysts anticipate that 3M will post 7.2 EPS for the current fiscal year.

3M Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Investors 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 annualized dividend and a dividend yield of 2.15%. 3M’s dividend payout ratio is presently -22.01%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on MMM shares. Deutsche Bank Aktiengesellschaft upgraded shares of 3M from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $110.00 to $150.00 in a research report on Monday, July 29th. Citigroup boosted their price target on shares of 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a report on Monday, July 29th. Royal Bank of Canada boosted their price target on shares of 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a report on Monday, July 29th. 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. Finally, Wolfe Research upgraded shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price target on the stock in a report on Thursday, June 13th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $124.43.

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.