Oppenheimer Asset Management Inc. Has $11.19 Million Position in 3M (NYSE:MMM)

Oppenheimer Asset Management Inc. boosted its stake in 3M (NYSE:MMM) by 76.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 109,507 shares of the conglomerate’s stock after purchasing an additional 47,317 shares during the period. Oppenheimer Asset Management Inc.’s holdings in 3M were worth $11,191,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Wealthspire Advisors LLC boosted its holdings in shares of 3M by 3.9% during the 2nd quarter. Wealthspire Advisors LLC now owns 11,518 shares of the conglomerate’s stock valued at $1,177,000 after acquiring an additional 430 shares in the last quarter. Leelyn Smith LLC boosted its stake in shares of 3M by 6.8% during the second quarter. Leelyn Smith LLC now owns 21,236 shares of the conglomerate’s stock valued at $2,170,000 after purchasing an additional 1,349 shares in the last quarter. Thoroughbred Financial Services LLC bought a new stake in shares of 3M during the second quarter worth about $502,000. 1ST Source Bank increased its stake in shares of 3M by 1.5% in the second quarter. 1ST Source Bank now owns 26,714 shares of the conglomerate’s stock valued at $2,730,000 after buying an additional 382 shares during the period. Finally, CoreCap Advisors LLC bought a new position in 3M in the 2nd quarter valued at approximately $1,562,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Price Performance

MMM stock opened at $133.18 on Friday. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08. The company’s 50-day moving average is $121.42 and its 200-day moving average is $106.44. The stock has a market capitalization of $73.16 billion, a PE ratio of -10.47, a price-to-earnings-growth ratio of 2.41 and a beta of 0.95. 3M has a 1 year low of $71.12 and a 1 year high of $134.99.

3M (NYSE:MMM) last announced its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.25. The business had revenue of $6.26 billion for the quarter, compared to analyst estimates of $5.85 billion. 3M had a return on equity of 112.92% and a net margin of 3.08%. During the same quarter in the prior year, the company earned $2.17 earnings per share. Equities research analysts expect that 3M will post 7.22 EPS for the current fiscal year.

3M Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were issued a dividend of $0.70 per share. The ex-dividend date was Monday, August 26th. This represents a $2.80 annualized dividend and a yield of 2.10%. 3M’s payout ratio is -22.01%.

Insider Activity

In related news, CFO Theresa E. Reinseth sold 2,100 shares of the company’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 sale, the chief financial officer now owns 4,364 shares in the company, valued at approximately $541,659.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction 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 owns 174,036 shares in the company, valued at $21,486,484.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction 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. Corporate insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. StockNews.com downgraded shares of 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Barclays raised their target price on 3M from $120.00 to $145.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Wells Fargo & Company upped their price target on 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 10th. Citigroup raised their price objective on 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Finally, Argus raised shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 target price for the company in a research report on Tuesday, July 30th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus 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.