1,868 Shares in 3M (NYSE:MMM) Bought by Norway Savings Bank

Norway Savings Bank acquired a new stake in shares of 3M (NYSE:MMM) during the 3rd quarter, HoldingsChannel reports. The firm acquired 1,868 shares of the conglomerate’s stock, valued at approximately $255,000.

A number of other hedge funds have also recently bought and sold shares of MMM. Vanguard Group Inc. lifted its position in shares of 3M by 0.8% during the first quarter. Vanguard Group Inc. now owns 49,461,361 shares of the conglomerate’s stock valued at $5,246,367,000 after purchasing an additional 377,703 shares in the last quarter. Bank of New York Mellon Corp increased its stake in 3M by 11.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock valued at $517,617,000 after buying an additional 533,520 shares during the last quarter. Pacer Advisors Inc. lifted its position in shares of 3M by 2.0% during the 2nd quarter. Pacer Advisors Inc. now owns 4,952,878 shares of the conglomerate’s stock worth $506,135,000 after buying an additional 97,340 shares in the last quarter. AQR Capital Management LLC boosted its stake in shares of 3M by 18.6% in the 2nd quarter. AQR Capital Management LLC now owns 2,531,422 shares of the conglomerate’s stock worth $258,686,000 after buying an additional 396,773 shares during the last quarter. Finally, Nordea Investment Management AB grew its holdings in shares of 3M by 8.2% in the first quarter. Nordea Investment Management AB now owns 2,168,811 shares of the conglomerate’s stock valued at $228,875,000 after acquiring an additional 164,236 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Stock Performance

Shares of 3M stock traded up $0.53 during trading hours on Tuesday, reaching $136.29. The company had a trading volume of 861,753 shares, compared to its average volume of 4,923,495. The firm has a market cap of $75.42 billion, a PE ratio of -10.68, a price-to-earnings-growth ratio of 2.49 and a beta of 0.95. 3M has a one year low of $71.12 and a one year high of $140.72. 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 business has a fifty day simple moving average of $131.75 and a 200 day simple moving average of $111.76.

3M (NYSE:MMM) last posted its earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, beating analysts’ consensus estimates of $1.68 by $0.25. 3M had a return on equity of 112.92% and a net margin of 3.08%. The business had revenue of $6.26 billion during the quarter, compared to analyst estimates of $5.85 billion. During the same quarter in the previous year, the firm earned $2.17 EPS. On average, analysts anticipate that 3M will post 7.24 earnings per share for the current fiscal year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.05%. The ex-dividend date was Monday, August 26th. 3M’s dividend payout ratio is presently -22.01%.

Analyst Ratings Changes

A number of brokerages recently commented on MMM. Morgan Stanley started coverage on 3M in a report on Friday, September 6th. They set an “underweight” rating and a $125.00 price target on the stock. Argus upgraded 3M from a “hold” rating to a “buy” rating and set a $145.00 target price on the stock in a research note on Tuesday, July 30th. Bank of America increased their price target on shares of 3M from $120.00 to $143.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Deutsche Bank Aktiengesellschaft raised 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. Finally, Royal Bank of Canada boosted their target price on shares of 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a research note on Monday, July 29th. Two equities research 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, the stock has a consensus rating of “Hold” and a consensus target price of $127.64.

Insider Buying and Selling at 3M

In other 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 completion of the transaction, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related 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 value 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. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction that occurred 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 sale, the chief financial officer now owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

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.