Romano Brothers AND Company Grows Position in 3M (NYSE:MMM)

Romano Brothers AND Company boosted its holdings in 3M (NYSE:MMM) by 6.1% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 26,136 shares of the conglomerate’s stock after buying an additional 1,500 shares during the quarter. Romano Brothers AND Company’s holdings in 3M were worth $3,573,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of MMM. Patrick M Sweeney & Associates Inc. raised its holdings in shares of 3M by 4.6% during the third quarter. Patrick M Sweeney & Associates Inc. now owns 5,122 shares of the conglomerate’s stock valued at $700,000 after purchasing an additional 227 shares during the last quarter. International Assets Investment Management LLC grew its position in 3M by 11,601.2% in the 3rd quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock worth $172,416,000 after purchasing an additional 1,250,491 shares during the period. McAdam LLC lifted its holdings in shares of 3M by 55.7% during the 3rd quarter. McAdam LLC now owns 4,080 shares of the conglomerate’s stock valued at $558,000 after buying an additional 1,460 shares during the period. Iron Horse Wealth Management LLC boosted its stake in shares of 3M by 85.2% in the 3rd quarter. Iron Horse Wealth Management LLC now owns 1,041 shares of the conglomerate’s stock worth $142,000 after buying an additional 479 shares during the last quarter. Finally, Searle & CO. bought a new stake in shares of 3M in the third quarter worth $217,000. Institutional investors own 65.25% of the company’s stock.

Insider Buying and Selling

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 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. This trade represents 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 stock in a transaction dated 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 represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Theresa E. Reinseth sold 2,100 shares of the business’s stock in a transaction dated 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 sale, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on MMM shares. Bank of America boosted their price target on 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday. Barclays boosted their price objective on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday. Melius Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 target price on the stock in a research note on Tuesday. Melius upgraded shares of 3M from a “hold” rating to a “buy” rating in a research report on Tuesday. Finally, Royal Bank of Canada lifted their target price on shares of 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $135.67.

3M Stock Performance

NYSE MMM opened at $127.91 on Thursday. The stock has a market capitalization of $70.78 billion, a PE ratio of -10.06, a P/E/G ratio of 2.49 and a beta of 0.95. 3M has a 1-year low of $72.47 and a 1-year high of $141.34. The business has a 50 day simple moving average of $133.07 and a two-hundred day simple moving average of $113.57. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08.

3M (NYSE:MMM) last posted its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. The firm had revenue of $6.29 billion during the quarter, compared to analyst estimates of $6.06 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. 3M’s revenue for the quarter was down 24.3% compared to the same quarter last year. During the same period last year, the firm posted $2.68 earnings per share. On average, research analysts predict that 3M will post 7.24 EPS for the current fiscal year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.19%. The ex-dividend date was Monday, August 26th. 3M’s dividend payout ratio is -22.01%.

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.