Meyer Handelman Co. Buys 3,530 Shares of 3M (NYSE:MMM)

Meyer Handelman Co. increased its holdings in shares of 3M (NYSE:MMM) by 1.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 198,173 shares of the conglomerate’s stock after acquiring an additional 3,530 shares during the quarter. Meyer Handelman Co.’s holdings in 3M were worth $20,251,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in MMM. Norges Bank acquired a new position in shares of 3M during the 4th quarter worth approximately $502,585,000. Balyasny Asset Management L.P. grew its holdings in 3M by 313.8% in the 4th quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate’s stock valued at $289,803,000 after buying an additional 2,010,319 shares in the last quarter. Capital World Investors acquired a new position in 3M in the 1st quarter valued at $165,986,000. Los Angeles Capital Management LLC grew its holdings in 3M by 157.2% in the 4th quarter. Los Angeles Capital Management LLC now owns 1,805,496 shares of the conglomerate’s stock valued at $197,377,000 after buying an additional 1,103,459 shares in the last quarter. Finally, National Bank of Canada FI grew its holdings in 3M by 218.3% in the 1st quarter. National Bank of Canada FI now owns 1,489,351 shares of the conglomerate’s stock valued at $147,344,000 after buying an additional 1,021,440 shares in the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Price Performance

Shares of MMM stock traded up $1.99 on Tuesday, hitting $125.35. 3,051,105 shares of the company’s stock were exchanged, compared to its average volume of 5,384,243. 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 has a 12 month low of $71.12 and a 12 month high of $128.65. The stock has a market cap of $69.36 billion, a P/E ratio of -9.85, a price-to-earnings-growth ratio of 2.34 and a beta of 0.95. The company has a 50 day moving average of $108.04 and a 200 day moving average of $100.52.

3M (NYSE:MMM) last announced its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $5.85 billion. During the same period in the prior year, the company earned $2.17 EPS. On average, equities research analysts predict that 3M will post 7.21 EPS for the current year.

Insider Buying and Selling at 3M

In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 completion of the transaction, the chairman now owns 174,036 shares of the company’s stock, valued at $21,486,484.56. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on MMM. UBS Group upped their price objective on 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Wolfe Research raised 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price objective on the stock in a report on Thursday, June 13th. JPMorgan Chase & Co. raised 3M from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $110.00 to $111.00 in a report on Wednesday, May 1st. HSBC upgraded 3M from a “hold” rating to a “buy” rating and upped their target price for the company from $91.13 to $115.00 in a research report on Friday, May 10th. Finally, Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and upped their target price for the company from $110.00 to $150.00 in a research report on Monday, July 29th. One analyst has rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, 3M presently has an average rating of “Hold” and a consensus price target of $123.57.

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.