3M (NYSE:MMM) Shares Bought by Hodges Capital Management Inc.

Hodges Capital Management Inc. raised its holdings in shares of 3M (NYSE:MMM) by 37.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 10,704 shares of the conglomerate’s stock after acquiring an additional 2,931 shares during the period. Hodges Capital Management Inc.’s holdings in 3M were worth $1,094,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in MMM. Fortis Capital Advisors LLC boosted its position in 3M by 2.9% in the 2nd quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate’s stock worth $307,000 after purchasing an additional 84 shares in the last quarter. Founders Financial Securities LLC acquired a new stake in 3M during the second quarter valued at $325,000. Oregon Public Employees Retirement Fund increased its holdings in 3M by 0.6% in the second quarter. Oregon Public Employees Retirement Fund now owns 47,546 shares of the conglomerate’s stock valued at $4,859,000 after buying an additional 300 shares in the last quarter. Northstar Advisory Group LLC boosted its stake in shares of 3M by 237.5% during the 2nd quarter. Northstar Advisory Group LLC now owns 13,296 shares of the conglomerate’s stock worth $1,359,000 after acquiring an additional 9,357 shares in the last quarter. Finally, Wolverine Asset Management LLC boosted its stake in shares of 3M by 293.8% during the 2nd quarter. Wolverine Asset Management LLC now owns 31,500 shares of the conglomerate’s stock worth $3,219,000 after acquiring an additional 23,500 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Stock Performance

NYSE MMM opened at $132.11 on Thursday. The company has a debt-to-equity ratio of 2.95, a quick ratio of 1.08 and a current ratio of 1.36. The stock’s fifty day moving average is $117.39 and its two-hundred day moving average is $104.55. The firm has a market capitalization of $73.10 billion, a P/E ratio of -10.39, a price-to-earnings-growth ratio of 2.49 and a beta of 0.95. 3M has a fifty-two week low of $71.12 and a fifty-two week 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 for the quarter, beating the consensus estimate of $1.68 by $0.25. 3M had a net margin of 3.08% and a return on equity of 112.92%. The firm had revenue of $6.26 billion for the quarter, compared to analysts’ expectations of $5.85 billion. During the same quarter in the previous year, the company posted $2.17 EPS. On average, research analysts anticipate that 3M will post 7.2 earnings per share for the current year.

3M Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Monday, August 26th will be paid a $0.70 dividend. The ex-dividend date of this dividend is Monday, August 26th. This represents a $2.80 annualized dividend and a dividend yield of 2.12%. 3M’s dividend payout ratio (DPR) is -22.01%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on MMM. Bank of America upped their price target on 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a report on Monday, July 29th. HSBC raised shares of 3M from a “hold” rating to a “buy” rating and boosted their price target for the stock from $91.13 to $115.00 in a report on Friday, May 10th. Barclays increased their price objective on shares of 3M from $120.00 to $145.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Vertical Research raised shares of 3M from a “hold” rating to a “buy” rating and boosted their target price for the stock from $92.00 to $140.00 in a research note on Thursday, May 16th. Finally, StockNews.com lowered shares of 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. One analyst has rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $124.38.

Insider Activity

In related news, CFO Theresa E. Reinseth sold 2,100 shares of the 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 completion of the transaction, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. The sale 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 business’s 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 in the company, valued at approximately $21,486,484.56. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 transaction 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 disclosure for this sale can be found here. Corporate 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.