3M (NYSE:MMM) Shares Acquired by Perennial Investment Advisors LLC

Perennial Investment Advisors LLC lifted its holdings in shares of 3M (NYSE:MMM) by 3.3% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,509 shares of the conglomerate’s stock after purchasing an additional 142 shares during the quarter. Perennial Investment Advisors LLC’s holdings in 3M were worth $461,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Tributary Capital Management LLC acquired a new stake in shares of 3M during the first quarter worth $25,000. Financial Synergies Wealth Advisors Inc. boosted its holdings in shares of 3M by 419.1% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after purchasing an additional 197 shares during the last quarter. MFA Wealth Advisors LLC acquired a new stake in shares of 3M during the second quarter worth $28,000. Meeder Asset Management Inc. boosted its holdings in shares of 3M by 689.7% during the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after purchasing an additional 269 shares during the last quarter. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of 3M during the first quarter worth $32,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

Wall Street Analysts Forecast Growth

MMM has been the topic of several analyst reports. Barclays raised their price objective on 3M from $120.00 to $145.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Wells Fargo & Company increased their target price on 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 10th. Citigroup increased their target price on 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. StockNews.com lowered 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Finally, Deutsche Bank Aktiengesellschaft raised 3M from a “hold” rating to a “buy” rating and increased their target price for the stock from $110.00 to $150.00 in a research report on Monday, July 29th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $124.43.

Insider Activity

In other news, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s 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 completion of the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s 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 completion of the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Michael F. Roman sold 5,675 shares of the firm’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 owns 174,036 shares of the company’s stock, valued at $21,486,484.56. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

3M Trading Down 0.8 %

NYSE:MMM opened at $133.57 on Wednesday. The business’s 50-day moving average is $122.77 and its two-hundred day moving average is $107.13. 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 $135.28. The firm has a market capitalization of $73.91 billion, a PE ratio of -10.50, a price-to-earnings-growth ratio of 2.41 and a beta of 0.95.

3M (NYSE:MMM) last released its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, beating 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 company had revenue of $6.26 billion for the quarter, compared to analyst estimates of $5.85 billion. During the same period last year, the company posted $2.17 earnings per share. Research analysts predict that 3M will post 7.22 earnings per share 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 paid a dividend of $0.70 per share. The ex-dividend date was Monday, August 26th. This represents a $2.80 annualized dividend and a dividend yield of 2.10%. 3M’s dividend payout ratio is presently -22.01%.

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.