Freestate Advisors LLC Invests $561,000 in 3M (NYSE:MMM)

Freestate Advisors LLC bought a new position in shares of 3M (NYSE:MMM) in the 3rd quarter, HoldingsChannel.com reports. The firm bought 4,104 shares of the conglomerate’s stock, valued at approximately $561,000. 3M accounts for about 0.6% of Freestate Advisors LLC’s portfolio, making the stock its 17th biggest position.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Strong Tower Advisory Services lifted its position in 3M by 3.6% in the third quarter. Strong Tower Advisory Services now owns 44,695 shares of the conglomerate’s stock valued at $6,110,000 after acquiring an additional 1,552 shares during the last quarter. San Luis Wealth Advisors LLC grew its holdings in shares of 3M by 4.7% during the third quarter. San Luis Wealth Advisors LLC now owns 44,050 shares of the conglomerate’s stock worth $6,022,000 after purchasing an additional 1,980 shares during the last quarter. Watts Gwilliam & Co. LLC acquired a new stake in shares of 3M during the third quarter worth about $268,000. Quotient Wealth Partners LLC lifted its holdings in shares of 3M by 7.0% in the 3rd quarter. Quotient Wealth Partners LLC now owns 3,475 shares of the conglomerate’s stock valued at $475,000 after purchasing an additional 226 shares during the last quarter. Finally, Unison Advisors LLC boosted its position in shares of 3M by 0.7% in the 3rd quarter. Unison Advisors LLC now owns 22,857 shares of the conglomerate’s stock valued at $3,125,000 after purchasing an additional 154 shares during the period. 65.25% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at 3M

In other news, Chairman Michael F. Roman sold 5,675 shares of the business’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 transaction 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 trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through 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 $21,486,484.56. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Theresa E. Reinseth sold 2,100 shares of the firm’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 transaction, the chief financial officer now owns 4,364 shares of the company’s stock, valued at $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 corporate insiders.

3M Stock Up 1.0 %

MMM opened at $134.75 on Friday. The business has a 50 day simple moving average of $131.53 and a 200-day simple moving average of $111.44. 3M has a 12 month low of $71.12 and a 12 month high of $140.72. The stock has a market capitalization of $74.57 billion, a P/E ratio of -10.59, a P/E/G ratio of 2.49 and a beta of 0.95. 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 released its earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS 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 company had revenue of $6.26 billion during the quarter, compared to the consensus estimate of $5.85 billion. During the same quarter last year, the company earned $2.17 earnings per share. On average, equities analysts anticipate that 3M will post 7.24 earnings per share for the current fiscal year.

3M Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were given a dividend of $0.70 per share. The ex-dividend date was Monday, August 26th. This represents a $2.80 annualized dividend and a yield of 2.08%. 3M’s payout ratio is currently -22.01%.

Analysts Set New Price Targets

Several research analysts have commented on the company. Citigroup lifted their price target on 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Bank of America lifted their target price on shares of 3M from $120.00 to $143.00 and gave the company a “buy” rating in a report on Monday, July 29th. Royal Bank of Canada increased their price target on shares of 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a research note on Monday, July 29th. StockNews.com downgraded shares of 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Finally, Morgan Stanley initiated coverage on shares of 3M in a report on Friday, September 6th. They issued an “underweight” rating and a $125.00 target price for the company. Two research analysts have rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $127.64.

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.