Thoroughbred Financial Services LLC Makes New $502,000 Investment in 3M (NYSE:MMM)

Thoroughbred Financial Services LLC purchased a new position in 3M (NYSE:MMM) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 4,916 shares of the conglomerate’s stock, valued at approximately $502,000.

Several other hedge funds have also recently modified their holdings of the business. Fortis Capital Advisors LLC raised its stake in shares of 3M by 2.9% in the second quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate’s stock worth $307,000 after purchasing an additional 84 shares during the last quarter. AMG National Trust Bank increased its position in 3M by 3.1% during the second quarter. AMG National Trust Bank now owns 3,326 shares of the conglomerate’s stock valued at $340,000 after acquiring an additional 100 shares during the last quarter. Platinum Investment Management Ltd. increased its position in 3M by 11.4% during the first quarter. Platinum Investment Management Ltd. now owns 1,020 shares of the conglomerate’s stock valued at $108,000 after acquiring an additional 104 shares during the last quarter. Geneos Wealth Management Inc. increased its position in 3M by 2.0% during the first quarter. Geneos Wealth Management Inc. now owns 5,302 shares of the conglomerate’s stock valued at $562,000 after acquiring an additional 105 shares during the last quarter. Finally, Fragasso Financial Advisors Inc increased its position in 3M by 4.2% during the second quarter. Fragasso Financial Advisors Inc now owns 2,638 shares of the conglomerate’s stock valued at $270,000 after acquiring an additional 106 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Wolfe Research upgraded 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price objective for the company in a research report on Thursday, June 13th. Citigroup upped 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. Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and upped their price target for the stock from $110.00 to $150.00 in a research report on Monday, July 29th. Bank of America upped their price target on 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Finally, Wells Fargo & Company upped their price target on 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 10th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $124.43.

Insider Activity

In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the company’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total value of $260,652.00. Following the sale, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at $541,659.68. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the company’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 completion of the transaction, the chairman now owns 174,036 shares in the company, valued at $21,486,484.56. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Theresa E. Reinseth sold 2,100 shares of the company’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 transaction, the chief financial officer now 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 Price Performance

NYSE:MMM opened at $134.61 on Tuesday. The firm has a market capitalization of $74.49 billion, a price-to-earnings ratio of -10.58, a PEG ratio of 2.41 and a beta of 0.95. 3M has a 1 year low of $71.12 and a 1 year high of $135.28. The business has a 50 day simple moving average of $122.09 and a 200-day simple moving average of $106.84. 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 quarterly earnings data 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. The firm had revenue of $6.26 billion during the quarter, compared to the consensus estimate of $5.85 billion. 3M had a return on equity of 112.92% and a net margin of 3.08%. During the same period in the previous year, the company posted $2.17 earnings per share. Equities analysts forecast that 3M will post 7.22 EPS for the current year.

3M Announces Dividend

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