3M (NYSE:MMM) Shares Purchased by Burgundy Asset Management Ltd.

Burgundy Asset Management Ltd. lifted its position in 3M (NYSE:MMM) by 88.9% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 85,000 shares of the conglomerate’s stock after purchasing an additional 40,000 shares during the quarter. Burgundy Asset Management Ltd.’s holdings in 3M were worth $8,686,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in MMM. Tributary Capital Management LLC acquired a new stake in shares of 3M in the 1st quarter valued at about $25,000. Financial Synergies Wealth Advisors Inc. lifted its position in 3M by 419.1% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after acquiring an additional 197 shares during the period. MFA Wealth Advisors LLC acquired a new stake in 3M during the 2nd quarter worth approximately $28,000. Meeder Asset Management Inc. lifted its position in 3M by 689.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after acquiring an additional 269 shares during the period. Finally, Northwest Investment Counselors LLC acquired a new stake in 3M during the 1st quarter worth approximately $32,000. 65.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on MMM. Deutsche Bank Aktiengesellschaft raised 3M from a “hold” rating to a “buy” rating and increased their price objective for the stock from $110.00 to $150.00 in a research report on Monday, July 29th. Barclays increased their target price on 3M from $120.00 to $145.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. StockNews.com downgraded 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Citigroup increased their target price on 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. Finally, Wolfe Research raised 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 target price for the company in a research note on Thursday, June 13th. Two investment 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 data from MarketBeat.com, 3M currently has a consensus rating of “Hold” and a consensus target price of $124.43.

Insider Activity at 3M

In related news, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value of $700,635.50. Following 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 Securities & Exchange Commission, which is available through this hyperlink. In related news, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value of $700,635.50. Following 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 Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Theresa E. Reinseth sold 2,100 shares of 3M 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 completion of the transaction, the chief financial officer now owns 4,364 shares in the company, valued at approximately $541,659.68. The disclosure for this sale can be found here. 0.34% of the stock is owned by insiders.

3M Stock Performance

3M stock opened at $133.35 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 has a fifty day moving average of $123.40 and a two-hundred day moving average of $107.32. The company has a market capitalization of $73.79 billion, a price-to-earnings ratio of -10.48, a PEG ratio of 2.41 and a beta of 0.95. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $135.28.

3M (NYSE:MMM) last posted its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) 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 for the quarter, compared to analysts’ expectations of $5.85 billion. During the same quarter last year, the firm earned $2.17 earnings per share. On average, analysts anticipate that 3M will post 7.22 EPS for the current fiscal year.

3M Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.10%. The ex-dividend date was Monday, August 26th. 3M’s dividend payout ratio (DPR) is -22.01%.

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.