Edgestream Partners L.P. Buys 11,240 Shares of 3M (NYSE:MMM)

Edgestream Partners L.P. grew its stake in shares of 3M (NYSE:MMM) by 59.9% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 29,997 shares of the conglomerate’s stock after acquiring an additional 11,240 shares during the quarter. Edgestream Partners L.P.’s holdings in 3M were worth $3,065,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Moors & Cabot Inc. increased its stake in 3M by 17.3% in the second quarter. Moors & Cabot Inc. now owns 14,403 shares of the conglomerate’s stock valued at $1,472,000 after acquiring an additional 2,129 shares during the last quarter. Excalibur Management Corp increased its stake in shares of 3M by 2.5% in the 2nd quarter. Excalibur Management Corp now owns 10,086 shares of the conglomerate’s stock valued at $1,031,000 after purchasing an additional 245 shares during the last quarter. Wulff Hansen & CO. raised its holdings in shares of 3M by 10,119.0% during the 2nd quarter. Wulff Hansen & CO. now owns 210,511 shares of the conglomerate’s stock worth $21,512,000 after buying an additional 208,451 shares in the last quarter. Citizens Financial Group Inc. RI lifted its position in shares of 3M by 16.6% during the 2nd quarter. Citizens Financial Group Inc. RI now owns 15,815 shares of the conglomerate’s stock worth $1,616,000 after buying an additional 2,251 shares during the last quarter. Finally, Quantbot Technologies LP acquired a new stake in 3M in the second quarter valued at about $4,092,000. Institutional investors own 65.25% of the company’s stock.

Insider Activity at 3M

In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of 3M 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 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 filing with the SEC, which is available at the SEC website. In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the firm’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 completion of the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 completion of the sale, the chairman now directly owns 174,036 shares of the company’s stock, valued at $21,486,484.56. The disclosure for this sale can be found here. 0.34% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have commented on MMM shares. Barclays boosted 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. Wolfe Research raised shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price objective for the company in a research note on Thursday, June 13th. Citigroup boosted their target price on shares of 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. Morgan Stanley started coverage on 3M in a research note on Friday, September 6th. They issued an “underweight” rating and a $125.00 price target for the company. Finally, Royal Bank of Canada boosted their price objective on 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a research report on Monday, July 29th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, 3M currently has a consensus rating of “Hold” and an average target price of $124.43.

3M Price Performance

3M stock opened at $133.35 on Thursday. The stock’s 50 day moving average is $123.40 and its 200 day moving average is $107.32. 3M has a one year low of $71.12 and a one year high of $135.28. The firm has a market cap of $73.79 billion, a P/E ratio of -10.48, a P/E/G ratio of 2.41 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 issued its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $5.85 billion. During the same quarter in the previous year, the company earned $2.17 EPS. As a group, research analysts expect that 3M will post 7.22 EPS for the current year.

3M Dividend Announcement

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