Simplify Asset Management Inc. Grows Stock Holdings in 3M (NYSE:MMM)

Simplify Asset Management Inc. raised its stake in shares of 3M (NYSE:MMM) by 42.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 34,851 shares of the conglomerate’s stock after acquiring an additional 10,321 shares during the period. Simplify Asset Management Inc.’s holdings in 3M were worth $3,561,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Canada Pension Plan Investment Board increased its holdings in 3M by 7.5% in the 2nd quarter. Canada Pension Plan Investment Board now owns 489,502 shares of the conglomerate’s stock valued at $50,022,000 after purchasing an additional 34,081 shares during the last quarter. Brighton Jones LLC grew its stake in shares of 3M by 1.8% in the second quarter. Brighton Jones LLC now owns 8,856 shares of the conglomerate’s stock valued at $905,000 after buying an additional 157 shares in the last quarter. Intech Investment Management LLC raised its holdings in shares of 3M by 17.6% in the 2nd quarter. Intech Investment Management LLC now owns 34,758 shares of the conglomerate’s stock valued at $3,552,000 after buying an additional 5,205 shares during the period. Burgundy Asset Management Ltd. lifted its stake in 3M by 88.9% during the 2nd quarter. Burgundy Asset Management Ltd. now owns 85,000 shares of the conglomerate’s stock worth $8,686,000 after acquiring an additional 40,000 shares in the last quarter. Finally, XTX Topco Ltd lifted its position in shares of 3M by 56.1% during the second quarter. XTX Topco Ltd now owns 39,737 shares of the conglomerate’s stock worth $4,061,000 after purchasing an additional 14,278 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Stock Performance

Shares of MMM stock opened at $133.84 on Friday. 3M has a 52-week low of $71.12 and a 52-week high of $135.32. The stock’s 50-day moving average price is $124.02 and its 200 day moving average price is $107.50. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95. The stock has a market capitalization of $74.06 billion, a PE ratio of -10.52, a price-to-earnings-growth ratio of 2.41 and a beta of 0.95.

3M (NYSE:MMM) last released its earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (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 business had revenue of $6.26 billion for the quarter, compared to analyst estimates of $5.85 billion. During the same quarter in the previous year, the company posted $2.17 earnings per share. As a group, equities research analysts forecast that 3M will post 7.22 EPS for the current year.

3M Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.09%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s dividend payout ratio (DPR) is presently -22.01%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. StockNews.com cut 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Morgan Stanley initiated coverage on shares of 3M in a report on Friday, September 6th. They set an “underweight” rating and a $125.00 price target for the company. Citigroup increased their price objective on shares of 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research report 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 report on Thursday, June 13th. Finally, Argus raised 3M from a “hold” rating to a “buy” rating and set a $145.00 target price on the stock in a report on Tuesday, July 30th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $124.43.

Insider Activity

In related news, 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 value of $260,652.00. Following the completion of the sale, the chief financial officer now owns 4,364 shares in the company, valued at $541,659.68. The sale was disclosed in a legal filing with the SEC, which is available through 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 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 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 this hyperlink. Also, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the transaction, the chairman now owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

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.