3M (NYSE:MMM) Stock Position Lifted by American Investment Services Inc.

American Investment Services Inc. lifted its stake in shares of 3M (NYSE:MMM) by 2.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 73,913 shares of the conglomerate’s stock after purchasing an additional 1,496 shares during the quarter. 3M comprises about 1.3% of American Investment Services Inc.’s investment portfolio, making the stock its 22nd largest holding. American Investment Services Inc.’s holdings in 3M were worth $7,553,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of MMM. Tributary Capital Management LLC bought a new stake in shares of 3M in the 1st quarter worth $25,000. Financial Synergies Wealth Advisors Inc. raised its position in 3M by 419.1% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after acquiring an additional 197 shares in the last quarter. MFA Wealth Advisors LLC acquired a new stake in 3M in the 2nd quarter valued at about $28,000. Meeder Asset Management Inc. boosted its position in shares of 3M by 689.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after purchasing an additional 269 shares in the last quarter. Finally, Northwest Investment Counselors LLC acquired a new position in shares of 3M in the 1st quarter worth approximately $32,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Price Performance

Shares of MMM stock opened at $134.77 on Monday. The firm has a market capitalization of $74.58 billion, a price-to-earnings ratio of -10.60, a price-to-earnings-growth ratio of 2.41 and a beta of 0.95. 3M has a 12-month low of $71.12 and a 12-month high of $135.32. 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 firm has a fifty day moving average of $124.63 and a 200-day moving average of $108.02.

3M (NYSE:MMM) last announced its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, beating analysts’ consensus estimates of $1.68 by $0.25. The firm had revenue of $6.26 billion for the quarter, compared to analyst estimates of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same quarter in the previous year, the firm posted $2.17 earnings per share. On average, equities research analysts forecast that 3M will post 7.22 earnings per share for the current year.

3M Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were issued 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 presently -22.01%.

Analysts Set New Price Targets

MMM has been the topic of a number of recent analyst reports. Morgan Stanley initiated coverage on 3M in a research report on Friday, September 6th. They set an “underweight” rating and a $125.00 target price on the stock. Bank of America lifted their target price on shares of 3M from $120.00 to $143.00 and gave the stock a “buy” 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 note on Thursday, June 13th. Argus upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price objective on the stock in a research report on Tuesday, July 30th. Finally, Citigroup increased their target price on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a report on Monday, July 29th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $124.43.

Insider Activity at 3M

In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was 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 approximately $541,659.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related 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 transaction, 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 document filed with the Securities & Exchange Commission, which is available through this link. Also, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction on 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 sale, 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.