Davidson Kempner Capital Management LP Makes New $13.80 Million Investment in 3M (NYSE:MMM)

Davidson Kempner Capital Management LP bought a new position in 3M (NYSE:MMM) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 135,000 shares of the conglomerate’s stock, valued at approximately $13,796,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Xponance Inc. raised its stake in 3M by 25.4% in the second quarter. Xponance Inc. now owns 96,746 shares of the conglomerate’s stock worth $9,886,000 after buying an additional 19,576 shares in the last quarter. American Investment Services Inc. raised its stake in 3M by 2.1% in the second quarter. American Investment Services Inc. now owns 73,913 shares of the conglomerate’s stock worth $7,553,000 after buying an additional 1,496 shares in the last quarter. Public Sector Pension Investment Board raised its stake in 3M by 75.0% in the second quarter. Public Sector Pension Investment Board now owns 21,380 shares of the conglomerate’s stock worth $2,185,000 after buying an additional 9,160 shares in the last quarter. Commonwealth Financial Services LLC raised its stake in 3M by 4.5% in the second quarter. Commonwealth Financial Services LLC now owns 2,505 shares of the conglomerate’s stock worth $253,000 after buying an additional 108 shares in the last quarter. Finally, Gabelli Funds LLC raised its stake in 3M by 14.6% in the second quarter. Gabelli Funds LLC now owns 2,550 shares of the conglomerate’s stock worth $261,000 after buying an additional 325 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors.

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 on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the sale, the chairman now directly owns 174,036 shares of the company’s stock, valued at $21,486,484.56. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 transaction 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 disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

3M Price Performance

Shares of MMM opened at $134.77 on Monday. The firm has a market capitalization of $74.58 billion, a PE ratio of -10.60, a price-to-earnings-growth 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 has a 1-year low of $71.12 and a 1-year high of $135.32. The company’s fifty day moving average price is $124.63 and its 200-day moving average price is $108.02.

3M (NYSE:MMM) last announced its quarterly earnings data 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 period in the previous year, the company earned $2.17 earnings per share. On average, equities research analysts predict that 3M will post 7.22 EPS for the current year.

3M Announces Dividend

The business 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 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s dividend payout ratio (DPR) is presently -22.01%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Barclays boosted their price objective on shares of 3M from $120.00 to $145.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Argus raised shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price objective for the company in a research note on Tuesday, July 30th. Wells Fargo & Company boosted their price objective on shares of 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 10th. 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. Finally, Royal Bank of Canada lifted their price target on shares of 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a report on Monday, July 29th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and eight have given 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.

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.