Xponance Inc. Has $9.89 Million Stake in 3M (NYSE:MMM)

Xponance Inc. grew its position in 3M (NYSE:MMM) by 25.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 96,746 shares of the conglomerate’s stock after buying an additional 19,576 shares during the quarter. Xponance Inc.’s holdings in 3M were worth $9,886,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in MMM. Balyasny Asset Management L.P. boosted its stake in shares of 3M by 313.8% in the 4th quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate’s stock valued at $289,803,000 after purchasing an additional 2,010,319 shares in the last quarter. Capital World Investors bought a new stake in shares of 3M during the first quarter worth $165,986,000. National Bank of Canada FI increased its holdings in shares of 3M by 218.3% during the first quarter. National Bank of Canada FI now owns 1,489,351 shares of the conglomerate’s stock worth $147,344,000 after buying an additional 1,021,440 shares in the last quarter. Janus Henderson Group PLC lifted its stake in shares of 3M by 1,015.6% in the 1st quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate’s stock valued at $94,247,000 after acquiring an additional 808,914 shares during the last quarter. Finally, Schroder Investment Management Group grew its holdings in shares of 3M by 129.8% during the fourth quarter. Schroder Investment Management Group now owns 1,352,528 shares of the conglomerate’s stock worth $147,858,000 after purchasing an additional 764,066 shares during the last quarter. Institutional investors own 65.25% of the company’s stock.

Insider Buying and Selling

In other 3M news, Chairman Michael F. Roman sold 5,675 shares of 3M 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 transaction, the chairman now directly owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the business’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 transaction, 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 legal filing with the SEC, which can be accessed through the SEC website. Also, Chairman Michael F. Roman sold 5,675 shares of the firm’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 disclosure for this sale can be found here. 0.34% of the stock is currently owned by corporate insiders.

3M Stock Up 0.6 %

MMM stock opened at $135.64 on Tuesday. The company has a debt-to-equity ratio of 2.95, a quick ratio of 1.08 and a current ratio of 1.36. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $136.09. The stock’s 50 day simple moving average is $125.29 and its 200 day simple moving average is $108.32. The company has a market cap of $75.06 billion, a P/E ratio of -10.66, a price-to-earnings-growth ratio of 2.41 and a beta of 0.95.

3M (NYSE:MMM) last posted its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.25. 3M had a net margin of 3.08% and a return on equity of 112.92%. The business had revenue of $6.26 billion during the quarter, compared to the consensus estimate of $5.85 billion. During the same quarter last year, the firm posted $2.17 EPS. On average, research analysts expect that 3M will post 7.22 earnings per share for the current fiscal 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 given a dividend of $0.70 per share. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.80 annualized dividend and a dividend yield of 2.06%. 3M’s payout ratio is -22.01%.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft upgraded shares of 3M from a “hold” rating to a “buy” rating and upped their price target for the company from $110.00 to $150.00 in a research report on Monday, July 29th. Barclays lifted their target price on 3M from $120.00 to $145.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Bank of America increased their price target on 3M from $120.00 to $143.00 and gave the company a “buy” 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 objective on the stock. Finally, Wells Fargo & Company increased their target price on shares of 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 10th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, 3M has an average rating of “Hold” and an average price target of $124.43.

3M Company 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.