Frank Rimerman Advisors LLC Invests $387,000 in 3M (NYSE:MMM)

Frank Rimerman Advisors LLC acquired a new stake in 3M (NYSE:MMM) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 3,787 shares of the conglomerate’s stock, valued at approximately $387,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MMM. Vanguard Group Inc. grew its holdings in 3M by 0.8% in the first quarter. Vanguard Group Inc. now owns 49,461,361 shares of the conglomerate’s stock valued at $5,246,367,000 after purchasing an additional 377,703 shares during the last quarter. Bank of New York Mellon Corp grew its stake in 3M by 11.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock valued at $517,617,000 after acquiring an additional 533,520 shares during the last quarter. Pacer Advisors Inc. increased its holdings in 3M by 2.0% during the 2nd quarter. Pacer Advisors Inc. now owns 4,952,878 shares of the conglomerate’s stock valued at $506,135,000 after acquiring an additional 97,340 shares in the last quarter. Balyasny Asset Management L.P. increased its holdings in 3M by 313.8% during 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 acquiring an additional 2,010,319 shares in the last quarter. Finally, Nordea Investment Management AB raised its position in 3M by 8.2% during the first quarter. Nordea Investment Management AB now owns 2,168,811 shares of the conglomerate’s stock worth $228,875,000 after acquiring an additional 164,236 shares during the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MMM has been the topic of several research reports. Wolfe Research upgraded shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price target on the stock in a research report on Thursday, June 13th. Bank of America raised their price target on 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Argus upgraded 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. Wells Fargo & Company lifted their price objective on 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 10th. Finally, StockNews.com lowered shares of 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, 3M has an average rating of “Hold” and a consensus target price of $124.43.

3M Stock Performance

NYSE:MMM opened at $137.29 on Wednesday. The company has a market cap of $75.97 billion, a P/E ratio of -10.79, a P/E/G ratio of 2.41 and a beta of 0.95. The firm’s 50 day moving average is $125.97 and its two-hundred day moving average is $108.63. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $137.94. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95.

3M (NYSE:MMM) last issued its earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, topping the consensus estimate 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 period last year, the company posted $2.17 EPS. Analysts expect that 3M will post 7.22 EPS for the current year.

3M Dividend Announcement

The company also recently announced 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 2.04%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s payout ratio is currently -22.01%.

Insider Buying and Selling

In other 3M news, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction that occurred 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 $21,486,484.56. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, 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 transaction, the chairman now owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Theresa E. Reinseth sold 2,100 shares of the company’s stock in a transaction 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 sale, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at $541,659.68. The disclosure for this sale can be found here. Corporate 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.