Creative Planning Purchases 10,599 Shares of 3M (NYSE:MMM)

Creative Planning raised its position in 3M (NYSE:MMM) by 7.5% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 151,763 shares of the conglomerate’s stock after acquiring an additional 10,599 shares during the quarter. Creative Planning’s holdings in 3M were worth $15,509,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Fortis Capital Advisors LLC lifted its holdings in 3M by 2.9% in the second quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate’s stock valued at $307,000 after acquiring an additional 84 shares during the period. Brown Brothers Harriman & Co. lifted its holdings in 3M by 0.4% in the second quarter. Brown Brothers Harriman & Co. now owns 22,613 shares of the conglomerate’s stock valued at $2,311,000 after acquiring an additional 97 shares during the period. AMG National Trust Bank lifted its holdings in 3M by 3.1% in the second quarter. AMG National Trust Bank now owns 3,326 shares of the conglomerate’s stock valued at $340,000 after acquiring an additional 100 shares during the period. Platinum Investment Management Ltd. lifted its holdings in 3M by 11.4% in the first quarter. Platinum Investment Management Ltd. now owns 1,020 shares of the conglomerate’s stock valued at $108,000 after acquiring an additional 104 shares during the period. Finally, Geneos Wealth Management Inc. lifted its holdings in 3M by 2.0% in the first quarter. Geneos Wealth Management Inc. now owns 5,302 shares of the conglomerate’s stock valued at $562,000 after acquiring an additional 105 shares during the period. Institutional investors own 65.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Argus upgraded 3M from a “hold” rating to a “buy” rating and set a $145.00 price target for the company in a research report on Tuesday, July 30th. Wells Fargo & Company upped their price target on 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 10th. StockNews.com cut 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and upped their price target for the stock from $110.00 to $150.00 in a research report on Monday, July 29th. Finally, Morgan Stanley assumed coverage on 3M in a research report on Friday, September 6th. They issued an “underweight” rating and a $125.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $124.43.

Insider Buying and Selling at 3M

In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was 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 in the company, valued at approximately $21,486,484.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was 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 in the company, valued at approximately $21,486,484.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief financial officer now owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by company insiders.

3M Stock Performance

NYSE:MMM opened at $136.70 on Tuesday. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95. 3M has a 12-month low of $71.12 and a 12-month high of $140.72. The stock has a 50-day moving average price of $128.62 and a 200 day moving average price of $109.68. The stock has a market capitalization of $75.64 billion, a P/E ratio of -10.75, a P/E/G ratio of 2.51 and a beta of 0.95.

3M (NYSE:MMM) last released its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.68 by $0.25. The business had revenue of $6.26 billion during the quarter, compared to analysts’ expectations of $5.85 billion. 3M had a return on equity of 112.92% and a net margin of 3.08%. During the same quarter last year, the business posted $2.17 EPS. Equities research analysts forecast that 3M will post 7.22 EPS for the current fiscal year.

3M Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 2.05%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s dividend payout ratio is presently -22.01%.

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.