Callan Family Office LLC Makes New Investment in 3M (NYSE:MMM)

Callan Family Office LLC acquired a new position in shares of 3M (NYSE:MMM) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,890 shares of the conglomerate’s stock, valued at approximately $258,000.

Several other hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in 3M by 0.8% during the first quarter. Vanguard Group Inc. now owns 49,461,361 shares of the conglomerate’s stock worth $5,246,367,000 after acquiring an additional 377,703 shares during the last quarter. Bank of New York Mellon Corp lifted its position in 3M by 11.8% during the second quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock worth $517,617,000 after acquiring an additional 533,520 shares during the last quarter. Pacer Advisors Inc. lifted its position in 3M by 2.0% during the second quarter. Pacer Advisors Inc. now owns 4,952,878 shares of the conglomerate’s stock worth $506,135,000 after acquiring an additional 97,340 shares during the last quarter. AQR Capital Management LLC lifted its position in 3M by 18.6% during the second quarter. AQR Capital Management LLC now owns 2,531,422 shares of the conglomerate’s stock worth $258,686,000 after acquiring an additional 396,773 shares during the last quarter. Finally, Nordea Investment Management AB lifted 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 currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on MMM. StockNews.com cut shares of 3M from a “buy” rating to a “hold” rating in a 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 target price on the stock in a report on Thursday, June 13th. Barclays raised their target price on shares of 3M from $145.00 to $160.00 and gave the stock an “overweight” rating in a report on Wednesday, October 2nd. Argus raised shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 target price on the stock in a report on Tuesday, July 30th. Finally, Deutsche Bank Aktiengesellschaft raised shares of 3M from a “hold” rating to a “buy” rating and raised their target price for the stock from $110.00 to $150.00 in a report on Monday, July 29th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat, 3M currently has an average rating of “Hold” and a consensus target price of $127.64.

3M Stock Performance

Shares of NYSE:MMM opened at $134.69 on Wednesday. The company’s 50 day simple moving average is $130.89 and its 200 day simple moving average is $110.71. The stock has a market capitalization of $74.53 billion, a price-to-earnings ratio of -10.59, a price-to-earnings-growth ratio of 2.51 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 $140.72.

3M (NYSE:MMM) last posted its earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, topping analysts’ consensus estimates of $1.68 by $0.25. The firm had revenue of $6.26 billion for the quarter, compared to analysts’ expectations 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. As a group, research analysts predict that 3M will post 7.22 EPS for the current fiscal year.

3M Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were paid a dividend of $0.70 per share. The ex-dividend date was Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.08%. 3M’s payout ratio is presently -22.01%.

Insiders Place Their Bets

In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the business’s 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 sale, the chairman now owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other 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 owns 174,036 shares in the company, valued at approximately $21,486,484.56. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Theresa E. Reinseth sold 2,100 shares of 3M 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 transaction, the chief financial officer now owns 4,364 shares in the company, valued at approximately $541,659.68. This trade represents a 0.00 % decrease in their position. 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.