Intech Investment Management LLC Raises Position in 3M (NYSE:MMM)

Intech Investment Management LLC lifted its stake in shares of 3M (NYSE:MMM) by 17.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 34,758 shares of the conglomerate’s stock after buying an additional 5,205 shares during the period. Intech Investment Management LLC’s holdings in 3M were worth $3,552,000 at the end of the most recent quarter.

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

Wall Street Analyst Weigh In

A number of analysts recently commented on MMM shares. StockNews.com downgraded 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Wolfe Research upgraded 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 target price on the stock in a research note on Thursday, June 13th. Royal Bank of Canada increased their price target on shares of 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a research report on Monday, July 29th. Argus raised shares of 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. Finally, Barclays increased their target price on shares of 3M from $120.00 to $145.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, 3M has an average rating of “Hold” and an average target price of $124.43.

Insider Activity

In related news, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value of $700,635.50. Following the sale, the chairman now owns 174,036 shares in the company, valued at $21,486,484.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CFO Theresa E. Reinseth sold 2,100 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the transaction, the chief financial officer now owns 4,364 shares of the company’s stock, valued at $541,659.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, 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 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 completion of the sale, the chairman now directly owns 174,036 shares in the company, valued at $21,486,484.56. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

3M Price Performance

Shares of NYSE MMM opened at $134.77 on Monday. 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 $135.32. The stock has a market cap 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 stock has a fifty day moving average of $124.63 and a 200-day moving average of $108.02.

3M (NYSE:MMM) last posted its earnings results 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. 3M had a return on equity of 112.92% and a net margin of 3.08%. The business had revenue of $6.26 billion during the quarter, compared to analyst estimates of $5.85 billion. During the same quarter in the previous year, the firm earned $2.17 EPS. Equities research analysts anticipate that 3M will post 7.22 earnings per share for the current year.

3M Dividend Announcement

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 $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.08%. The ex-dividend date was Monday, August 26th. 3M’s payout ratio is -22.01%.

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.