3M (NYSE:MMM) Shares Purchased by AE Wealth Management LLC

AE Wealth Management LLC grew its stake in shares of 3M (NYSE:MMM) by 6.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 24,322 shares of the conglomerate’s stock after purchasing an additional 1,565 shares during the quarter. AE Wealth Management LLC’s holdings in 3M were worth $2,485,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Balyasny Asset Management L.P. grew its holdings in shares of 3M by 313.8% during the fourth quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate’s stock worth $289,803,000 after purchasing an additional 2,010,319 shares during the last quarter. Capital World Investors purchased a new position in 3M during the 1st quarter worth approximately $165,986,000. National Bank of Canada FI lifted its stake in 3M by 218.3% in the first 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 boosted its holdings in shares of 3M by 1,015.6% in the first 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 period. Finally, Schroder Investment Management Group grew its position 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 acquiring an additional 764,066 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Performance

NYSE:MMM opened at $134.77 on Monday. The firm’s fifty day simple moving average is $124.63 and its 200-day simple moving average is $108.02. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95. 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. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $135.32.

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 analysts’ consensus estimates of $1.68 by $0.25. The company had revenue of $6.26 billion during the quarter, compared to the consensus estimate of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same period last year, the firm earned $2.17 EPS. Analysts expect that 3M will post 7.22 earnings per share for the current fiscal year.

3M Dividend Announcement

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

Analysts Set New Price Targets

Several analysts recently commented on the stock. StockNews.com downgraded shares of 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Barclays increased their target price on shares of 3M from $120.00 to $145.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Morgan Stanley initiated coverage on 3M in a research report on Friday, September 6th. They issued an “underweight” rating and a $125.00 price target on the stock. Deutsche Bank Aktiengesellschaft raised 3M from a “hold” rating to a “buy” rating and increased their price objective for the stock from $110.00 to $150.00 in a research report on Monday, July 29th. Finally, Citigroup boosted their target price on 3M from $100.00 to $133.00 and gave the company a “neutral” rating 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 assigned a buy rating to the company’s stock. According to MarketBeat.com, 3M currently has a consensus rating of “Hold” and a consensus price target of $124.43.

Insider Transactions at 3M

In related news, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction dated 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 approximately $21,486,484.56. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the 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 owns 4,364 shares in the company, valued at approximately $541,659.68. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Michael F. Roman sold 5,675 shares of the business’s 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 completion of the transaction, 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. Corporate insiders own 0.34% of the company’s stock.

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.