3M (NYSE:MMM) Shares Acquired by Peddock Capital Advisors LLC

Peddock Capital Advisors LLC grew its position in 3M (NYSE:MMM) by 5.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,853 shares of the conglomerate’s stock after acquiring an additional 363 shares during the quarter. Peddock Capital Advisors LLC’s holdings in 3M were worth $937,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Tributary Capital Management LLC acquired a new stake in shares of 3M in the first quarter valued at approximately $25,000. Financial Synergies Wealth Advisors Inc. lifted its holdings in shares of 3M by 419.1% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after purchasing an additional 197 shares during the period. MFA Wealth Advisors LLC acquired a new stake in shares of 3M during the second quarter worth $28,000. Meeder Asset Management Inc. lifted its holdings in shares of 3M by 689.7% during the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after purchasing an additional 269 shares during the period. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of 3M during the first quarter worth $32,000. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Price Performance

Shares of MMM stock traded down $0.09 during mid-day trading on Wednesday, reaching $134.60. The stock had a trading volume of 478,858 shares, compared to its average volume of 4,965,896. 3M has a 12-month low of $71.12 and a 12-month high of $140.72. The company has a market cap of $74.48 billion, a P/E ratio of -10.59, a price-to-earnings-growth ratio of 2.51 and a beta of 0.95. The business has a 50-day simple moving average of $131.05 and a 200 day simple moving average of $110.91. 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 (NYSE:MMM) last announced its quarterly 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 analysts’ expectations of $5.85 billion. During the same quarter last year, the business posted $2.17 earnings per share. On average, sell-side analysts anticipate that 3M will post 7.22 earnings per share for the current year.

3M Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on MMM shares. Deutsche Bank Aktiengesellschaft raised 3M from a “hold” rating to a “buy” rating and increased their price target for the stock from $110.00 to $150.00 in a report on Monday, July 29th. Bank of America increased their price target on 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a report on Monday, July 29th. StockNews.com downgraded 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Barclays raised their target price on 3M from $145.00 to $160.00 and gave the company an “overweight” rating in a report on Wednesday, October 2nd. Finally, Citigroup raised 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 investment 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 has a consensus rating of “Hold” and a consensus price target of $127.64.

Insider Buying and Selling

In related news, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction dated 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 sale, the chairman now owns 174,036 shares in the company, valued at approximately $21,486,484.56. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other 3M news, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction dated 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 sale, the chairman now owns 174,036 shares in the company, valued at $21,486,484.56. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the sale, the chief financial officer now owns 4,364 shares of the company’s stock, valued at $541,659.68. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by company insiders.

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.