Perbak Capital Partners LLP Grows Stake in 3M Company $MMM

Key Points

• Perbak Capital Partners LLP increased its holdings in 3M Company by 122.8%, now owning 21,566 shares worth approximately $3.17 million, making it the firm's 7th largest position.
• 3M recently declared a quarterly dividend of $0.73, translating to a 1.9% yield, with the payment date set for September 12th.
• Despite reporting quarterly earnings of $2.16 per share, exceeding expectations, 3M shares experienced a 1.4% decline on the market.

Perbak Capital Partners LLP raised its position in shares of 3M Company (NYSE:MMM - Free Report) by 122.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 21,566 shares of the conglomerate's stock after purchasing an additional 11,886 shares during the period. 3M makes up approximately 2.3% of Perbak Capital Partners LLP's holdings, making the stock its 7th largest holding. Perbak Capital Partners LLP's holdings in 3M were worth $3,167,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. EP Wealth Advisors LLC raised its position in 3M by 2.7% during the first quarter. EP Wealth Advisors LLC now owns 24,812 shares of the conglomerate's stock valued at $3,644,000 after purchasing an additional 660 shares in the last quarter. GW Henssler & Associates Ltd. raised its position in 3M by 12.3% during the first quarter. GW Henssler & Associates Ltd. now owns 3,075 shares of the conglomerate's stock valued at $452,000 after purchasing an additional 337 shares in the last quarter. Focus Partners Advisor Solutions LLC raised its position in 3M by 24.1% during the first quarter. Focus Partners Advisor Solutions LLC now owns 20,127 shares of the conglomerate's stock valued at $2,956,000 after purchasing an additional 3,905 shares in the last quarter. Royal Bank of Canada raised its position in 3M by 5.3% during the first quarter. Royal Bank of Canada now owns 1,690,045 shares of the conglomerate's stock valued at $248,199,000 after purchasing an additional 84,788 shares in the last quarter. Finally, Graham Capital Management L.P. raised its position in 3M by 19.7% during the first quarter. Graham Capital Management L.P. now owns 130,090 shares of the conglomerate's stock valued at $19,105,000 after purchasing an additional 21,404 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on MMM shares. JPMorgan Chase & Co. set a $167.00 price objective on 3M in a research note on Friday, July 18th. Citigroup increased their price target on shares of 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research note on Friday, May 30th. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research note on Saturday, August 30th. Wells Fargo & Company reaffirmed an "overweight" rating on shares of 3M in a research report on Friday, July 18th. Finally, Barclays set a $170.00 price objective on 3M in a research report on Friday, July 18th. Seven analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, 3M has an average rating of "Moderate Buy" and a consensus price target of $161.78.

Insider Buying and Selling

In related news, insider Christian T. Goralski, Jr. sold 6,165 shares of the company's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $150.18, for a total value of $925,859.70. Following the transaction, the insider directly owned 2,900 shares of the company's stock, valued at approximately $435,522. This represents a 68.01% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Theresa E. Reinseth sold 3,477 shares of the company's stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $150.63, for a total value of $523,740.51. Following the completion of the transaction, the chief accounting officer directly owned 2,561 shares in the company, valued at $385,763.43. This trade represents a 57.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company's stock.

3M Stock Down 0.1%

NYSE:MMM traded down $0.23 during trading hours on Friday, reaching $155.29. 2,052,950 shares of the company traded hands, compared to its average volume of 2,824,897. The business's 50-day moving average price is $153.80 and its two-hundred day moving average price is $147.68. The stock has a market capitalization of $82.71 billion, a P/E ratio of 21.60, a P/E/G ratio of 3.01 and a beta of 1.04. 3M Company has a 1 year low of $121.98 and a 1 year high of $164.15. The company has a current ratio of 1.72, a quick ratio of 1.20 and a debt-to-equity ratio of 2.87.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings data on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.01 by $0.15. The business had revenue of $6.16 billion during the quarter, compared to analysts' expectations of $6.09 billion. 3M had a return on equity of 96.48% and a net margin of 16.01%.The firm's quarterly revenue was up 1.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.93 earnings per share. Analysts predict that 3M Company will post 7.8 earnings per share for the current year.

3M Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Monday, August 25th will be issued a dividend of $0.73 per share. The ex-dividend date is Monday, August 25th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.9%. 3M's dividend payout ratio is presently 40.61%.

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.