3M Company $MMM Shares Acquired by Truvestments Capital LLC

Key Points

• Truvestments Capital LLC increased its stake in 3M Company by 10.1%, acquiring a total of 32,765 shares worth approximately $4.8 million at the end of the reporting period.
• 3M reported earnings of $2.16 per share for the last quarter, surpassing analysts' expectations of $2.01, with revenue reaching $6.16 billion.
• The company announced a quarterly dividend of $0.73 per share, which will be distributed on September 12, representing an annualized yield of 1.9%.

Truvestments Capital LLC lifted its position in shares of 3M Company (NYSE:MMM - Free Report) by 10.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 32,765 shares of the conglomerate's stock after purchasing an additional 3,006 shares during the period. 3M comprises about 1.0% of Truvestments Capital LLC's holdings, making the stock its 18th largest position. Truvestments Capital LLC's holdings in 3M were worth $4,812,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in MMM. Brighton Jones LLC increased its position in shares of 3M by 26.6% during the fourth quarter. Brighton Jones LLC now owns 8,898 shares of the conglomerate's stock worth $1,149,000 after purchasing an additional 1,872 shares in the last quarter. Beacon Pointe Advisors LLC increased its position in shares of 3M by 11.3% during the fourth quarter. Beacon Pointe Advisors LLC now owns 91,480 shares of the conglomerate's stock worth $11,809,000 after purchasing an additional 9,323 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of 3M by 55.9% during the fourth quarter. The Manufacturers Life Insurance Company now owns 573,293 shares of the conglomerate's stock worth $74,006,000 after buying an additional 205,661 shares during the last quarter. Northern Trust Corp grew its holdings in shares of 3M by 12.6% during the fourth quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate's stock worth $871,738,000 after buying an additional 755,155 shares during the last quarter. Finally, Electron Capital Partners LLC raised its stake in 3M by 3.1% during the 4th quarter. Electron Capital Partners LLC now owns 1,039,113 shares of the conglomerate's stock valued at $134,139,000 after acquiring an additional 30,861 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company's stock.

3M Price Performance

Shares of NYSE:MMM opened at $156.47 on Wednesday. The business's 50 day simple moving average is $152.50 and its 200-day simple moving average is $147.33. The firm has a market capitalization of $83.34 billion, a price-to-earnings ratio of 21.76, a price-to-earnings-growth ratio of 3.02 and a beta of 1.05. The company has a debt-to-equity ratio of 2.87, a current ratio of 1.72 and a quick ratio of 1.20. 3M Company has a 12 month low of $121.98 and a 12 month high of $164.15.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings data on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.01 by $0.15. 3M had a return on equity of 96.48% and a net margin of 16.01%.The firm had revenue of $6.16 billion during the quarter, compared to the consensus estimate of $6.09 billion. During the same period in the previous year, the firm posted $1.93 EPS. The company's quarterly revenue was up 1.4% compared to the same quarter last year. As a group, equities analysts forecast that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Monday, August 25th will be given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 1.9%. 3M's dividend payout ratio is currently 40.61%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on MMM shares. JPMorgan Chase & Co. set a $167.00 target price on 3M in a research note on Friday, July 18th. Barclays set a $170.00 target price on 3M in a research note on Friday, July 18th. Wells Fargo & Company reiterated an "overweight" rating on shares of 3M in a research note on Friday, July 18th. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research note on Thursday, August 14th. Finally, Citigroup lifted their target price on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research note on Friday, May 30th. Seven research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, 3M currently has an average rating of "Hold" and a consensus price target of $158.10.

Insider Activity at 3M

In related news, CAO Theresa E. Reinseth sold 3,477 shares of 3M stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total transaction 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. The trade was a 57.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of 3M 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 owned 2,900 shares of the company's stock, valued at $435,522. This represents a 68.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.48% 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.

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