3M Company $MMM Shares Purchased by UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC

Key Points

• UBS Asset Management increased its stake in 3M shares by 10.9% during the first quarter, owning approximately 4.2 million shares valued at $616.6 million.
• 3M recently declared a quarterly dividend of $0.73 per share, reflecting a 1.9% yield, with the ex-dividend date set for August 25th.
• Analysts have a consensus rating of "Moderate Buy" for 3M's stock, with a price target averaging $161.78, supported by recent upgrades from firms like Citigroup and JPMorgan.

UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in 3M Company (NYSE:MMM - Free Report) by 10.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,198,538 shares of the conglomerate's stock after purchasing an additional 414,160 shares during the quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC owned 0.78% of 3M worth $616,597,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of MMM. Financial Gravity Asset Management Inc. acquired a new position in 3M in the first quarter valued at about $2,506,000. Synergy Asset Management LLC raised its stake in shares of 3M by 122.7% in the 1st quarter. Synergy Asset Management LLC now owns 4,512 shares of the conglomerate's stock valued at $663,000 after acquiring an additional 2,486 shares during the period. Northstar Group Inc. acquired a new position in shares of 3M in the 1st quarter worth approximately $262,000. Dynamic Advisor Solutions LLC purchased a new position in shares of 3M during the 1st quarter worth approximately $786,000. Finally, Retirement Systems of Alabama boosted its position in shares of 3M by 210.6% during the 1st quarter. Retirement Systems of Alabama now owns 366,236 shares of the conglomerate's stock worth $53,785,000 after purchasing an additional 248,333 shares during the period. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a research note on Saturday, August 30th. Wells Fargo & Company reissued an "overweight" rating on shares of 3M in a research note on Friday, July 18th. Barclays set a $170.00 target price on 3M in a report on Friday, July 18th. Citigroup boosted 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. Finally, JPMorgan Chase & Co. set a $167.00 price objective on shares of 3M in a research note on Friday, July 18th. Seven analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $161.78.

Insider Buying and Selling at 3M

In other news, insider Christian T. Goralski, Jr. sold 6,165 shares of the stock in a transaction dated 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 in the company, 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 link. Also, CAO Theresa E. Reinseth sold 3,477 shares of the business's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total value of $523,740.51. Following the sale, the chief accounting officer owned 2,561 shares of the company's stock, valued at approximately $385,763.43. The trade was a 57.59% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company's stock.

3M Stock Down 1.0%

Shares of 3M stock traded down $1.54 on Friday, reaching $157.93. 2,865,088 shares of the company were exchanged, compared to its average volume of 2,572,781. The stock's 50 day moving average price is $154.05 and its 200-day moving average price is $147.97. 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 1-year low of $121.98 and a 1-year high of $164.15. The company has a market cap of $84.12 billion, a P/E ratio of 21.97, a price-to-earnings-growth ratio of 2.90 and a beta of 1.04.

3M (NYSE:MMM - Get Free Report) last issued its earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share for the quarter, beating the consensus estimate of $2.01 by $0.15. 3M had a net margin of 16.01% and a return on equity of 96.48%. The firm had revenue of $6.16 billion for the quarter, compared to analysts' expectations of $6.09 billion. During the same quarter last year, the company earned $1.93 earnings per share. The firm's 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 EPS for the current year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Monday, August 25th will be paid 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 1.8%. 3M's payout ratio is presently 40.61%.

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.