Alyeska Investment Group L.P. Has $204.41 Million Position in 3M Company $MMM

Key Points

• Alyeska Investment Group L.P. increased its stake in 3M Company by 14.2% during Q1, acquiring an additional 173,423 shares, bringing its total ownership to approximately 1.4 million shares valued at $204 million.
• 3M recently reported a quarterly earnings beat with $2.16 earnings per share, outperforming the consensus estimate of $2.01, alongside a revenue of $6.16 billion.
• The company declared a quarterly dividend of $0.73 per share, to be paid on September 12th, representing an annualized yield of 1.9% and a payout ratio of 40.61%.

Alyeska Investment Group L.P. boosted its stake in shares of 3M Company (NYSE:MMM - Free Report) by 14.2% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,391,872 shares of the conglomerate's stock after purchasing an additional 173,423 shares during the period. 3M comprises approximately 0.8% of Alyeska Investment Group L.P.'s holdings, making the stock its 22nd largest position. Alyeska Investment Group L.P. owned approximately 0.26% of 3M worth $204,410,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Ensign Peak Advisors Inc boosted its stake in shares of 3M by 29.2% during the 4th quarter. Ensign Peak Advisors Inc now owns 642,354 shares of the conglomerate's stock valued at $82,921,000 after buying an additional 145,146 shares during the period. Financial Gravity Asset Management Inc. acquired a new stake in shares of 3M during the 1st quarter valued at $2,506,000. Synergy Asset Management LLC boosted its stake in shares of 3M by 122.7% during the 1st quarter. Synergy Asset Management LLC now owns 4,512 shares of the conglomerate's stock valued at $663,000 after buying an additional 2,486 shares during the period. Northstar Group Inc. acquired a new stake in shares of 3M during the 1st quarter valued at $262,000. Finally, Dynamic Advisor Solutions LLC bought a new stake in 3M in the first quarter worth approximately $786,000. Institutional investors and hedge funds own 65.25% of the company's stock.

Analyst Ratings Changes

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

Insider Buying and Selling at 3M

In related news, CAO Theresa E. Reinseth sold 3,477 shares of the company's stock in a transaction on Tuesday, August 5th. The shares were 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. This represents a 57.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of the company's stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $150.18, for a total transaction of $925,859.70. Following the transaction, the insider owned 2,900 shares of the company's stock, valued at approximately $435,522. The trade was a 68.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is owned by corporate insiders.

3M Stock Performance

MMM traded down $0.23 during trading on Friday, hitting $155.29. The stock had a trading volume of 2,052,950 shares, compared to its average volume of 2,824,897. The firm has a market cap of $82.71 billion, a PE ratio of 21.60, a P/E/G ratio of 3.00 and a beta of 1.04. 3M Company has a 12 month low of $121.98 and a 12 month 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. The company has a 50 day simple moving average of $153.80 and a 200-day simple moving average of $147.67.

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

3M Announces Dividend

The business 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. This represents a $2.92 annualized dividend and a yield of 1.9%. The ex-dividend date is Monday, August 25th. 3M's dividend 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.