HB Wealth Management LLC Raises Holdings in 3M Company (NYSE:MMM)

Key Points

• HB Wealth Management LLC increased its stake in 3M Company by 40.5%, owning 33,008 shares valued at approximately $4.85 million following additional purchases.
• 3M reported earnings of $2.16 per share for the last quarter, exceeding analysts' estimates of $2.01, with revenue increasing 1.4% year-over-year to $6.16 billion.
• The company's dividend yield stands at 1.93%, with a recent quarterly payout of $0.73 per share, reflecting a payout ratio of 40.61%.

HB Wealth Management LLC raised its stake in 3M Company (NYSE:MMM - Free Report) by 40.5% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 33,008 shares of the conglomerate's stock after purchasing an additional 9,519 shares during the quarter. HB Wealth Management LLC's holdings in 3M were worth $4,848,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Invesco Ltd. grew its stake in 3M by 51.6% in the fourth quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate's stock worth $576,845,000 after purchasing an additional 1,520,619 shares during the period. D1 Capital Partners L.P. purchased a new stake in shares of 3M in the fourth quarter worth $175,110,000. Capital World Investors lifted its holdings in shares of 3M by 25.4% during the fourth quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock valued at $794,410,000 after purchasing an additional 1,248,093 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of 3M by 321.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,097,747 shares of the conglomerate's stock valued at $141,708,000 after purchasing an additional 837,226 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in 3M by 12.6% in the fourth quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate's stock valued at $871,738,000 after acquiring an additional 755,155 shares during the period. Institutional investors own 65.25% of the company's stock.

3M Stock Up 1.6%

Shares of NYSE:MMM traded up $2.30 on Thursday, reaching $148.92. The company had a trading volume of 1,386,566 shares, compared to its average volume of 3,883,673. 3M Company has a 52-week low of $119.31 and a 52-week high of $164.15. The firm's 50 day simple moving average is $149.86 and its 200-day simple moving average is $146.50. The firm has a market capitalization of $79.32 billion, a PE ratio of 20.68, a PEG ratio of 2.94 and a beta of 1.02. 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 results 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. 3M had a return on equity of 96.48% and a net margin of 16.01%. The business had revenue of $6.16 billion for the quarter, compared to the consensus estimate of $6.09 billion. During the same period last year, the business posted $1.93 EPS. The business's revenue was up 1.4% compared to the same quarter last year. As a group, analysts expect that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 23rd were paid a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 1.96%. 3M's dividend payout ratio (DPR) is 40.61%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on MMM shares. Citigroup increased their target price on 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 price target on 3M in a report on Friday, July 18th. Barclays set a $170.00 price target on 3M in a report on Friday, July 18th. Wells Fargo & Company restated an "overweight" rating on shares of 3M in a report on Friday, July 18th. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a report on Tuesday. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, 3M currently has a consensus rating of "Hold" and an average target price of $158.10.

Insider Buying and Selling at 3M

In related news, EVP Zoe L. Dickson sold 7,915 shares of the business's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the transaction, the executive vice president directly owned 6,127 shares in the company, valued at $913,045.54. The trade was a 56.37% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP John Patrick Banovetz sold 7,759 shares of the business's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $148.37, for a total value of $1,151,202.83. Following the transaction, the executive vice president owned 31,372 shares in the company, valued at approximately $4,654,663.64. This trade represents a 19.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is owned by insiders.

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.