NewEdge Wealth LLC Acquires 6,819 Shares of 3M Company (NYSE:MMM)

Key Points

• NewEdge Wealth LLC increased its stake in 3M Company by 2.8% in Q1, holding 247,344 shares valued at approximately $36.3 million.
• Several large investors boosted their positions in 3M during the fourth quarter, including Northern Trust Corp and Capital World Investors, increasing their stakes by 12.6% and 25.4%, respectively.
• 3M reported a 2.16 EPS for the recent quarter, exceeding expectations, with a 1.4% annual revenue increase and a dividend yield of 2.0%.

NewEdge Wealth LLC raised its holdings in 3M Company (NYSE:MMM - Free Report) by 2.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 247,344 shares of the conglomerate's stock after buying an additional 6,819 shares during the quarter. NewEdge Wealth LLC's holdings in 3M were worth $36,325,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Invesco Ltd. raised its stake in 3M by 51.6% during the fourth quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate's stock worth $576,845,000 after acquiring an additional 1,520,619 shares in the last quarter. D1 Capital Partners L.P. bought a new position in shares of 3M in the 4th quarter worth $175,110,000. Capital World Investors raised its position in 3M by 25.4% in the 4th quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock valued at $794,410,000 after buying an additional 1,248,093 shares during the last quarter. Northern Trust Corp increased its position in shares of 3M by 12.6% during the 4th quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate's stock valued at $871,738,000 after purchasing an additional 755,155 shares during the last quarter. Finally, Ceredex Value Advisors LLC purchased a new stake in 3M in the 4th quarter worth about $81,482,000. Institutional investors own 65.25% of the company's stock.

Analyst Ratings Changes

A number of research firms recently weighed in on MMM. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a research report on Tuesday, July 29th. JPMorgan Chase & Co. set a $167.00 target price on 3M in a report on Friday, July 18th. Citigroup upped their price target on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a report on Friday, May 30th. Royal Bank Of Canada upped their price objective on 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research report on Wednesday, April 23rd. Finally, Wells Fargo & Company reiterated an "overweight" rating on shares of 3M in a research report on Friday, July 18th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $158.10.

3M Price Performance

NYSE:MMM traded up $0.07 during trading hours on Thursday, hitting $150.89. 767,583 shares of the stock were exchanged, compared to its average volume of 3,873,107. 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 firm's fifty day moving average price is $149.84 and its 200 day moving average price is $146.86. The company has a market cap of $80.37 billion, a P/E ratio of 20.97, a P/E/G ratio of 2.90 and a beta of 1.05. 3M Company has a 52-week low of $121.98 and a 52-week high of $164.15.

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 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 business had revenue of $6.16 billion for the quarter, compared to analysts' expectations of $6.09 billion. During the same period last year, the firm earned $1.93 earnings per share. The company's revenue for the quarter was up 1.4% compared to the same quarter last year. As a group, equities research analysts anticipate that 3M Company will post 7.8 EPS for the current fiscal year.

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were paid 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 presently 40.61%.

Insider Activity

In other 3M news, EVP Zoe L. Dickson sold 7,915 shares of the company's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $149.02, for a total value of $1,179,493.30. Following the completion of the transaction, the executive vice president owned 6,127 shares in the company, valued at approximately $913,045.54. This represents a 56.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Theresa E. Reinseth sold 3,477 shares of the stock in a transaction that occurred 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 owned 2,561 shares of the company's stock, 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. Insiders sold 19,151 shares of company stock valued at $2,854,437 in the last ninety days. Company insiders own 0.34% of the company's stock.

3M 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.