ABC Arbitrage SA Acquires New Stake in 3M Company (NYSE:MMM)

Key Points

• ABC Arbitrage SA has acquired a new stake in 3M Company by purchasing 9,914 shares valued at approximately $1.46 million.
• In the fourth quarter, several large investors increased their stakes in 3M, with Northern Trust Corp increasing its holdings by 12.6% and Capital World Investors by 25.4%.
• 3M Company recently declared a quarterly dividend of $0.73 per share, reflecting an annualized dividend yield of 2.0%.

ABC Arbitrage SA bought a new position in shares of 3M Company (NYSE:MMM - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 9,914 shares of the conglomerate's stock, valued at approximately $1,456,000.

Several other large investors have also added to or reduced their stakes in MMM. Northern Trust Corp boosted its holdings in shares of 3M by 12.6% in the 4th 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. Capital World Investors grew its holdings in 3M by 25.4% during 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 in the last quarter. Invesco Ltd. increased its holdings in 3M by 51.6% during the 4th 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 during the period. Bank of America Corp DE grew its position in 3M by 4.2% during the fourth quarter. Bank of America Corp DE now owns 4,270,238 shares of the conglomerate's stock worth $551,245,000 after buying an additional 172,815 shares in the last quarter. Finally, Janus Henderson Group PLC increased its position in shares of 3M by 5.7% in the fourth quarter. Janus Henderson Group PLC now owns 3,624,933 shares of the conglomerate's stock worth $467,944,000 after purchasing an additional 193,957 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company's stock.

Insider Transactions at 3M

In other 3M news, EVP Zoe L. Dickson sold 7,915 shares of the firm's stock in a transaction on 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 of the company's stock, valued at approximately $913,045.54. This trade represents a 56.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP John Patrick Banovetz sold 7,759 shares of 3M stock in a transaction dated 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 sale, the executive vice president directly owned 31,372 shares of the company's stock, valued at approximately $4,654,663.64. This represents a 19.83% decrease in their position. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by company insiders.

3M Stock Up 2.4%

Shares of NYSE MMM opened at $147.84 on Tuesday. 3M Company has a 52-week low of $119.31 and a 52-week high of $164.15. The company has a debt-to-equity ratio of 2.87, a quick ratio of 1.20 and a current ratio of 1.72. The stock has a 50 day moving average price of $149.78 and a 200 day moving average price of $146.81. The firm has a market capitalization of $78.75 billion, a price-to-earnings ratio of 20.56, a PEG ratio of 2.79 and a beta of 1.05.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings data 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. The firm had revenue of $6.16 billion for the quarter, compared to the consensus estimate of $6.09 billion. 3M had a net margin of 16.01% and a return on equity of 96.48%. The company's quarterly revenue was up 1.4% on a year-over-year basis. During the same period last year, the firm earned $1.93 earnings per share. Sell-side analysts expect that 3M Company will post 7.8 earnings per share for the current year.

3M Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 2.0%. 3M's payout ratio is 40.61%.

Wall Street Analysts Forecast Growth

MMM has been the subject of several analyst reports. JPMorgan Chase & Co. set a $167.00 price target on shares of 3M in a research report on Friday, July 18th. Wells Fargo & Company reaffirmed an "overweight" rating on shares of 3M in a research report on Friday, July 18th. Barclays set a $170.00 price objective on 3M in a research report on Friday, July 18th. Royal Bank Of Canada upped their target price on shares of 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a research report on Wednesday, April 23rd. Finally, Citigroup increased their price target on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research note on Friday, May 30th. 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. According to data from MarketBeat.com, 3M presently has a consensus rating of "Hold" and a consensus target price of $158.10.

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.

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