3M Company $MMM Shares Acquired by Adage Capital Partners GP L.L.C.

Key Points

• Adage Capital Partners GP L.L.C. increased its stake in 3M Company by 16.6%, owning approximately 1.7 million shares worth $250.7 million at the end of the 1st quarter.
• Several institutional investors, including REAP Financial Group LLC, significantly boosted their holdings in 3M, which is now 65.25% owned by institutional investors and hedge funds.
• 3M recently announced a quarterly dividend of $0.73 per share, with an annualized yield of 1.9%, set to be paid on September 12th.

Adage Capital Partners GP L.L.C. increased its holdings in 3M Company (NYSE:MMM - Free Report) by 16.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,707,198 shares of the conglomerate's stock after purchasing an additional 243,126 shares during the quarter. Adage Capital Partners GP L.L.C. owned 0.32% of 3M worth $250,719,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. REAP Financial Group LLC raised its holdings in 3M by 88.7% in the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock worth $26,000 after purchasing an additional 94 shares during the period. Pinney & Scofield Inc. acquired a new position in 3M in the 4th quarter worth about $28,000. Caitong International Asset Management Co. Ltd acquired a new position in 3M in the 1st quarter worth about $28,000. WPG Advisers LLC acquired a new position in shares of 3M during the first quarter valued at approximately $28,000. Finally, Curat Global LLC acquired a new position in shares of 3M during the first quarter valued at approximately $29,000. Institutional investors and hedge funds own 65.25% of the company's stock.

Insiders Place Their Bets

In other news, CAO Theresa E. Reinseth sold 3,477 shares of the firm's stock in a transaction on Tuesday, August 5th. The stock was 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 trade represents a 57.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of the firm's stock in a transaction on 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 of the company's stock, valued at approximately $435,522. This represents 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 insiders.

Wall Street Analyst Weigh In

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

3M Price Performance

Shares of MMM stock traded down $0.23 during trading hours on Friday, reaching $155.29. The company had a trading volume of 2,052,950 shares, compared to its average volume of 2,824,897. 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 fifty day moving average of $153.80 and a 200-day moving average of $147.68. The company has a market capitalization of $82.71 billion, a price-to-earnings ratio of 21.60, a PEG ratio of 3.01 and a beta of 1.04. 3M Company has a 12-month low of $121.98 and a 12-month high of $164.15.

3M (NYSE:MMM - Get Free Report) last posted its earnings results on Friday, July 18th. The conglomerate reported $2.16 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 company had revenue of $6.16 billion for the quarter, compared to the consensus estimate of $6.09 billion. During the same quarter in the previous year, the business earned $1.93 earnings per share. The company's revenue for the quarter was up 1.4% on a year-over-year basis. On average, equities analysts anticipate that 3M Company will post 7.8 earnings per share for the current year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Monday, August 25th will be given a $0.73 dividend. The ex-dividend date is Monday, August 25th. This represents a $2.92 dividend on an annualized basis and a yield of 1.9%. 3M's payout ratio is currently 40.61%.

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.