Aegis Wealth Management LLC Buys 4,411 Shares of 3M Company (NYSE:MMM)

Key Points

• Aegis Wealth Management LLC has increased its stake in 3M Company (NYSE:MMM) by 50.8%, acquiring an additional 4,411 shares to reach a total of 13,101 shares, which are valued at approximately $1.9 million.
• In its recent earnings report, 3M reported earnings per share of $2.16, exceeding estimates by $0.15, while revenue increased by 1.4% year-over-year, totaling $6.16 billion.
• 3M recently announced a quarterly dividend of $0.73 per share, reflecting an annualized yield of 1.92% and a payout ratio of 40.61%.

Aegis Wealth Management LLC grew its stake in shares of 3M Company (NYSE:MMM - Free Report) by 50.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 13,101 shares of the conglomerate's stock after purchasing an additional 4,411 shares during the quarter. 3M makes up 1.1% of Aegis Wealth Management LLC's portfolio, making the stock its 28th largest holding. Aegis Wealth Management LLC's holdings in 3M were worth $1,924,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently made changes to their positions in MMM. REAP Financial Group LLC lifted its position in 3M by 88.7% in the fourth 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. Hazlett Burt & Watson Inc. acquired a new stake in shares of 3M during the 4th quarter valued at $27,000. Pinney & Scofield Inc. acquired a new stake in shares of 3M during the 4th quarter valued at $28,000. Curat Global LLC acquired a new stake in shares of 3M during the 1st quarter valued at $29,000. Finally, Meeder Asset Management Inc. lifted its position in shares of 3M by 230.1% during the 4th quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate's stock valued at $40,000 after acquiring an additional 214 shares during the last quarter. 65.25% of the stock is owned by institutional investors.

3M Stock Down 3.2%

Shares of NYSE MMM traded down $4.84 during mid-day trading on Friday, reaching $144.38. The company had a trading volume of 4,074,208 shares, compared to its average volume of 4,251,674. 3M Company has a twelve month low of $119.31 and a twelve month 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 market capitalization of $76.90 billion, a PE ratio of 20.08, a price-to-earnings-growth ratio of 2.79 and a beta of 1.05. The stock's 50 day moving average is $149.78 and its 200-day moving average is $146.76.

3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share for the quarter, topping analysts' consensus estimates of $2.01 by $0.15. The business 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%. 3M's revenue for the quarter was up 1.4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.93 earnings per share. As a group, equities analysts anticipate 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. 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 yield of 2.0%. 3M's payout ratio is 40.61%.

Insider Buying and Selling at 3M

In other 3M news, EVP John Patrick Banovetz sold 7,759 shares of the stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the transaction, the executive vice president directly owned 31,372 shares of the company's stock, valued at $4,654,663.64. This represents a 19.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 transaction of $1,179,493.30. Following the sale, the executive vice president owned 6,127 shares of the company's stock, valued at $913,045.54. This trade represents a 56.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.48% of the company's stock.

Wall Street Analysts Forecast Growth

MMM has been the subject of a number of recent research reports. Wells Fargo & Company reiterated an "overweight" rating on shares of 3M in a research report on Friday, July 18th. Royal Bank Of Canada increased 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. Citigroup increased their price objective on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research report on Friday, May 30th. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research note on Tuesday, July 29th. Finally, Barclays set a $170.00 target price on shares of 3M in a research note on Friday, July 18th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $158.10.

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.