3M Company $MMM Shares Acquired by Alliancebernstein L.P.

Key Points

• Alliancebernstein L.P. increased its ownership of 3M Company shares by 23.1%, acquiring an additional 586,851 shares during the first quarter.
• 3M's recent quarterly earnings reported a net margin of 16.01% and earnings per share of $2.16, exceeding analyst expectations.
• The company announced a quarterly dividend of $0.73 per share, reflecting a dividend yield of 1.9% and a payout ratio of 40.61%.

Alliancebernstein L.P. lifted its holdings in 3M Company (NYSE:MMM - Free Report) by 23.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,127,734 shares of the conglomerate's stock after buying an additional 586,851 shares during the period. Alliancebernstein L.P. owned approximately 0.58% of 3M worth $459,339,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of MMM. Brighton Jones LLC lifted its stake in shares of 3M by 26.6% in the fourth quarter. Brighton Jones LLC now owns 8,898 shares of the conglomerate's stock worth $1,149,000 after buying an additional 1,872 shares in the last quarter. Bison Wealth LLC lifted its stake in shares of 3M by 10.2% in the fourth quarter. Bison Wealth LLC now owns 2,751 shares of the conglomerate's stock worth $355,000 after buying an additional 255 shares in the last quarter. Aptus Capital Advisors LLC lifted its stake in shares of 3M by 16.2% in the fourth quarter. Aptus Capital Advisors LLC now owns 6,814 shares of the conglomerate's stock worth $880,000 after buying an additional 948 shares in the last quarter. Bank of America Corp DE raised its stake 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 purchasing an additional 172,815 shares during the period. Finally, Baker Avenue Asset Management LP raised its stake in 3M by 28.0% during the fourth quarter. Baker Avenue Asset Management LP now owns 3,158 shares of the conglomerate's stock worth $408,000 after purchasing an additional 691 shares during the period. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Trading Down 0.1%

Shares of 3M stock traded down $0.23 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 firm's 50 day moving average price is $153.80 and its two-hundred day moving average price is $147.67. The firm has a market cap of $82.71 billion, a PE ratio of 21.60, a PEG ratio of 3.00 and a beta of 1.04. 3M Company has a 52-week low of $121.98 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.

3M (NYSE:MMM - Get Free Report) last released 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. 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%. The business's revenue was up 1.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.93 EPS. Sell-side analysts predict that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Dividend Announcement

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

Insider Buying and Selling

In related news, insider Christian T. Goralski, Jr. sold 6,165 shares of 3M stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $150.18, for a total value of $925,859.70. Following the completion of the transaction, the insider owned 2,900 shares in the company, valued at approximately $435,522. The trade was a 68.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Theresa E. Reinseth sold 3,477 shares of 3M 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 position. The disclosure for this sale can be found here. Insiders own 0.34% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on MMM shares. Citigroup lifted their target price on shares of 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research note on Friday, May 30th. Barclays set a $170.00 target price on shares of 3M in a research note on Friday, July 18th. JPMorgan Chase & Co. set a $167.00 target price on shares of 3M in a research note on Friday, July 18th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a research note on Saturday, August 30th. Finally, Wells Fargo & Company reaffirmed an "overweight" rating on shares of 3M in a research note on Friday, July 18th. Seven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $161.78.

About 3M

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.