Aperture Investors LLC Has $3.92 Million Stake in 3M Company $MMM

Key Points

• Aperture Investors LLC reduced its stake in 3M Company by 22.5%, holding 26,660 shares worth approximately $3.92 million at the end of the first quarter.
• The company reported $2.16 EPS for the latest quarter, exceeding analyst estimates of $2.01 EPS, with revenue of $6.16 billion—up 1.4% year-over-year.
• 3M announced a quarterly dividend of $0.73 per share, representing a yield of 1.9%, with the ex-dividend date set for August 25th.

Aperture Investors LLC reduced its stake in shares of 3M Company (NYSE:MMM - Free Report) by 22.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,660 shares of the conglomerate's stock after selling 7,740 shares during the quarter. Aperture Investors LLC's holdings in 3M were worth $3,915,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of MMM. Nuveen LLC bought a new stake in shares of 3M during the first quarter valued at approximately $235,020,000. J. Goldman & Co LP bought a new stake in shares of 3M during the fourth quarter valued at approximately $63,471,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of 3M during the fourth quarter valued at approximately $51,289,000. Jennison Associates LLC grew its stake in shares of 3M by 84.7% during the first quarter. Jennison Associates LLC now owns 842,174 shares of the conglomerate's stock valued at $123,682,000 after purchasing an additional 386,093 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of 3M by 18.0% during the first quarter. Dimensional Fund Advisors LP now owns 2,516,729 shares of the conglomerate's stock valued at $369,530,000 after purchasing an additional 383,539 shares during the last quarter. 65.25% of the stock is owned by institutional investors.

3M Trading Up 0.7%

Shares of NYSE:MMM opened at $157.58 on Friday. 3M Company has a 12 month low of $121.98 and a 12 month high of $164.15. The company has a quick ratio of 1.20, a current ratio of 1.72 and a debt-to-equity ratio of 2.87. The company's fifty day simple moving average is $153.09 and its 200 day simple moving average is $147.45. The firm has a market cap of $83.93 billion, a price-to-earnings ratio of 21.92, a PEG ratio of 3.03 and a beta of 1.05.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings data on Friday, July 18th. The conglomerate reported $2.16 EPS for the quarter, topping analysts' consensus estimates of $2.01 by $0.15. 3M had a net margin of 16.01% and a return on equity of 96.48%. The business had revenue of $6.16 billion for the quarter, compared to analyst estimates of $6.09 billion. During the same period last year, the business posted $1.93 earnings per share. The firm's quarterly revenue was up 1.4% on a year-over-year basis. As a group, research analysts forecast that 3M Company will post 7.8 EPS for the current fiscal year.

3M Dividend Announcement

The business 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 dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Monday, August 25th. 3M's dividend payout ratio (DPR) is presently 40.61%.

Insiders Place Their Bets

In related news, insider Christian T. Goralski, Jr. sold 6,165 shares of the firm's stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $150.18, for a total transaction of $925,859.70. Following the sale, the insider directly owned 2,900 shares in the company, valued at $435,522. This trade represents a 68.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, 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 sale, the chief accounting officer owned 2,561 shares in the company, valued at approximately $385,763.43. The trade was a 57.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.34% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Citigroup raised their price objective on shares of 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research note on Friday, May 30th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a research note on Thursday, August 14th. Wells Fargo & Company reaffirmed an "overweight" rating on shares of 3M in a research note on Friday, July 18th. JPMorgan Chase & Co. set a $167.00 price objective on shares of 3M in a research note on Friday, July 18th. Finally, Barclays set a $170.00 price objective on shares of 3M in a research note on Friday, July 18th. Seven research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, 3M presently has an average rating of "Hold" and a consensus price target 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.