Banque Transatlantique SA Buys 208,802 Shares of 3M Company $MMM

Key Points

• Banque Transatlantique SA significantly increased its stake in 3M Company by 8,188.3% during the first quarter, accumulating over 211,000 shares valued at approximately $28.7 million.
• 3M reported strong earnings for the last quarter with an EPS of $2.16, surpassing estimates and achieving a revenue of $6.16 billion.
• The company announced a quarterly dividend of $0.73 per share, with a yield of 1.9%, set to be paid on September 12.

Banque Transatlantique SA raised its stake in shares of 3M Company (NYSE:MMM - Free Report) by 8,188.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 211,352 shares of the conglomerate's stock after acquiring an additional 208,802 shares during the quarter. Banque Transatlantique SA's holdings in 3M were worth $28,684,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Brighton Jones LLC increased its holdings in shares of 3M by 26.6% in the 4th quarter. Brighton Jones LLC now owns 8,898 shares of the conglomerate's stock worth $1,149,000 after acquiring an additional 1,872 shares during the period. Bison Wealth LLC increased its holdings in shares of 3M by 10.2% in the 4th quarter. Bison Wealth LLC now owns 2,751 shares of the conglomerate's stock worth $355,000 after acquiring an additional 255 shares during the period. Aptus Capital Advisors LLC increased its holdings in shares of 3M by 16.2% in the 4th quarter. Aptus Capital Advisors LLC now owns 6,814 shares of the conglomerate's stock worth $880,000 after acquiring an additional 948 shares during the period. Bank of America Corp DE increased its holdings in shares of 3M by 4.2% in the 4th quarter. Bank of America Corp DE now owns 4,270,238 shares of the conglomerate's stock worth $551,245,000 after acquiring an additional 172,815 shares during the period. Finally, Baker Avenue Asset Management LP increased its holdings in shares of 3M by 28.0% in the 4th quarter. Baker Avenue Asset Management LP now owns 3,158 shares of the conglomerate's stock worth $408,000 after acquiring an additional 691 shares during the period. 65.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on MMM. JPMorgan Chase & Co. set a $167.00 price objective on shares of 3M in a report on Friday, July 18th. Barclays set a $170.00 target price on shares of 3M in a research note on Friday, July 18th. Wells Fargo & Company reissued an "overweight" rating on shares of 3M in a research note on Friday, July 18th. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research note on Saturday, August 30th. Finally, 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 report on Friday, May 30th. Seven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $161.78.

Insider Transactions at 3M

In other 3M news, CAO Theresa E. Reinseth sold 3,477 shares of the company's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $150.63, for a total transaction of $523,740.51. Following the transaction, the chief accounting officer directly owned 2,561 shares in the company, valued at approximately $385,763.43. This represents a 57.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of the company's stock in a transaction dated 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 sale, the insider directly owned 2,900 shares of the company's stock, valued at approximately $435,522. This trade represents a 68.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company's stock.

3M Stock Performance

Shares of NYSE:MMM traded down $0.23 during trading on Friday, reaching $155.29. The stock had a trading volume of 2,052,950 shares, compared to its average volume of 2,824,897. 3M Company has a 52 week low of $121.98 and a 52 week high of $164.15. The firm has a market capitalization of $82.71 billion, a price-to-earnings ratio of 21.60, a P/E/G ratio of 3.00 and a beta of 1.04. 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 stock has a fifty day simple moving average of $153.80 and a two-hundred day simple moving average of $147.67.

3M (NYSE:MMM - Get Free Report) last announced its earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share (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 quarter in the previous year, the firm posted $1.93 earnings per share. 3M's revenue was up 1.4% compared to the same quarter last year. As a group, analysts anticipate that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Announces Dividend

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

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.