Belmont Capital LLC Purchases 5,901 Shares of 3M Company $MMM

Key Points

• Belmont Capital LLC significantly increased its stake in 3M Company by 368.1% in the first quarter, acquiring an additional 5,901 shares, bringing its total holdings to 7,504 shares valued at approximately $1.1 million.
• Institutional investors collectively hold 65.25% of 3M's stock, with prominent increases from firms such as Invesco and AllianceBernstein in recent quarters.
• 3M recently declared a quarterly dividend of $0.73, providing an annualized yield of 1.9%, payable to shareholders of record on August 25th.

Belmont Capital LLC raised its stake in shares of 3M Company (NYSE:MMM - Free Report) by 368.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,504 shares of the conglomerate's stock after purchasing an additional 5,901 shares during the quarter. Belmont Capital LLC's holdings in 3M were worth $1,102,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Ensign Peak Advisors Inc increased its position in 3M by 29.2% during the 4th quarter. Ensign Peak Advisors Inc now owns 642,354 shares of the conglomerate's stock valued at $82,921,000 after purchasing an additional 145,146 shares during the period. Financial Gravity Asset Management Inc. purchased a new position in 3M during the 1st quarter valued at $2,506,000. Synergy Asset Management LLC increased its position in 3M by 122.7% during the 1st quarter. Synergy Asset Management LLC now owns 4,512 shares of the conglomerate's stock valued at $663,000 after purchasing an additional 2,486 shares during the period. Northstar Group Inc. purchased a new stake in shares of 3M in the 1st quarter worth about $262,000. Finally, Dynamic Advisor Solutions LLC bought a new position in shares of 3M in the 1st quarter worth about $786,000. 65.25% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at 3M

In other news, insider Christian T. Goralski, Jr. sold 6,165 shares of the 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 transaction, the insider owned 2,900 shares in the company, valued at $435,522. This represents a 68.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Theresa E. Reinseth sold 3,477 shares of the stock in a transaction that occurred 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 owned 2,561 shares in the company, valued at $385,763.43. This trade represents a 57.59% decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is owned by corporate insiders.

3M Stock Performance

MMM traded down $0.23 during midday trading on Friday, hitting $155.29. 2,052,950 shares of the company traded hands, compared to its average volume of 2,824,897. 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 firm has a market capitalization of $82.71 billion, a PE ratio of 21.60, a price-to-earnings-growth ratio of 3.00 and a beta of 1.04. The company's 50-day moving average is $153.80 and its 200 day moving average is $147.67. 3M Company has a 52 week low of $121.98 and a 52 week high of $164.15.

3M (NYSE:MMM - Get Free Report) last posted its earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.01 by $0.15. The business had revenue of $6.16 billion for the quarter, compared to analysts' expectations of $6.09 billion. 3M had a net margin of 16.01% and a return on equity of 96.48%. The business's revenue for the quarter was up 1.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.93 EPS. On average, research analysts expect that 3M Company will post 7.8 EPS for the current year.

3M Dividend Announcement

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

Wall Street Analyst Weigh In

MMM has been the subject of several research reports. JPMorgan Chase & Co. set a $167.00 price target 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 report on Friday, July 18th. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research report on Saturday, August 30th. Citigroup increased 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. Finally, Barclays set a $170.00 price objective on shares of 3M in a research report on Friday, July 18th. Seven research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, 3M presently has a consensus rating of "Moderate Buy" and a consensus target price of $161.78.

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.