Boston Partners Acquires Shares of 20,126 3M Company $MMM

Key Points

• Boston Partners has acquired a new stake in 3M Company, purchasing over 20,000 shares valued at approximately $2.96 million.
• Despite a recent 2.8% decline in shares, 3M reported a quarterly revenue increase of 1.4% year-over-year, totaling $6.16 billion, and exceeded EPS estimates.
• 3M has announced a quarterly dividend of $0.73 per share, reflecting an annualized payout of $2.92 and a dividend yield of 1.9%.

Boston Partners bought a new position in 3M Company (NYSE:MMM - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The fund bought 20,126 shares of the conglomerate's stock, valued at approximately $2,956,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Brighton Jones LLC grew its position in shares of 3M by 26.6% during the 4th quarter. Brighton Jones LLC now owns 8,898 shares of the conglomerate's stock valued at $1,149,000 after acquiring an additional 1,872 shares during the period. Gabelli Funds LLC lifted its holdings in shares of 3M by 7.1% in the 4th quarter. Gabelli Funds LLC now owns 3,000 shares of the conglomerate's stock valued at $387,000 after acquiring an additional 200 shares during the last quarter. Gamco Investors INC. ET AL raised its position in 3M by 5.7% in the 4th quarter. Gamco Investors INC. ET AL now owns 12,192 shares of the conglomerate's stock worth $1,574,000 after purchasing an additional 657 shares during the period. NewEdge Advisors LLC increased its position in shares of 3M by 4.6% during the fourth quarter. NewEdge Advisors LLC now owns 53,437 shares of the conglomerate's stock worth $6,898,000 after acquiring an additional 2,349 shares during the period. Finally, CANADA LIFE ASSURANCE Co increased its position in shares of 3M by 26.0% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 360,944 shares of the conglomerate's stock worth $46,582,000 after acquiring an additional 74,412 shares during the period. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on MMM shares. Barclays set a $170.00 price objective on 3M in a research report on Friday, July 18th. Wells Fargo & Company reaffirmed an "overweight" rating on shares of 3M in a report on Friday, July 18th. Citigroup boosted their price objective on 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research note on Friday, May 30th. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a report on Thursday, August 14th. Finally, JPMorgan Chase & Co. set a $167.00 price target on 3M in a research note on Friday, July 18th. Seven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, 3M presently has an average rating of "Hold" and an average target price of $158.10.

Insider Buying and Selling

In related news, CAO Theresa E. Reinseth sold 3,477 shares of the business's stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total value of $523,740.51. Following the transaction, the chief accounting officer owned 2,561 shares in the company, valued at $385,763.43. The trade was a 57.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Co 3M sold 8,800,000 shares of the business's stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $73.45, for a total value of $646,360,000.00. Following the completion of the transaction, the insider owned 25,569,190 shares in the company, valued at $1,878,057,005.50. This trade represents a 25.60% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 8,817,401 shares of company stock worth $648,960,803. Insiders own 0.48% of the company's stock.

3M Stock Performance

Shares of MMM traded up $1.3570 during midday trading on Tuesday, reaching $154.2170. 2,067,526 shares of the stock were exchanged, compared to its average volume of 3,712,329. The business's 50-day moving average price is $151.33 and its 200 day moving average price is $147.17. The company has a debt-to-equity ratio of 2.87, a current ratio of 1.72 and a quick ratio of 1.20. 3M Company has a twelve month low of $121.98 and a twelve month high of $164.15. The company has a market capitalization of $82.14 billion, a price-to-earnings ratio of 21.45, a PEG ratio of 2.96 and a beta of 1.05.

3M (NYSE:MMM - Get Free Report) last posted its earnings results 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 return on equity of 96.48% and a net margin of 16.01%.The business had revenue of $6.16 billion for the quarter, compared to analysts' expectations of $6.09 billion. During the same quarter in the previous year, the firm earned $1.93 earnings per share. The business's revenue was up 1.4% compared to the same quarter last year. On average, sell-side analysts expect that 3M Company will post 7.8 EPS for the current fiscal year.

3M Dividend Announcement

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 $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 1.9%. 3M's dividend payout ratio (DPR) is presently 40.61%.

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.