Caxton Associates LLP Invests $1.26 Million in 3M Company $MMM

Key Points

• Caxton Associates LLP has acquired 8,608 shares of 3M Company, valued at approximately $1.26 million, as indicated in their recent 13F filing.
• 3M recently reported $2.16 EPS for the quarter, surpassing analyst expectations of $2.01, with a revenue of $6.16 billion, up 1.4% year-over-year.
• The company also announced a quarterly dividend of $0.73 per share, expected to be paid on September 12th, representing an annual yield of 1.9%.

Caxton Associates LLP bought a new position in shares of 3M Company (NYSE:MMM - Free Report) during the 1st quarter, according to the company in its most recent filing with the SEC. The fund bought 8,608 shares of the conglomerate's stock, valued at approximately $1,264,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. REAP Financial Group LLC increased its position in 3M by 88.7% during the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock worth $26,000 after purchasing an additional 94 shares during the period. Pinney & Scofield Inc. acquired a new position in 3M during the 4th quarter worth approximately $28,000. Caitong International Asset Management Co. Ltd acquired a new position in 3M during the 1st quarter worth approximately $28,000. WPG Advisers LLC acquired a new position in 3M during the 1st quarter worth approximately $28,000. Finally, Curat Global LLC acquired a new position in 3M during the 1st quarter worth approximately $29,000. Institutional investors and hedge funds own 65.25% of the company's stock.

Insider Buying and Selling at 3M

In related news, CAO Theresa E. Reinseth sold 3,477 shares of the stock in a transaction on 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 directly owned 2,561 shares of the company's stock, valued at approximately $385,763.43. This trade represents a 57.59% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of the stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $150.18, for a total value of $925,859.70. Following the completion of the transaction, 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 disclosure for this sale can be found here. Company insiders own 0.34% of the company's stock.

3M Trading Down 1.0%

Shares of 3M stock traded down $1.54 during trading hours on Friday, reaching $157.93. 2,865,088 shares of the company's stock were exchanged, compared to its average volume of 2,572,781. 3M Company has a 52-week low of $121.98 and a 52-week high of $164.15. The company has a fifty day moving average of $154.05 and a 200-day moving average of $147.97. The firm has a market capitalization of $84.12 billion, a price-to-earnings ratio of 21.97, a price-to-earnings-growth ratio of 2.90 and a beta of 1.04. The company has a current ratio of 1.72, a quick ratio of 1.20 and a debt-to-equity ratio of 2.87.

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

3M Dividend Announcement

The company also recently announced 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 dividend yield of 1.8%. The ex-dividend date of this dividend is Monday, August 25th. 3M's dividend payout ratio (DPR) is 40.61%.

Analysts Set New Price Targets

Several brokerages have recently commented on MMM. Barclays set a $170.00 price target on 3M in a research note on Friday, July 18th. Citigroup boosted their price target on 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research note on Friday, May 30th. JPMorgan Chase & Co. set a $167.00 price target on 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, Wells Fargo & Company reissued 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 given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $161.78.

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.