Caxton Associates LLP Makes New $1.26 Million Investment 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 stake in 3M Company (NYSE:MMM - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm bought 8,608 shares of the conglomerate's stock, valued at approximately $1,264,000.

Other large investors have also recently modified their holdings of the company. Financial Gravity Asset Management Inc. acquired a new stake in shares of 3M in the 1st quarter valued at $2,506,000. Synergy Asset Management LLC boosted its holdings in shares of 3M by 122.7% in 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 in the last quarter. Northstar Group Inc. acquired a new stake in shares of 3M in the 1st quarter valued at $262,000. Dynamic Advisor Solutions LLC acquired a new stake in shares of 3M in the 1st quarter valued at $786,000. Finally, Retirement Systems of Alabama boosted its holdings in shares of 3M by 210.6% in the 1st quarter. Retirement Systems of Alabama now owns 366,236 shares of the conglomerate's stock valued at $53,785,000 after purchasing an additional 248,333 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on MMM. Wells Fargo & Company reiterated an "overweight" rating on shares of 3M in a research note on Friday, July 18th. Barclays set a $170.00 price target on 3M in a research note on Friday, July 18th. Citigroup increased their price target on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research note on Friday, May 30th. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research note on Saturday, August 30th. 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 one has given a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $161.78.

3M Stock Down 1.3%

Shares of MMM traded down $1.99 during trading hours on Monday, hitting $155.89. The stock had a trading volume of 958,314 shares, compared to its average volume of 3,724,456. The company has a debt-to-equity ratio of 2.87, a current ratio of 1.72 and a quick ratio of 1.20. The firm has a 50 day simple moving average of $154.05 and a 200-day simple moving average of $147.95. The firm has a market capitalization of $83.03 billion, a P/E ratio of 21.68, a price-to-earnings-growth ratio of 2.87 and a beta of 1.04. 3M Company has a 1-year low of $121.98 and a 1-year high of $164.15.

3M (NYSE:MMM - Get Free Report) last issued its earnings results on Friday, July 18th. The conglomerate reported $2.16 EPS for the quarter, beating the consensus estimate of $2.01 by $0.15. The company had revenue of $6.16 billion during the quarter, compared to the consensus estimate of $6.09 billion. 3M had a return on equity of 96.48% and a net margin of 16.01%.The firm's revenue for the quarter was up 1.4% compared to the same quarter last year. During the same period last year, the business posted $1.93 EPS. Sell-side analysts predict 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 was paid on Friday, September 12th. Shareholders of record on Monday, August 25th were paid a dividend of $0.73 per share. The ex-dividend date was Monday, August 25th. This represents a $2.92 dividend on an annualized basis and a yield of 1.9%. 3M's payout ratio is 40.61%.

Insider Transactions at 3M

In other 3M news, CAO Theresa E. Reinseth sold 3,477 shares of 3M stock in a transaction dated 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 approximately $385,763.43. The trade was a 57.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of 3M 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 transaction, the insider owned 2,900 shares of the company's stock, valued at $435,522. This trade represents a 68.01% decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by insiders.

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.