CCM Investment Group LLC Invests $5.14 Million in 3M Company (NYSE:MMM)

Key Points

• CCM Investment Group LLC has acquired a new stake in 3M Company, purchasing 35,495 shares valued at approximately $5.14 million during the first quarter.
• 3M recently declared a quarterly dividend of $0.73, translating to an annual yield of 1.9% and reflects a dividend payout ratio of 40.61%.
• The company reported a quarterly earnings per share (EPS) of $2.16, exceeding analysts' expectations and indicating a 1.4% revenue increase year-on-year.

CCM Investment Group LLC bought a new position in 3M Company (NYSE:MMM - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 35,495 shares of the conglomerate's stock, valued at approximately $5,141,000.

Several other institutional investors have also recently made changes to their positions in the company. REAP Financial Group LLC grew its holdings in shares of 3M by 88.7% in the fourth 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 last quarter. Curat Global LLC bought a new stake in 3M in the 1st quarter worth about $29,000. Pinney & Scofield Inc. bought a new stake in shares of 3M during the 4th quarter valued at about $28,000. Intelligent Financial Strategies bought a new position in shares of 3M during the 1st quarter valued at approximately $42,000. Finally, Investment Management Corp VA ADV boosted its position in shares of 3M by 173.6% during the 1st quarter. Investment Management Corp VA ADV now owns 301 shares of the conglomerate's stock valued at $44,000 after acquiring an additional 191 shares during the last quarter. Institutional investors own 65.25% of the company's stock.

3M Stock Up 1.5%

Shares of MMM stock traded up $2.41 during mid-day trading on Wednesday, reaching $160.26. 3,131,997 shares of the company were exchanged, compared to its average volume of 3,858,803. 3M Company has a fifty-two week low of $121.98 and a fifty-two week high of $164.15. The business's 50 day simple moving average is $150.35 and its 200 day simple moving average is $147.06. The company has a debt-to-equity ratio of 2.87, a quick ratio of 1.20 and a current ratio of 1.72. The company has a market capitalization of $85.36 billion, a P/E ratio of 22.29, a P/E/G ratio of 3.01 and a beta of 1.05.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings data on Friday, July 18th. The conglomerate reported $2.16 earnings per share for the quarter, beating 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 analysts' expectations of $6.09 billion. During the same period in the previous year, the business earned $1.93 earnings per share. The company's revenue was up 1.4% on a year-over-year basis. Research analysts predict that 3M Company will post 7.8 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Citigroup increased their target price on 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research note on Friday, May 30th. Barclays set a $170.00 price target on 3M in a research report on Friday, July 18th. Royal Bank Of Canada upped their target price on 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a research note on Wednesday, April 23rd. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a report on Tuesday, July 29th. Finally, Wells Fargo & Company reissued an "overweight" rating on shares of 3M in a research report on Friday, July 18th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, 3M has a consensus rating of "Hold" and a consensus target price of $158.10.

Insider Buying and Selling at 3M

In other 3M news, EVP Zoe L. Dickson sold 7,915 shares of the business's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $149.02, for a total value of $1,179,493.30. Following the sale, the executive vice president directly owned 6,127 shares in the company, valued at approximately $913,045.54. The trade was a 56.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 value of $523,740.51. Following the completion of the transaction, the chief accounting officer directly owned 2,561 shares in the company, valued at $385,763.43. This represents a 57.59% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 25,316 shares of company stock valued at $3,780,296 in the last ninety days. 0.48% of the stock is owned by insiders.

About 3M

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.