Commonwealth Equity Services LLC Has $67.90 Million Stock Holdings in 3M Company (NYSE:MMM)

Key Points

• Commonwealth Equity Services LLC increased its stake in 3M Company by 5.5% in Q1, now owning 462,374 shares valued at approximately $67.90 million.
• 3M's recent earnings report exceeded analysts' expectations, with earnings per share of $2.16 and revenues of $6.16 billion for the last quarter.
• The company's quarterly dividend of $0.73 per share was recently paid, representing a 2.0% yield and a payout ratio of 40.61%.

Commonwealth Equity Services LLC raised its stake in 3M Company (NYSE:MMM - Free Report) by 5.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 462,374 shares of the conglomerate's stock after buying an additional 24,122 shares during the quarter. Commonwealth Equity Services LLC owned 0.09% of 3M worth $67,904,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. REAP Financial Group LLC boosted its holdings in shares of 3M by 88.7% in the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock valued at $26,000 after buying an additional 94 shares during the last quarter. Pinney & Scofield Inc. bought a new stake in shares of 3M during the 4th quarter valued at $28,000. Curat Global LLC bought a new stake in shares of 3M during the 1st quarter valued at $29,000. Intelligent Financial Strategies bought a new stake in shares of 3M during the 1st quarter worth $42,000. Finally, Investment Management Corp VA ADV grew its position in 3M by 173.6% in the first 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 and hedge funds own 65.25% of the company's stock.

3M Stock Performance

3M stock opened at $144.38 on Monday. The firm has a 50 day simple moving average of $149.78 and a 200-day simple moving average of $146.76. 3M Company has a 1-year low of $119.31 and a 1-year high of $164.15. 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 stock has a market cap of $76.90 billion, a price-to-earnings ratio of 20.08, a price-to-earnings-growth ratio of 2.79 and a beta of 1.05.

3M (NYSE:MMM - Get Free Report) last announced 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. The business had revenue of $6.16 billion for the quarter, compared to analyst estimates of $6.09 billion. 3M had a net margin of 16.01% and a return on equity of 96.48%. The company's revenue was up 1.4% on a year-over-year basis. During the same period last year, the business earned $1.93 EPS. On average, analysts expect that 3M Company will post 7.8 EPS for the current year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 2.0%. 3M's payout ratio is currently 40.61%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on MMM shares. Citigroup upped their target price on 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a report on Friday, May 30th. JPMorgan Chase & Co. set a $167.00 target price on 3M in a research report on Friday, July 18th. Wells Fargo & Company reiterated an "overweight" rating on shares of 3M in a research report on Friday, July 18th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a research note on Tuesday, July 29th. Finally, Royal Bank Of Canada boosted their target price on 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research note on Wednesday, April 23rd. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat, 3M currently has a consensus rating of "Hold" and an average target price of $158.10.

Insider Transactions at 3M

In other news, EVP John Patrick Banovetz sold 7,759 shares of 3M stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the completion of the sale, the executive vice president directly owned 31,372 shares in the company, valued at $4,654,663.64. The trade was a 19.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Zoe L. Dickson sold 7,915 shares of the business's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the transaction, 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 disclosure for this sale can be found here. Insiders own 0.48% of the company's stock.

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.

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