Deutsche Bank AG Purchases 156,060 Shares of 3M Company (NYSE:MMM)

Key Points

• Deutsche Bank AG increased its holdings in 3M Company by 10.0% in Q1, now owning 1,722,505 shares valued at approximately $252.97 million.
• Several institutional investors, including D1 Capital and Capital World Investors, have made significant purchases in 3M, with institutional ownership now at 65.25%.
• 3M reported a quarterly EPS of $2.16, exceeding estimates, with revenue of $6.16 billion, reflecting a 1.4% increase year-over-year.

Deutsche Bank AG raised its stake in 3M Company (NYSE:MMM - Free Report) by 10.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,722,505 shares of the conglomerate's stock after purchasing an additional 156,060 shares during the period. Deutsche Bank AG owned 0.32% of 3M worth $252,967,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of MMM. Brighton Jones LLC increased its holdings in shares of 3M by 26.6% in the fourth quarter. Brighton Jones LLC now owns 8,898 shares of the conglomerate's stock valued at $1,149,000 after purchasing an additional 1,872 shares during the last quarter. Envestnet Asset Management Inc. grew its stake in shares of 3M by 8.3% in the fourth quarter. Envestnet Asset Management Inc. now owns 513,800 shares of the conglomerate's stock valued at $66,326,000 after acquiring an additional 39,346 shares in the last quarter. FIL Ltd grew its stake in shares of 3M by 12.0% in the fourth quarter. FIL Ltd now owns 418,733 shares of the conglomerate's stock valued at $54,054,000 after acquiring an additional 44,735 shares in the last quarter. Bank of Nova Scotia grew its stake in shares of 3M by 153.9% in the fourth quarter. Bank of Nova Scotia now owns 188,210 shares of the conglomerate's stock valued at $24,296,000 after acquiring an additional 114,069 shares in the last quarter. Finally, Advisory Services Network LLC grew its stake in shares of 3M by 18.7% in the fourth quarter. Advisory Services Network LLC now owns 16,828 shares of the conglomerate's stock valued at $2,172,000 after acquiring an additional 2,646 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other 3M news, EVP Zoe L. Dickson sold 7,915 shares of the stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the completion of the sale, the executive vice president owned 6,127 shares of the company's stock, valued at approximately $913,045.54. This represents a 56.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP John Patrick Banovetz sold 7,759 shares of the stock in a transaction that occurred on 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 sale, the executive vice president directly owned 31,372 shares of the company's stock, valued at $4,654,663.64. This represents a 19.83% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 25,316 shares of company stock worth $3,780,296. 0.34% of the stock is owned by company insiders.

3M Price Performance

Shares of MMM stock traded up $1.59 on Friday, reaching $153.33. The company had a trading volume of 2,375,683 shares, compared to its average volume of 4,166,032. The stock has a market capitalization of $81.67 billion, a PE ratio of 21.33, a price-to-earnings-growth ratio of 2.97 and a beta of 1.05. The company has a quick ratio of 1.20, a current ratio of 1.72 and a debt-to-equity ratio of 2.87. 3M Company has a one year low of $121.98 and a one year high of $164.15. The business's 50-day moving average is $149.98 and its 200 day moving average is $146.96.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings data on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.01 by $0.15. 3M had a return on equity of 96.48% and a net margin of 16.01%. The company had revenue of $6.16 billion during the quarter, compared to the consensus estimate of $6.09 billion. During the same quarter in the prior year, the firm posted $1.93 earnings per share. The firm's revenue was up 1.4% compared to the same quarter last year. Equities research 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 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 1.9%. 3M's dividend payout ratio is presently 40.61%.

Analysts Set New Price Targets

Several equities analysts recently commented on MMM shares. Citigroup upped their price target on shares of 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research note on Friday, May 30th. Wells Fargo & Company reaffirmed an "overweight" rating on shares of 3M in a research report on Friday, July 18th. JPMorgan Chase & Co. set a $167.00 price objective on shares of 3M in a research report on Friday, July 18th. Royal Bank Of Canada upped their price objective on shares of 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a research report on Wednesday, April 23rd. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a research report on Tuesday, July 29th. Two equities research 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. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $158.10.

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.