Duncan Williams Asset Management LLC Buys Shares of 2,794 3M Company $MMM

Key Points

• Duncan Williams Asset Management LLC purchased 2,794 shares of 3M Company, valued at approximately $425,000, indicating increased institutional interest in the stock.
• 3M reported a quarterly earnings per share (EPS) of $2.16, exceeding analyst expectations of $2.01, with a revenue of $6.16 billion for the quarter.
• The company declared a quarterly dividend of $0.73, representing a 1.9% yield and maintaining a payout ratio of 40.61%.

Duncan Williams Asset Management LLC purchased a new position in 3M Company (NYSE:MMM - Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 2,794 shares of the conglomerate's stock, valued at approximately $425,000.

Several other hedge funds also recently modified their holdings of the business. Nuveen LLC bought a new position in shares of 3M during the 1st quarter worth about $235,020,000. Alliancebernstein L.P. lifted its stake in shares of 3M by 23.1% in the first quarter. Alliancebernstein L.P. now owns 3,127,734 shares of the conglomerate's stock valued at $459,339,000 after buying an additional 586,851 shares during the period. Amundi grew its position in 3M by 20.7% during the first quarter. Amundi now owns 3,030,397 shares of the conglomerate's stock worth $423,471,000 after buying an additional 519,302 shares in the last quarter. Zurich Insurance Group Ltd FI bought a new position in 3M during the first quarter valued at about $68,822,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in 3M by 10.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,198,538 shares of the conglomerate's stock valued at $616,597,000 after acquiring an additional 414,160 shares in the last quarter. 65.25% of the stock is owned by institutional investors.

3M Stock Down 1.7%

MMM opened at $155.95 on Tuesday. The firm has a market cap of $83.06 billion, a price-to-earnings ratio of 21.69, a PEG ratio of 2.62 and a beta of 1.05. 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 firm's 50-day simple moving average is $154.46 and its 200-day simple moving average is $148.60. 3M Company has a twelve month low of $121.98 and a twelve month high of $164.15.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings results on Friday, July 18th. The conglomerate reported $2.16 EPS for the quarter, beating analysts' consensus estimates of $2.01 by $0.15. The firm 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 for the quarter was up 1.4% compared to the same quarter last year. During the same period in the previous year, the business earned $1.93 earnings per share. Equities research analysts anticipate that 3M Company will post 7.8 EPS for the current fiscal year.

3M Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 12th. Shareholders of record on Monday, August 25th were given a $0.73 dividend. The ex-dividend date was Monday, August 25th. This represents a $2.92 annualized dividend and a yield of 1.9%. 3M's payout ratio is presently 40.61%.

Insiders Place Their Bets

In other 3M news, insider Christian T. Goralski, Jr. sold 6,165 shares of the firm's 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 completion of the sale, the insider owned 2,900 shares in the company, valued at approximately $435,522. This trade represents a 68.01% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Theresa E. Reinseth sold 3,477 shares of the business's 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 directly owned 2,561 shares of the company's stock, valued at approximately $385,763.43. This represents a 57.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by insiders.

Analysts Set New Price Targets

MMM has been the topic of several recent research reports. JPMorgan Chase & Co. set a $167.00 price objective on 3M in a report on Friday, July 18th. Barclays set a $170.00 price target on shares of 3M in a research note on Friday, July 18th. Weiss Ratings upgraded shares of 3M from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Saturday, September 27th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of 3M from $177.00 to $185.00 and gave the stock a "buy" rating in a report on Thursday, October 2nd. Finally, Wells Fargo & Company upped their target price on shares of 3M from $170.00 to $176.00 and gave the company an "overweight" rating in a research note on Monday. Nine research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, 3M has an average rating of "Moderate Buy" and a consensus price target of $164.70.

3M Company 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.

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