Farther Finance Advisors LLC Increases Stake in 3M Company $MMM

Key Points

• Farther Finance Advisors LLC increased its stake in 3M Company by 15.8%, owning 12,137 shares valued at approximately $1.85 million as of the latest SEC filing.
• Multiple institutional investors, including Invesco Ltd. and Alliancebernstein L.P., have also raised their holdings in 3M, reflecting a significant institutional interest with 65.25% of the stock owned by such investors.
• 3M declared a quarterly dividend of $0.73, representing a yield of 1.9% and a payout ratio of 40.61%, with the dividend paid on September 12.

Farther Finance Advisors LLC lifted its position in 3M Company (NYSE:MMM - Free Report) by 15.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,137 shares of the conglomerate's stock after purchasing an additional 1,652 shares during the period. Farther Finance Advisors LLC's holdings in 3M were worth $1,848,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Invesco Ltd. increased its stake in shares of 3M by 0.7% in the first quarter. Invesco Ltd. now owns 4,498,809 shares of the conglomerate's stock worth $660,695,000 after purchasing an additional 30,260 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of 3M by 10.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,198,538 shares of the conglomerate's stock worth $616,597,000 after purchasing an additional 414,160 shares in the last quarter. Alliancebernstein L.P. increased 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 worth $459,339,000 after purchasing an additional 586,851 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of 3M by 6.8% in the first quarter. Goldman Sachs Group Inc. now owns 3,122,020 shares of the conglomerate's stock worth $458,500,000 after purchasing an additional 199,944 shares in the last quarter. Finally, Amundi boosted its position in shares of 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 acquiring an additional 519,302 shares during the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MMM has been the subject of a number of research reports. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a research report on Saturday, September 13th. Barclays set a $170.00 target price on shares of 3M in a research report on Friday, July 18th. Citigroup upped their target price on shares of 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research report on Friday, May 30th. JPMorgan Chase & Co. set a $167.00 target price on shares of 3M in a research report on Friday, July 18th. Finally, Wells Fargo & Company restated an "overweight" rating on shares of 3M in a research report on Friday, July 18th. Seven equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, 3M currently has an average rating of "Moderate Buy" and a consensus price target of $161.78.

Insider Activity

In related 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 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 transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Theresa E. Reinseth sold 3,477 shares of the firm'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 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. Company insiders own 0.48% of the company's stock.

3M Trading Down 1.7%

Shares of MMM opened at $153.89 on Tuesday. 3M Company has a twelve month low of $121.98 and a twelve month high of $164.15. The company has a market cap of $81.97 billion, a P/E ratio of 21.40, a P/E/G ratio of 2.84 and a beta of 1.04. The company has a current ratio of 1.72, a quick ratio of 1.20 and a debt-to-equity ratio of 2.87. The company's fifty day simple moving average is $154.07 and its 200-day simple moving average is $148.22.

3M (NYSE:MMM - Get Free Report) last announced its earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share for the quarter, beating the consensus estimate of $2.01 by $0.15. The business had revenue of $6.16 billion for the quarter, compared to the consensus estimate of $6.09 billion. 3M had a net margin of 16.01% and a return on equity of 96.48%. The business's revenue for the quarter was up 1.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.93 earnings per share. As a group, analysts expect that 3M Company will post 7.8 EPS for the current year.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 12th. Investors of record on Monday, August 25th were paid a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend was Monday, August 25th. 3M's dividend payout ratio (DPR) is currently 40.61%.

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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