Gabelli Funds LLC Purchases 10,850 Shares of 3M Company $MMM

Key Points

• Gabelli Funds LLC increased its stake in 3M Company by 361.7% in Q1, now holding 13,850 shares valued at $2.03 million.
• 3M recently reported earnings of $2.16 per share, surpassing analysts' expectations of $2.01, with a year-over-year revenue increase of 1.4%.
• The company announced a quarterly dividend of $0.73 per share, set to be paid on September 12th, representing an annualized yield of 1.9%.

Gabelli Funds LLC increased its position in shares of 3M Company (NYSE:MMM - Free Report) by 361.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,850 shares of the conglomerate's stock after purchasing an additional 10,850 shares during the quarter. Gabelli Funds LLC's holdings in 3M were worth $2,034,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. REAP Financial Group LLC lifted its position in 3M by 88.7% during 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 period. Pinney & Scofield Inc. acquired a new position in shares of 3M in the fourth quarter valued at approximately $28,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of 3M in the first quarter valued at about $28,000. Curat Global LLC bought a new position in 3M during the 1st quarter worth approximately $29,000. Finally, Intelligent Financial Strategies acquired a new position in 3M in the first quarter valued at $42,000. Institutional investors own 65.25% of the company's stock.

Insider Buying and Selling at 3M

In related news, CAO Theresa E. Reinseth sold 3,477 shares of the 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 sale, the chief accounting officer owned 2,561 shares of the company's stock, valued at approximately $385,763.43. This represents a 57.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of the firm's stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $150.18, for a total value of $925,859.70. Following the completion of the transaction, the insider owned 2,900 shares of the company's stock, valued at approximately $435,522. This represents a 68.01% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.48% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently commented on MMM shares. JPMorgan Chase & Co. set a $167.00 price objective on shares of 3M in a research report on Friday, July 18th. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a report on Saturday. Wells Fargo & Company reiterated an "overweight" rating on shares of 3M in a report on Friday, July 18th. Barclays set a $170.00 price target on shares of 3M in a research report on Friday, July 18th. Finally, Citigroup raised their price target on shares of 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research report on Friday, May 30th. Seven equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $158.10.

3M Stock Performance

Shares of 3M stock traded down $2.31 during mid-day trading on Wednesday, hitting $151.96. 2,306,367 shares of the stock were exchanged, compared to its average volume of 3,777,086. 3M Company has a 12 month low of $121.98 and a 12 month high of $164.15. The company has a 50-day simple moving average of $153.56 and a 200 day simple moving average of $147.56. 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 $80.94 billion, a P/E ratio of 21.14, a P/E/G ratio of 3.01 and a beta of 1.04.

3M (NYSE:MMM - Get Free Report) last posted its earnings results on Friday, July 18th. The conglomerate reported $2.16 EPS for the quarter, topping the consensus estimate of $2.01 by $0.15. 3M had a net margin of 16.01% and a return on equity of 96.48%. The firm had revenue of $6.16 billion for the quarter, compared to analysts' expectations of $6.09 billion. During the same quarter last year, the firm earned $1.93 EPS. The company's quarterly revenue was up 1.4% compared to the same quarter last year. Sell-side analysts anticipate that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Monday, August 25th will be issued a dividend of $0.73 per share. The ex-dividend date of this dividend is Monday, August 25th. This represents a $2.92 dividend on an annualized basis and a yield of 1.9%. 3M's payout ratio is presently 40.61%.

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.