3M Company (NYSE:MMM) Stock Position Lifted by Goldman Sachs Group Inc.

Key Points

• Goldman Sachs increased its stake in 3M Company by 6.8% during the first quarter, now owning 3,122,020 shares valued at approximately $458.5 million.
• 3M's recent quarterly earnings exceeded analysts' expectations, reporting an EPS of $2.16 and revenue of $6.16 billion, representing a 1.4% year-over-year increase.
• 3M declared a quarterly dividend of $0.73, yielding 1.9%, with a current dividend payout ratio of 40.61%.

Goldman Sachs Group Inc. lifted its stake in shares of 3M Company (NYSE:MMM - Free Report) by 6.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,122,020 shares of the conglomerate's stock after purchasing an additional 199,944 shares during the quarter. Goldman Sachs Group Inc. owned about 0.58% of 3M worth $458,500,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Ensign Peak Advisors Inc boosted its position in 3M by 29.2% during the fourth quarter. Ensign Peak Advisors Inc now owns 642,354 shares of the conglomerate's stock worth $82,921,000 after purchasing an additional 145,146 shares in the last quarter. Financial Gravity Asset Management Inc. purchased a new stake in 3M during the first quarter worth $2,506,000. Synergy Asset Management LLC boosted its position in 3M by 122.7% during the first quarter. Synergy Asset Management LLC now owns 4,512 shares of the conglomerate's stock worth $663,000 after purchasing an additional 2,486 shares in the last quarter. Northstar Group Inc. purchased a new stake in 3M during the first quarter worth $262,000. Finally, Dynamic Advisor Solutions LLC purchased a new stake in 3M during the first quarter worth $786,000. Hedge funds and other institutional investors own 65.25% of the company's stock.

Analyst Ratings Changes

A number of analysts have commented on the company. Barclays set a $170.00 target price on 3M in a research report on Friday, July 18th. Citigroup increased their price objective on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research note on Friday, May 30th. JPMorgan Chase & Co. set a $167.00 price objective on 3M in a research report on Friday, July 18th. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research report on Tuesday, July 29th. Finally, Wells Fargo & Company reiterated an "overweight" rating on shares of 3M in a research report on Friday, July 18th. Two analysts have rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $158.10.

Insider Buying and Selling

In related news, insider Christian T. Goralski, Jr. sold 6,165 shares of the 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Theresa E. Reinseth sold 3,477 shares of the stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $150.63, for a total value 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 $385,763.43. This represents a 57.59% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 25,316 shares of company stock worth $3,780,296 in the last ninety days. 0.34% of the stock is owned by corporate insiders.

3M Trading Up 1.0%

NYSE:MMM traded up $1.59 on Friday, hitting $153.33. 2,375,683 shares of the stock were exchanged, compared to its average volume of 4,166,032. The stock has a market cap of $81.67 billion, a PE ratio of 21.33, a PEG ratio of 2.97 and a beta of 1.05. 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 stock has a fifty day moving average of $149.98 and a 200-day moving average of $146.96. 3M Company has a fifty-two week low of $121.98 and a fifty-two week high of $164.15.

3M (NYSE:MMM - Get Free Report) last announced its quarterly 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. The company had revenue of $6.16 billion during the quarter, compared to analyst estimates of $6.09 billion. 3M had a return on equity of 96.48% and a net margin of 16.01%. The firm's revenue was up 1.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.93 earnings per share. As a group, equities analysts expect that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were paid a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.9%. 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.