Gotham Asset Management LLC Increases Position in 3M Company $MMM

Key Points

• Gotham Asset Management LLC increased its stake in 3M Company by 3.0% in Q1, now holding 92,262 shares worth approximately $13.55 million.
• Several hedge funds are actively investing in 3M, with Nuveen LLC acquiring a stake valued at $235 million and Alliancebernstein L.P. increasing its holdings by 23.1% in the same quarter.
• 3M's recent quarterly earnings report showed an EPS of $2.16, exceeding estimates, while a dividend of $0.73 is planned to be paid on September 12th.

Gotham Asset Management LLC raised its position in 3M Company (NYSE:MMM - Free Report) by 3.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 92,262 shares of the conglomerate's stock after acquiring an additional 2,672 shares during the quarter. Gotham Asset Management LLC's holdings in 3M were worth $13,550,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of MMM. Caitong International Asset Management Co. Ltd acquired a new position in shares of 3M during the first quarter worth $28,000. WPG Advisers LLC purchased a new stake in 3M during the 1st quarter worth about $28,000. REAP Financial Group LLC boosted its position in shares of 3M by 88.7% during the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock worth $26,000 after acquiring an additional 94 shares in the last quarter. Curat Global LLC purchased a new position in shares of 3M in the 1st quarter valued at about $29,000. Finally, Saudi Central Bank purchased a new position in shares of 3M in the 1st quarter valued at about $31,000. 65.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Barclays set a $170.00 target price on 3M in a research note 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. Citigroup upped their target price on shares of 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a report on Friday, May 30th. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a report on Saturday, August 30th. Finally, Wells Fargo & Company restated an "overweight" rating on shares of 3M in a report on Friday, July 18th. Seven equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $161.78.

3M Stock Performance

MMM stock traded down $0.75 on Friday, hitting $158.72. The company's stock had a trading volume of 1,475,599 shares, compared to its average volume of 3,733,090. The firm has a 50 day moving average of $153.94 and a two-hundred day moving average of $147.89. 3M Company has a 1 year low of $121.98 and a 1 year high of $164.15. The stock has a market cap of $84.54 billion, a price-to-earnings ratio of 22.11, a price-to-earnings-growth ratio of 2.79 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.

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 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 during the quarter, compared to the consensus estimate of $6.09 billion. During the same quarter in the prior year, the firm earned $1.93 EPS. 3M's revenue for the quarter was up 1.4% on a year-over-year basis. Equities analysts predict that 3M Company will post 7.8 EPS for the current fiscal year.

3M Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Monday, August 25th will be given a dividend of $0.73 per share. The ex-dividend date is Monday, August 25th. This represents a $2.92 dividend on an annualized basis and a yield of 1.8%. 3M's dividend payout ratio is presently 40.61%.

Insiders Place Their Bets

In other 3M news, CAO Theresa E. Reinseth sold 3,477 shares of the company's stock in a transaction on Tuesday, August 5th. The shares were 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 owned 2,561 shares in the company, valued at approximately $385,763.43. This represents a 57.59% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of the company's stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $150.18, for a total transaction of $925,859.70. Following the transaction, the insider owned 2,900 shares of the company's stock, valued at approximately $435,522. The trade was a 68.01% decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by corporate insiders.

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.