3M Company (NYSE:MMM) Shares Acquired by GSA Capital Partners LLP

Key Points

• GSA Capital Partners significantly increased its stake in 3M Company, acquiring an additional 5,634 shares for a total of 8,013 shares, now valued at $1,177,000.
• 3M reported a quarterly EPS of $2.16, surpassing estimates, with revenues of $6.16 billion, representing a 1.4% year-over-year increase.
• The company recently announced a $0.73 quarterly dividend, yielding 1.99%, with a payout ratio of 40.61%.

GSA Capital Partners LLP grew its position in 3M Company (NYSE:MMM - Free Report) by 236.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,013 shares of the conglomerate's stock after buying an additional 5,634 shares during the period. GSA Capital Partners LLP's holdings in 3M were worth $1,177,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Invesco Ltd. boosted its position in 3M by 51.6% in the 4th quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate's stock valued at $576,845,000 after buying an additional 1,520,619 shares during the period. D1 Capital Partners L.P. acquired a new stake in 3M during the 4th quarter worth $175,110,000. Capital World Investors grew its position in 3M by 25.4% during the 4th quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock worth $794,410,000 after purchasing an additional 1,248,093 shares during the last quarter. Northern Trust Corp increased its stake in 3M by 12.6% in the fourth quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate's stock valued at $871,738,000 after purchasing an additional 755,155 shares during the period. Finally, Ceredex Value Advisors LLC acquired a new position in 3M in the fourth quarter valued at $81,482,000. Hedge funds and other institutional investors own 65.25% of the company's stock.

3M Price Performance

MMM traded down $4.84 during midday trading on Friday, reaching $144.38. 4,074,208 shares of the company's stock were exchanged, compared to its average volume of 4,047,933. The company has a debt-to-equity ratio of 2.87, a current ratio of 1.72 and a quick ratio of 1.20. The stock has a market capitalization of $76.90 billion, a PE ratio of 20.08, a P/E/G ratio of 2.89 and a beta of 1.05. The business's 50-day moving average price is $149.78 and its 200 day moving average price is $146.65. 3M Company has a 1-year low of $119.31 and a 1-year high of $164.15.

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

3M Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 2.0%. 3M's payout ratio is currently 40.61%.

Analyst Upgrades and Downgrades

MMM has been the topic of several analyst reports. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a report on Tuesday. Barclays set a $170.00 target price on shares of 3M in a report on Friday, July 18th. JPMorgan Chase & Co. set a $167.00 target price on shares of 3M in a report on Friday, July 18th. Royal Bank Of Canada lifted their target price on shares of 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a report on Wednesday, April 23rd. Finally, Citigroup boosted their price objective on shares of 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a report on Friday, May 30th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $158.10.

Insider Transactions at 3M

In other news, EVP John Patrick Banovetz sold 7,759 shares of the business's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $148.37, for a total value of $1,151,202.83. Following the completion of the transaction, the executive vice president owned 31,372 shares of the company's stock, valued at $4,654,663.64. The trade was a 19.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Zoe L. Dickson sold 7,915 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the completion of the transaction, the executive vice president directly owned 6,127 shares of the company's stock, valued at approximately $913,045.54. This represents a 56.37% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.34% of the company's stock.

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.