GSA Capital Partners LLP Grows Holdings in 3M Company (NYSE:MMM)

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 raised its position in 3M Company (NYSE:MMM - Free Report) by 236.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor 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.

Other large investors have also recently added to or reduced their stakes in the company. REAP Financial Group LLC lifted its holdings in 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 buying an additional 94 shares in the last quarter. Curat Global LLC bought a new stake in shares of 3M during the first quarter worth $29,000. Pinney & Scofield Inc. bought a new position in shares of 3M in the 4th quarter valued at about $28,000. Intelligent Financial Strategies acquired a new stake in 3M during the 1st quarter worth $42,000. Finally, Investment Management Corp VA ADV increased its holdings in 3M by 173.6% in the first quarter. Investment Management Corp VA ADV now owns 301 shares of the conglomerate's stock valued at $44,000 after purchasing an additional 191 shares during the last quarter. 65.25% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on MMM. Wells Fargo & Company reaffirmed an "overweight" rating on shares of 3M in a research report on Friday, July 18th. JPMorgan Chase & Co. set a $167.00 price objective on shares of 3M in a report on Friday, July 18th. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a report on Tuesday, July 29th. Barclays set a $170.00 price objective on shares of 3M in a research report on Friday, July 18th. Finally, Royal Bank Of Canada upped their price target on shares of 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a report on Wednesday, April 23rd. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $158.10.

3M Trading Up 2.2%

3M stock traded up $3.15 during trading hours on Monday, hitting $147.56. The stock had a trading volume of 2,137,179 shares, compared to its average volume of 3,893,550. The stock has a market cap of $78.60 billion, a price-to-earnings ratio of 20.52, a P/E/G ratio of 2.79 and a beta of 1.05. The company has a quick ratio of 1.20, a current ratio of 1.72 and a debt-to-equity ratio of 2.87. The business's 50 day simple moving average is $149.78 and its 200-day simple moving average is $146.76. 3M Company has a one year low of $119.31 and a one year high of $164.15.

3M (NYSE:MMM - Get Free Report) last issued 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. 3M had a return on equity of 96.48% and a net margin of 16.01%. The company had revenue of $6.16 billion for the quarter, compared to analysts' expectations of $6.09 billion. During the same period last year, the business earned $1.93 EPS. 3M's quarterly revenue was up 1.4% compared to the same quarter last year. On average, equities analysts predict that 3M Company will post 7.8 EPS for the current fiscal year.

3M Announces Dividend

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

Insider Activity

In other news, EVP John Patrick Banovetz sold 7,759 shares of the stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the completion of the transaction, the executive vice president owned 31,372 shares in the company, valued at approximately $4,654,663.64. This represents a 19.83% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Zoe L. Dickson sold 7,915 shares of 3M stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $149.02, for a total value of $1,179,493.30. Following the completion of the sale, the executive vice president directly owned 6,127 shares of the company's stock, valued at approximately $913,045.54. This trade represents a 56.37% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.48% of the company's stock.

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.