Integrity Alliance LLC. Purchases 4,875 Shares of 3M Company $MMM

Key Points

• Integrity Alliance LLC increased its holdings in 3M Company by 70.4% in the first quarter, now owning a total of 11,796 shares valued at approximately $1.73 million.
• Several hedge funds, including Invesco and UBS, modified their stakes in 3M during the same period, with institutional investors now owning 65.25% of the company’s stock.
• 3M reported earnings of $2.16 per share for the last quarter, surpassing analyst expectations, with revenues reaching $6.16 billion and an anticipated fiscal year EPS of 7.8.

Integrity Alliance LLC. raised its position in shares of 3M Company (NYSE:MMM - Free Report) by 70.4% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 11,796 shares of the conglomerate's stock after buying an additional 4,875 shares during the period. Integrity Alliance LLC.'s holdings in 3M were worth $1,732,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Invesco Ltd. grew its stake in shares of 3M by 0.7% in the first quarter. Invesco Ltd. now owns 4,498,809 shares of the conglomerate's stock worth $660,695,000 after purchasing an additional 30,260 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in 3M by 10.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,198,538 shares of the conglomerate's stock worth $616,597,000 after buying an additional 414,160 shares during the period. Alliancebernstein L.P. grew its position in shares of 3M by 23.1% in the 1st quarter. Alliancebernstein L.P. now owns 3,127,734 shares of the conglomerate's stock worth $459,339,000 after buying an additional 586,851 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of 3M by 6.8% during the first quarter. Goldman Sachs Group Inc. now owns 3,122,020 shares of the conglomerate's stock valued at $458,500,000 after buying an additional 199,944 shares during the period. Finally, Amundi raised its holdings in shares of 3M by 20.7% during the first quarter. Amundi now owns 3,030,397 shares of the conglomerate's stock valued at $423,471,000 after acquiring an additional 519,302 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company's stock.

Wall Street Analysts Forecast Growth

MMM has been the topic of several recent analyst reports. Citigroup lifted their price target on shares of 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a report on Friday, May 30th. JPMorgan Chase & Co. set a $167.00 target price on shares of 3M in a research note on Friday, July 18th. Wells Fargo & Company reissued an "overweight" rating on shares of 3M in a research note on Friday, July 18th. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a report on Saturday, August 30th. Finally, Barclays set a $170.00 target price on 3M in a report on Friday, July 18th. Seven equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $161.78.

Insider Transactions at 3M

In other 3M news, CAO Theresa E. Reinseth sold 3,477 shares of 3M 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 approximately $385,763.43. The trade was a 57.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the insider owned 2,900 shares in the company, valued at approximately $435,522. This represents 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 company insiders.

3M Price Performance

Shares of MMM opened at $153.47 on Thursday. 3M Company has a fifty-two week low of $121.98 and a fifty-two week high of $164.15. The firm's 50-day simple moving average is $153.80 and its two-hundred day simple moving average is $147.79. The stock has a market cap of $81.74 billion, a PE ratio of 21.34, a price-to-earnings-growth ratio of 2.78 and a beta of 1.04. The company has a debt-to-equity ratio of 2.87, a quick ratio of 1.20 and a current ratio of 1.72.

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

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Monday, August 25th will be given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Monday, August 25th. 3M's dividend payout ratio is 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.

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