Invesco Ltd. Acquires 30,260 Shares of 3M Company (NYSE:MMM)

Key Points

• Invesco Ltd. increased its holdings in 3M Company by 0.7%, acquiring an additional 30,260 shares, bringing its total ownership to approximately 4.5 million shares valued at $660.7 million.
• 3M reported earnings of $2.16 per share for the last quarter, exceeding analysts' expectations of $2.01, with a year-over-year revenue increase of 1.4% to $6.16 billion.
• The company declared a quarterly dividend of $0.73 per share, resulting in an annualized dividend of $2.92, which corresponds to a yield of 1.9% and a payout ratio of 40.61%.

Invesco Ltd. lifted its holdings in shares of 3M Company (NYSE:MMM - Free Report) by 0.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 4,498,809 shares of the conglomerate's stock after purchasing an additional 30,260 shares during the period. Invesco Ltd. owned about 0.84% of 3M worth $660,695,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Berger Financial Group Inc grew its holdings in shares of 3M by 19.5% during the 1st quarter. Berger Financial Group Inc now owns 11,299 shares of the conglomerate's stock valued at $1,659,000 after purchasing an additional 1,842 shares during the last quarter. Benjamin Edwards Inc. grew its holdings in shares of 3M by 0.9% during the 1st quarter. Benjamin Edwards Inc. now owns 17,281 shares of the conglomerate's stock valued at $2,538,000 after purchasing an additional 148 shares during the last quarter. Covestor Ltd grew its holdings in shares of 3M by 65.6% during the 1st quarter. Covestor Ltd now owns 583 shares of the conglomerate's stock valued at $86,000 after purchasing an additional 231 shares during the last quarter. Frank Rimerman Advisors LLC grew its holdings in shares of 3M by 6.8% during the 1st quarter. Frank Rimerman Advisors LLC now owns 5,461 shares of the conglomerate's stock valued at $802,000 after purchasing an additional 349 shares during the last quarter. Finally, Koss Olinger Consulting LLC bought a new position in shares of 3M during the 1st quarter valued at $1,232,000. Institutional investors own 65.25% of the company's stock.

Analyst Ratings Changes

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

3M Trading Up 1.0%

Shares of NYSE MMM opened at $153.33 on Friday. 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 $81.67 billion, a P/E ratio of 21.33, a price-to-earnings-growth ratio of 2.97 and a beta of 1.05. The firm has a 50-day moving average of $149.98 and a 200 day moving average of $146.96. The company has a debt-to-equity ratio of 2.87, a current ratio of 1.72 and a quick ratio of 1.20.

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

3M Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Investors 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 1.9%. 3M's dividend payout ratio (DPR) is currently 40.61%.

Insider Buying and Selling at 3M

In other 3M news, EVP Zoe L. Dickson sold 7,915 shares of the firm's stock in a transaction dated 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 sale, the executive vice president directly owned 6,127 shares in the company, valued at approximately $913,045.54. This trade represents a 56.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of the firm's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $150.18, for a total transaction of $925,859.70. Following the sale, 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 25,316 shares of company stock valued at $3,780,296. 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.

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