Kaufman Rossin Wealth LLC Purchases New Shares in 3M Company $MMM

Key Points

• Kaufman Rossin Wealth LLC acquired 2,783 shares of 3M Company, worth approximately $409,000, in the first quarter according to their latest SEC filing.
• 3M reported $2.16 EPS for the last quarter, exceeding the consensus estimate of $2.01, and its revenue rose by 1.4% year-over-year.
• The company has declared a quarterly dividend of $0.73 per share, translating to an annualized dividend yield of 1.9%.

Kaufman Rossin Wealth LLC bought a new stake in shares of 3M Company (NYSE:MMM - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 2,783 shares of the conglomerate's stock, valued at approximately $409,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MMM. Northern Trust Corp boosted its holdings in shares of 3M by 12.6% in the 4th quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate's stock valued at $871,738,000 after buying an additional 755,155 shares during the period. Invesco Ltd. lifted its stake in shares of 3M by 0.7% in the 1st quarter. Invesco Ltd. now owns 4,498,809 shares of the conglomerate's stock worth $660,695,000 after acquiring an additional 30,260 shares during the period. Bank of America Corp DE lifted its stake in shares of 3M by 4.2% in the 4th quarter. Bank of America Corp DE now owns 4,270,238 shares of the conglomerate's stock worth $551,245,000 after acquiring an additional 172,815 shares during the period. Janus Henderson Group PLC raised its holdings in shares of 3M by 5.7% in the 4th quarter. Janus Henderson Group PLC now owns 3,624,933 shares of the conglomerate's stock worth $467,944,000 after purchasing an additional 193,957 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in shares of 3M by 6.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,122,020 shares of the conglomerate's stock worth $458,500,000 after purchasing an additional 199,944 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company's stock.

Insider Buying and Selling at 3M

In related news, CAO Theresa E. Reinseth sold 3,477 shares of the company's stock in a transaction dated 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 sale, the chief accounting officer owned 2,561 shares of the company's stock, valued at $385,763.43. This represents a 57.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of the business's stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $150.18, for a total value of $925,859.70. Following the transaction, the insider directly 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 company insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on MMM. JPMorgan Chase & Co. set a $167.00 price target on shares of 3M in a report on Friday, July 18th. Wells Fargo & Company reiterated an "overweight" rating on shares of 3M in a research note on Friday, July 18th. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research note on Thursday, August 14th. Citigroup upped their target price on shares of 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research note on Friday, May 30th. Finally, Barclays set a $170.00 target price on shares of 3M in a research note on Friday, July 18th. Seven research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, 3M presently has an average rating of "Hold" and an average price target of $158.10.

3M Trading Up 2.7%

Shares of NYSE MMM traded up $4.1990 during mid-day trading on Friday, hitting $158.5790. The company's stock had a trading volume of 1,958,212 shares, compared to its average volume of 3,356,141. The stock has a market cap of $84.46 billion, a price-to-earnings ratio of 22.06, a price-to-earnings-growth ratio of 3.07 and a beta of 1.05. 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 Company has a one year low of $121.98 and a one year high of $164.15. The company's fifty day simple moving average is $152.00 and its 200-day simple moving average is $147.26.

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

3M Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Monday, August 25th will be paid a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 1.8%. 3M's dividend payout ratio is presently 40.61%.

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.