Kodai Capital Management LP Buys New Shares in 3M Company $MMM

Key Points

• Kodai Capital Management LP invested approximately $20.60 million in 3M Company by purchasing 140,258 shares during the first quarter.
• Several hedge funds increased their positions in 3M, with Dimensional Fund Advisors LP growing its stake by 18.0%, highlighting strong institutional interest.
• 3M recently reported $2.16 EPS, exceeding analyst expectations and indicating a 1.4% increase in revenue compared to the same quarter last year.

Kodai Capital Management LP bought a new stake in 3M Company (NYSE:MMM - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The firm bought 140,258 shares of the conglomerate's stock, valued at approximately $20,598,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Ensign Peak Advisors Inc grew its position in 3M by 29.2% during the 4th quarter. Ensign Peak Advisors Inc now owns 642,354 shares of the conglomerate's stock worth $82,921,000 after purchasing an additional 145,146 shares during the last quarter. Financial Gravity Asset Management Inc. purchased a new position in 3M during the 1st quarter worth $2,506,000. Synergy Asset Management LLC grew its position in 3M by 122.7% during the 1st quarter. Synergy Asset Management LLC now owns 4,512 shares of the conglomerate's stock worth $663,000 after purchasing an additional 2,486 shares during the last quarter. Northstar Group Inc. purchased a new position in 3M during the 1st quarter worth $262,000. Finally, Dynamic Advisor Solutions LLC purchased a new position in 3M during the 1st quarter worth $786,000. 65.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have issued reports on MMM. Citigroup raised their price objective on shares of 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research report on Friday, May 30th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a report on Saturday. JPMorgan Chase & Co. set a $167.00 target price on shares of 3M in a report on Friday, July 18th. Barclays set a $170.00 target price on shares of 3M in a report on Friday, July 18th. Finally, Wells Fargo & Company reaffirmed an "overweight" rating on shares of 3M in a report on Friday, July 18th. Seven research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $158.10.

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 transaction of $523,740.51. Following the completion of the transaction, the chief accounting officer owned 2,561 shares in the company, 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 legal filing with the SEC, which is accessible through this link. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of 3M stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $150.18, for a total transaction of $925,859.70. Following the transaction, the insider 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. Insiders own 0.48% of the company's stock.

3M Price Performance

MMM stock traded down $2.88 during trading on Wednesday, reaching $151.39. 1,819,268 shares of the company were exchanged, compared to its average volume of 3,774,307. The company has a market cap of $80.63 billion, a P/E ratio of 21.05, a PEG ratio of 3.01 and a beta of 1.04. 3M Company has a 52-week low of $121.98 and a 52-week high of $164.15. The stock's 50 day moving average price is $153.56 and its 200 day moving average price is $147.56. 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 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, analysts predict that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Monday, August 25th will be given a dividend of $0.73 per share. The ex-dividend date is Monday, August 25th. This represents a $2.92 dividend on an annualized basis and a yield of 1.9%. 3M's payout ratio is presently 40.61%.

3M 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.