Koss Olinger Consulting LLC Buys Shares of 8,387 3M Company (NYSE:MMM)

Key Points

• Koss Olinger Consulting LLC has acquired a new stake in 3M Company, purchasing 8,387 shares valued at approximately $1.23 million.
earnings per share (EPS) of $2.16 for the most recent quarter, surpassing analysts' expectations of $2.01, while also achieving a 1.4% increase in revenue year-over-year.
• The company recently declared a quarterly dividend of $0.73 per share, with a 1.9% yield based on an annualized dividend of $2.92.

Koss Olinger Consulting LLC acquired a new position in 3M Company (NYSE:MMM - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 8,387 shares of the conglomerate's stock, valued at approximately $1,232,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Lcnb Corp raised its position in shares of 3M by 10.0% in the first quarter. Lcnb Corp now owns 4,131 shares of the conglomerate's stock worth $607,000 after buying an additional 376 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in 3M in the first quarter valued at $2,987,000. Zions Bancorporation National Association UT bought a new position in 3M in the first quarter valued at $87,000. Townsquare Capital LLC increased its stake in 3M by 24.4% in the first quarter. Townsquare Capital LLC now owns 20,578 shares of the conglomerate's stock valued at $3,022,000 after acquiring an additional 4,032 shares during the last quarter. Finally, Forsta AP Fonden increased its stake in 3M by 50.7% in the first quarter. Forsta AP Fonden now owns 172,754 shares of the conglomerate's stock valued at $25,371,000 after acquiring an additional 58,100 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company's stock.

3M Trading Up 1.0%

Shares of NYSE MMM traded up $1.59 during trading hours on Friday, hitting $153.33. The company's stock had a trading volume of 2,375,683 shares, compared to its average volume of 4,164,765. The company has a debt-to-equity ratio of 2.87, a quick ratio of 1.20 and a current ratio of 1.72. The stock has a market cap of $81.67 billion, a price-to-earnings ratio of 21.33, a P/E/G ratio of 2.97 and a beta of 1.05. 3M Company has a 12 month low of $121.98 and a 12 month high of $164.15. The business has a 50-day simple moving average of $149.98 and a 200-day simple moving average of $146.94.

3M (NYSE:MMM - Get Free Report) last posted its earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.01 by $0.15. The company 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%. 3M's quarterly revenue was up 1.4% on a year-over-year basis. During the same period last year, the firm earned $1.93 earnings per share. On average, analysts anticipate that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were given a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 1.9%. 3M's dividend payout ratio is currently 40.61%.

Insider Transactions at 3M

In other news, CAO Theresa E. Reinseth sold 3,477 shares of the stock in a transaction that occurred on Tuesday, August 5th. The stock was 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 owned 2,561 shares of the company's stock, valued at approximately $385,763.43. This represents a 57.59% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Zoe L. Dickson sold 7,915 shares of the stock in a transaction that occurred on 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 transaction, the executive vice president directly owned 6,127 shares of the company's stock, valued at $913,045.54. This represents a 56.37% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 25,316 shares of company stock worth $3,780,296 over the last 90 days. 0.48% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms recently commented on MMM. Citigroup increased their target price on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research note on Friday, May 30th. Barclays set a $170.00 target price on 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. Royal Bank Of Canada raised their price objective on 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research note on Wednesday, April 23rd. Finally, JPMorgan Chase & Co. set a $167.00 price objective on 3M in a research note on Friday, July 18th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $158.10.

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.