3M Company $MMM Stock Holdings Raised by Kovitz Investment Group Partners LLC

Key Points

• Kovitz Investment Group Partners LLC increased its holdings in 3M Company by 4.8% in the first quarter, bringing their total shares to 79,571, valued at approximately $11.69 million.
• Multiple hedge funds have recently bought and sold shares of 3M, contributing to institutional investors holding 65.25% of the company's stock.
• 3M declared a quarterly dividend of $0.73 per share, with an anticipated annualized yield of 1.9% and a payout ratio of 40.61%.

Kovitz Investment Group Partners LLC boosted its position in 3M Company (NYSE:MMM - Free Report) by 4.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 79,571 shares of the conglomerate's stock after purchasing an additional 3,623 shares during the period. Kovitz Investment Group Partners LLC's holdings in 3M were worth $11,686,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the company. TCV Trust & Wealth Management Inc. lifted its position in 3M by 1.1% in the first quarter. TCV Trust & Wealth Management Inc. now owns 6,497 shares of the conglomerate's stock valued at $954,000 after purchasing an additional 73 shares during the period. Cahaba Wealth Management Inc. increased its stake in shares of 3M by 1.4% during the 1st quarter. Cahaba Wealth Management Inc. now owns 5,580 shares of the conglomerate's stock worth $819,000 after purchasing an additional 75 shares in the last quarter. Altman Advisors Inc. increased its stake in shares of 3M by 0.5% during the 1st quarter. Altman Advisors Inc. now owns 16,690 shares of the conglomerate's stock worth $2,318,000 after purchasing an additional 76 shares in the last quarter. NBT Bank N A NY increased its stake in shares of 3M by 0.8% during the 1st quarter. NBT Bank N A NY now owns 9,744 shares of the conglomerate's stock worth $1,431,000 after purchasing an additional 79 shares in the last quarter. Finally, Rehmann Capital Advisory Group increased its stake in shares of 3M by 2.6% during the 1st quarter. Rehmann Capital Advisory Group now owns 3,272 shares of the conglomerate's stock worth $481,000 after purchasing an additional 82 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company's stock.

Insider Activity

In related news, major shareholder Co 3M sold 8,800,000 shares of 3M stock in a transaction on Friday, August 15th. The shares were sold at an average price of $73.45, for a total transaction of $646,360,000.00. Following the sale, the insider owned 25,569,190 shares of the company's stock, valued at $1,878,057,005.50. The trade was a 25.60% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of 3M stock in a transaction 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 sale, the insider directly owned 2,900 shares in the company, valued at $435,522. This trade represents a 68.01% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 8,817,401 shares of company stock worth $648,960,803. Corporate insiders own 0.48% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research note on Thursday, August 14th. Royal Bank Of Canada raised their price objective on shares of 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. set a $167.00 target price on shares of 3M in a research note on Friday, July 18th. Barclays set a $170.00 target price on shares of 3M in a research note on Friday, July 18th. Finally, Citigroup lifted their target price on shares of 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research note on Friday, May 30th. Seven research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $158.10.

3M Stock Up 0.9%

Shares of NYSE:MMM traded up $1.3570 during midday trading on Tuesday, hitting $154.2170. 2,067,526 shares of the company's stock traded hands, compared to its average volume of 3,855,515. 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 company has a market cap of $82.14 billion, a PE ratio of 21.45, a P/E/G ratio of 2.95 and a beta of 1.05. The firm's fifty day moving average price is $151.14 and its two-hundred day moving average price is $147.12. 3M Company has a twelve month low of $121.98 and a twelve month high of $164.15.

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

3M Dividend Announcement

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