3M Company $MMM Shares Bought by MAI Capital Management

Key Points

• MAI Capital Management increased its stake in 3M Company by 5.1%, owning 53,197 shares worth approximately $7.81 million as of the latest SEC filing.
• Insiders Christian T. Goralski, Jr. and CAO Theresa E. Reinseth both sold significant portions of their shares, indicating a decrease in their ownership by 68.01% and 57.59%, respectively.
• 3M reported a quarterly earnings per share (EPS) of $2.16, exceeding analysts' expectations, with revenue increasing by 1.4% to $6.16 billion compared to the same quarter last year.

MAI Capital Management increased its stake in shares of 3M Company (NYSE:MMM - Free Report) by 5.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 53,197 shares of the conglomerate's stock after purchasing an additional 2,561 shares during the quarter. MAI Capital Management's holdings in 3M were worth $7,812,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in MMM. Nuveen LLC purchased a new stake in shares of 3M during the 1st quarter worth $235,020,000. J. Goldman & Co LP purchased a new stake in 3M in the fourth quarter valued at about $63,471,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in 3M in the fourth quarter valued at about $51,289,000. Jennison Associates LLC raised its stake in 3M by 84.7% in the first quarter. Jennison Associates LLC now owns 842,174 shares of the conglomerate's stock valued at $123,682,000 after buying an additional 386,093 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in 3M by 18.0% in the first quarter. Dimensional Fund Advisors LP now owns 2,516,729 shares of the conglomerate's stock valued at $369,530,000 after buying an additional 383,539 shares during the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MMM has been the subject of a number of research analyst reports. Barclays set a $170.00 price target on 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 Saturday, August 30th. Wells Fargo & Company reiterated an "overweight" rating on shares of 3M in a research note on Friday, July 18th. Citigroup increased their price target on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research note on Friday, May 30th. Finally, JPMorgan Chase & Co. set a $167.00 price objective on 3M in a report on Friday, July 18th. Seven research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $161.78.

Insider Activity

In related news, insider Christian T. Goralski, Jr. sold 6,165 shares of the firm's 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 sale, the insider directly owned 2,900 shares of the company's stock, valued at $435,522. This trade represents a 68.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Theresa E. Reinseth sold 3,477 shares of the firm's stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total value of $523,740.51. Following the sale, the chief accounting officer directly owned 2,561 shares in the company, valued at approximately $385,763.43. This trade represents a 57.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is owned by company insiders.

3M Stock Performance

Shares of MMM stock traded down $0.23 during mid-day trading on Friday, reaching $155.29. The stock had a trading volume of 2,052,950 shares, compared to its average volume of 2,824,897. The business's fifty day moving average is $153.80 and its 200-day moving average is $147.68. The company has a current ratio of 1.72, a quick ratio of 1.20 and a debt-to-equity ratio of 2.87. The firm has a market cap of $82.71 billion, a price-to-earnings ratio of 21.60, a PEG ratio of 3.01 and a beta of 1.04. 3M Company has a 1-year low of $121.98 and a 1-year high of $164.15.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings data 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 analyst estimates of $6.09 billion. 3M had a return on equity of 96.48% and a net margin of 16.01%.The company's revenue was up 1.4% on a year-over-year basis. During the same period in the prior year, the company earned $1.93 earnings per share. On average, research analysts forecast that 3M Company will post 7.8 earnings per share for the current year.

3M Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Monday, August 25th will be issued a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Monday, August 25th. 3M's dividend payout ratio (DPR) is 40.61%.

3M Company 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.