Nearwater Capital Markets Ltd Takes $10.28 Million Position in 3M Company $MMM

Key Points

• Nearwater Capital Markets Ltd invested approximately $10.28 million in 3M Company by purchasing 70,000 shares, as disclosed in its latest 13F filing.
• Institutional investors collectively own 65.25% of 3M's stock, with notable recent purchases including Nuveen LLC acquiring a position worth $235 million.
• 3M announced a quarterly dividend of $0.73, to be paid on September 12th, representing a 1.9% yield with a payout ratio of 40.61%.

Nearwater Capital Markets Ltd acquired a new stake in 3M Company (NYSE:MMM - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 70,000 shares of the conglomerate's stock, valued at approximately $10,280,000.

Several other large investors have also recently added to or reduced their stakes in the business. Nippon Life Global Investors Americas Inc. lifted its position in 3M by 1.8% during the first quarter. Nippon Life Global Investors Americas Inc. now owns 429,850 shares of the conglomerate's stock worth $63,128,000 after buying an additional 7,620 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in 3M by 34.8% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 100,168 shares of the conglomerate's stock worth $14,711,000 after buying an additional 25,868 shares during the period. Gotham Asset Management LLC lifted its position in 3M by 3.0% during the first quarter. Gotham Asset Management LLC now owns 92,262 shares of the conglomerate's stock worth $13,550,000 after buying an additional 2,672 shares during the period. DnB Asset Management AS lifted its position in 3M by 52.2% during the first quarter. DnB Asset Management AS now owns 249,586 shares of the conglomerate's stock worth $36,654,000 after buying an additional 85,582 shares during the period. Finally, Belmont Capital LLC lifted its position in 3M by 368.1% during the first quarter. Belmont Capital LLC now owns 7,504 shares of the conglomerate's stock worth $1,102,000 after buying an additional 5,901 shares during the period. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, insider Christian T. Goralski, Jr. sold 6,165 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $150.18, for a total value of $925,859.70. Following the completion of the sale, the insider directly owned 2,900 shares in the company, valued at approximately $435,522. The trade was a 68.01% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Theresa E. Reinseth sold 3,477 shares of the business's stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $150.63, for a total value 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 trade represents a 57.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by insiders.

3M Stock Up 0.1%

Shares of NYSE:MMM traded up $0.09 during mid-day trading on Wednesday, hitting $153.17. 1,184,253 shares of the company traded hands, compared to its average volume of 3,737,109. The firm has a market cap of $81.58 billion, a P/E ratio of 21.30, a PEG ratio of 2.80 and a beta of 1.04. 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 Company has a 52-week low of $121.98 and a 52-week high of $164.15. The firm's 50 day simple moving average is $153.81 and its 200 day simple moving average is $147.75.

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

3M Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Citigroup increased their target price on 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research report on Friday, May 30th. Wells Fargo & Company reiterated an "overweight" rating on shares of 3M in a report on Friday, July 18th. Barclays set a $170.00 target price on 3M in a report on Friday, July 18th. JPMorgan Chase & Co. set a $167.00 target price on 3M in a report on Friday, July 18th. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a report on Saturday, August 30th. Seven equities 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 company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $161.78.

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.