Neo Ivy Capital Management Makes New $839,000 Investment in 3M Company (NYSE:MMM)

Key Points

• Neo Ivy Capital Management invested $839,000 in 3M Company by purchasing 5,712 shares, marking a new position during the first quarter of the year.
• 3M's latest quarterly earnings report showed earnings per share of $2.16, surpassing the consensus estimate, with a revenue increase of 1.4% compared to the same quarter last year.
• Wall Street analysts have varying projections for 3M’s stock, with an average rating of "Moderate Buy" and a target price of $156.33, as multiple analysts raised their price objectives recently.

Neo Ivy Capital Management purchased a new position in shares of 3M Company (NYSE:MMM - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 5,712 shares of the conglomerate's stock, valued at approximately $839,000.

Several other large investors have also recently added to or reduced their stakes in the stock. Geode Capital Management LLC increased its stake in shares of 3M by 2.5% in the fourth quarter. Geode Capital Management LLC now owns 11,574,414 shares of the conglomerate's stock worth $1,493,655,000 after acquiring an additional 280,048 shares during the last quarter. Northern Trust Corp increased its position in 3M by 12.6% in the 4th quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate's stock worth $871,738,000 after purchasing an additional 755,155 shares during the last quarter. Capital World Investors raised its stake in shares of 3M by 25.4% during the 4th quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock worth $794,410,000 after purchasing an additional 1,248,093 shares in the last quarter. Norges Bank acquired a new stake in shares of 3M during the 4th quarter valued at about $636,767,000. Finally, Invesco Ltd. grew its stake in shares of 3M by 51.6% in the 4th quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate's stock valued at $576,845,000 after buying an additional 1,520,619 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company's stock.

Insider Activity

In other news, EVP John Patrick Banovetz sold 7,759 shares of the business's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the sale, the executive vice president directly owned 31,372 shares in the company, valued at approximately $4,654,663.64. The trade was a 19.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Zoe L. Dickson sold 7,915 shares of the company's stock in a transaction on Thursday, May 15th. The shares were 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 owned 6,127 shares of the company's stock, valued at $913,045.54. The trade was a 56.37% 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 company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on MMM shares. JPMorgan Chase & Co. set a $167.00 price objective on shares of 3M in a research report on Friday, July 18th. Citigroup raised their price target on shares of 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a report on Friday, May 30th. Barclays set a $170.00 price objective on shares of 3M in a report on Friday, July 18th. Royal Bank Of Canada raised their target price on 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a report on Wednesday, April 23rd. Finally, Wells Fargo & Company reiterated an "overweight" rating on shares of 3M in a research note on Friday, July 18th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $156.91.

3M Stock Performance

MMM traded down $1.01 during midday trading on Wednesday, reaching $150.78. The company's stock had a trading volume of 580,370 shares, compared to its average volume of 3,881,189. 3M Company has a twelve month low of $119.31 and a twelve month high of $164.15. The stock has a market cap of $80.31 billion, a P/E ratio of 20.97, a PEG ratio of 3.06 and a beta of 1.02. The company has a fifty day simple moving average of $149.91 and a 200 day simple moving average of $146.50. The company has a current ratio of 1.72, a quick ratio of 1.20 and a debt-to-equity ratio of 2.87.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $6.16 billion for the quarter, compared to the consensus estimate of $6.09 billion. 3M had a net margin of 16.01% and a return on equity of 96.48%. 3M's quarterly revenue was up 1.4% on a year-over-year basis. During the same quarter last year, the company posted $1.93 earnings per share. Research analysts expect that 3M Company will post 7.8 earnings per share for the current year.

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.94%. 3M's dividend payout ratio is currently 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.