Neville Rodie & Shaw Inc. Grows Position in 3M Company $MMM

Key Points

• Neville Rodie & Shaw Inc. increased its holdings in 3M Company by 15.9%, owning a total of 23,860 shares worth approximately $3.63 million as of the latest SEC filing.
• Insider activity was notable, with Christian T. Goralski, Jr. selling 6,165 shares, representing a 68.01% decrease in their position.
• 3M reported $2.16 EPS for the last quarter, exceeding analysts’ expectations, and announced a quarterly dividend of $0.73, yielding 1.8% annually.

Neville Rodie & Shaw Inc. increased its holdings in 3M Company (NYSE:MMM - Free Report) by 15.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 23,860 shares of the conglomerate's stock after acquiring an additional 3,268 shares during the quarter. Neville Rodie & Shaw Inc.'s holdings in 3M were worth $3,632,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Howe & Rusling Inc. lifted its stake in 3M by 6.5% in the first quarter. Howe & Rusling Inc. now owns 6,349 shares of the conglomerate's stock worth $932,000 after acquiring an additional 385 shares during the period. Birchbrook Inc. lifted its stake in 3M by 24.2% in the first quarter. Birchbrook Inc. now owns 1,305 shares of the conglomerate's stock worth $192,000 after acquiring an additional 254 shares during the period. Modern Wealth Management LLC lifted its stake in 3M by 3.3% in the first quarter. Modern Wealth Management LLC now owns 9,250 shares of the conglomerate's stock worth $1,358,000 after acquiring an additional 299 shares during the period. Strs Ohio purchased a new stake in 3M in the first quarter worth about $30,194,000. Finally, Jacobi Capital Management LLC lifted its position in shares of 3M by 2.9% during the first quarter. Jacobi Capital Management LLC now owns 20,909 shares of the conglomerate's stock valued at $3,071,000 after buying an additional 589 shares during the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at 3M

In related news, insider Christian T. Goralski, Jr. sold 6,165 shares of the stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $150.18, for a total value of $925,859.70. Following the transaction, the insider owned 2,900 shares in the company, valued at approximately $435,522. This represents a 68.01% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 transaction of $523,740.51. Following the completion of the transaction, the chief accounting officer owned 2,561 shares in the company, valued at approximately $385,763.43. This trade represents a 57.59% decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by corporate insiders.

3M Stock Performance

Shares of 3M stock opened at $157.93 on Friday. The firm has a market capitalization of $84.12 billion, a P/E ratio of 21.97, a PEG ratio of 2.90 and a beta of 1.04. The company has a quick ratio of 1.20, a current ratio of 1.72 and a debt-to-equity ratio of 2.87. The company has a 50 day moving average price of $154.05 and a 200 day moving average price of $147.97. 3M Company has a 52 week low of $121.98 and a 52 week 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 EPS for the quarter, beating the consensus estimate of $2.01 by $0.15. The firm had revenue of $6.16 billion during 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%. 3M's revenue was up 1.4% on a year-over-year basis. During the same period last year, the firm posted $1.93 EPS. Sell-side analysts expect that 3M Company will post 7.8 EPS for the current year.

3M Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 12th. Investors of record on Monday, August 25th were issued a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 1.8%. The ex-dividend date was Monday, August 25th. 3M's dividend payout ratio is 40.61%.

Wall Street Analysts Forecast Growth

Several analysts have commented on MMM shares. Wells Fargo & Company reissued an "overweight" rating on shares of 3M in a research report on Friday, July 18th. JPMorgan Chase & Co. set a $167.00 price target on shares of 3M in a research report on Friday, July 18th. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research report on Saturday, August 30th. Barclays set a $170.00 price target on shares of 3M in a research report on Friday, July 18th. Finally, Citigroup increased their price target on shares of 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research report on Friday, May 30th. Seven investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $161.78.

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.

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