Norden Group LLC Raises Holdings in 3M Company (NYSE:MMM)

Key Points

• Norden Group LLC increased its stake in 3M Company by 72.7% during the first quarter, owning a total of 5,389 shares valued at $792,000.
• Several hedge funds adjusted their positions in 3M, with Mackenzie Financial Corp increasing its stake by 11.8% and LPL Financial LLC by 5.0%.
• 3M reported earnings of $2.16 per share, exceeding analysts' expectations and indicating a year-over-year revenue increase of 1.4% for the quarter.

Norden Group LLC increased its position in shares of 3M Company (NYSE:MMM - Free Report) by 72.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,389 shares of the conglomerate's stock after acquiring an additional 2,268 shares during the quarter. Norden Group LLC's holdings in 3M were worth $792,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the company. Brighton Jones LLC increased its holdings in shares of 3M by 26.6% in the fourth quarter. Brighton Jones LLC now owns 8,898 shares of the conglomerate's stock worth $1,149,000 after acquiring an additional 1,872 shares in the last quarter. American Century Companies Inc. raised its holdings in 3M by 12.0% in the 4th quarter. American Century Companies Inc. now owns 102,773 shares of the conglomerate's stock valued at $13,267,000 after acquiring an additional 11,032 shares in the last quarter. Pictet Asset Management Holding SA increased its stake in shares of 3M by 15.6% in the 4th quarter. Pictet Asset Management Holding SA now owns 314,194 shares of the conglomerate's stock valued at $40,559,000 after purchasing an additional 42,385 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in 3M by 321.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,097,747 shares of the conglomerate's stock worth $141,708,000 after acquiring an additional 837,226 shares during the last quarter. Finally, CIBC Private Wealth Group LLC grew its position in 3M by 0.5% during the 4th quarter. CIBC Private Wealth Group LLC now owns 272,207 shares of the conglomerate's stock worth $36,620,000 after acquiring an additional 1,457 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company's stock.

Insider Activity at 3M

In other 3M news, EVP John Patrick Banovetz sold 7,759 shares of the stock in a transaction 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. This trade represents a 19.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Zoe L. Dickson sold 7,915 shares of the 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 sale, the executive vice president owned 6,127 shares in the company, valued at approximately $913,045.54. This represents a 56.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company's stock.

3M Stock Performance

Shares of 3M stock traded down $4.22 during trading hours on Friday, reaching $145.00. The company had a trading volume of 1,647,518 shares, compared to its average volume of 3,888,680. The firm has a market cap of $77.23 billion, a PE ratio of 20.12, a price-to-earnings-growth ratio of 2.84 and a beta of 1.02. 3M Company has a one year low of $119.31 and a one year high of $164.15. The business has a fifty day simple moving average of $149.85 and a 200 day simple moving average of $146.60. The company has a debt-to-equity ratio of 2.87, a current ratio of 1.72 and a quick ratio of 1.20.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings results 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 firm had revenue of $6.16 billion during 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% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.93 earnings per share. On average, analysts anticipate that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 23rd were paid a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 2.0%. 3M's payout ratio is currently 40.61%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Royal Bank Of Canada upped their price target on 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research report on Wednesday, April 23rd. Citigroup upped their price target on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research report on Friday, May 30th. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research note on Tuesday. Barclays set a $170.00 price objective on 3M in a research note on Friday, July 18th. Finally, JPMorgan Chase & Co. set a $167.00 price target on 3M in a research note on Friday, July 18th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $158.10.

3M 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.