Nuveen LLC Invests $235.02 Million in 3M Company (NYSE:MMM)

Key Points

• Nuveen LLC has acquired a new stake in 3M Company worth approximately $235 million, purchasing over 1.6 million shares in the first quarter.
• 3M recently reported a quarterly EPS of $2.16, surpassing expectations, with a revenue of $6.16 billion, marking a 1.4% increase year-over-year.
• Institutional investors now hold 65.25% of 3M's stock, indicating significant confidence in the company's future performance.

Nuveen LLC purchased a new stake in shares of 3M Company (NYSE:MMM - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 1,600,301 shares of the conglomerate's stock, valued at approximately $235,020,000. Nuveen LLC owned 0.30% of 3M as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. REAP Financial Group LLC grew its position in 3M by 88.7% in the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock valued at $26,000 after acquiring an additional 94 shares during the last quarter. Pinney & Scofield Inc. bought a new position in shares of 3M during the 4th quarter worth $28,000. Curat Global LLC bought a new position in shares of 3M during the 1st quarter worth $29,000. Intelligent Financial Strategies bought a new position in shares of 3M during the 1st quarter worth $42,000. Finally, Investment Management Corp VA ADV grew its position in shares of 3M by 173.6% during the 1st quarter. Investment Management Corp VA ADV now owns 301 shares of the conglomerate's stock worth $44,000 after buying an additional 191 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on MMM shares. JPMorgan Chase & Co. set a $167.00 price objective on 3M in a research report on Friday, July 18th. Citigroup raised their price target on 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a report on Friday, May 30th. Barclays set a $170.00 price target on 3M in a report on Friday, July 18th. Wells Fargo & Company reissued an "overweight" rating on shares of 3M in a report on Friday, July 18th. Finally, Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a report on Tuesday, July 29th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $158.10.

3M Stock Performance

Shares of 3M stock traded up $2.41 on Wednesday, reaching $160.26. 3,131,997 shares of the company were exchanged, compared to its average volume of 4,168,899. The company has a debt-to-equity ratio of 2.87, a quick ratio of 1.20 and a current ratio of 1.72. The company's 50-day moving average is $150.35 and its two-hundred day moving average is $147.06. The firm has a market cap of $85.36 billion, a price-to-earnings ratio of 22.29, a P/E/G ratio of 3.06 and a beta of 1.05. 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 the consensus estimate of $2.01 by $0.15. The business 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% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.93 earnings per share. As a group, research analysts expect that 3M Company will post 7.8 earnings per share for the current fiscal year.

Insiders Place Their Bets

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 transaction, the insider directly owned 2,900 shares of the company's stock, valued at $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 is available through the SEC website. Also, EVP John Patrick Banovetz sold 7,759 shares of 3M stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $148.37, for a total value of $1,151,202.83. Following the transaction, the executive vice president owned 31,372 shares in the company, valued at $4,654,663.64. This trade represents a 19.83% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 25,316 shares of company stock valued at $3,780,296. Company insiders own 0.34% of the company's stock.

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.