SCS Capital Management LLC Takes Position in 3M Company $MMM

Key Points

• SCS Capital Management LLC has acquired a new stake in 3M Company, purchasing 3,121 shares valued at approximately $458,000 in the first quarter.
• 3M recently posted quarterly earnings of $2.16 EPS, surpassing analysts' estimates and marking a 1.4% year-over-year revenue increase with total revenue of $6.16 billion.
• The company announced a quarterly dividend of $0.73, set to be paid to stockholders on September 12th, representing a dividend yield of 1.8%.

SCS Capital Management LLC bought a new stake in 3M Company (NYSE:MMM - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 3,121 shares of the conglomerate's stock, valued at approximately $458,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Invesco Ltd. increased its stake in 3M by 0.7% during the 1st quarter. Invesco Ltd. now owns 4,498,809 shares of the conglomerate's stock worth $660,695,000 after buying an additional 30,260 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in 3M by 10.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,198,538 shares of the conglomerate's stock worth $616,597,000 after buying an additional 414,160 shares during the period. Alliancebernstein L.P. increased its stake in 3M by 23.1% during the 1st quarter. Alliancebernstein L.P. now owns 3,127,734 shares of the conglomerate's stock worth $459,339,000 after buying an additional 586,851 shares during the period. Goldman Sachs Group Inc. increased its stake in 3M by 6.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,122,020 shares of the conglomerate's stock worth $458,500,000 after buying an additional 199,944 shares during the period. Finally, Amundi increased its stake in 3M by 20.7% during the 1st quarter. Amundi now owns 3,030,397 shares of the conglomerate's stock worth $423,471,000 after buying an additional 519,302 shares during the period. Hedge funds and other institutional investors own 65.25% of the company's stock.

3M Trading Up 3.7%

NYSE MMM opened at $159.24 on Friday. 3M Company has a one year low of $121.98 and a one year high of $164.15. The company has a 50-day simple moving average of $153.94 and a 200-day simple moving average of $147.89. 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 firm has a market capitalization of $84.82 billion, a PE ratio of 22.15, a price-to-earnings-growth ratio of 2.79 and a beta of 1.04.

3M (NYSE:MMM - Get Free Report) last posted its quarterly 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 net margin of 16.01% and a return on equity of 96.48%. The business had revenue of $6.16 billion during the quarter, compared to analyst estimates of $6.09 billion. During the same period in the previous year, the business posted $1.93 EPS. The company's quarterly revenue was up 1.4% on a year-over-year basis. On average, equities analysts forecast that 3M Company will post 7.8 earnings per share for the current year.

3M Announces Dividend

The firm 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. The ex-dividend date of this dividend is Monday, August 25th. This represents a $2.92 annualized dividend and a dividend yield of 1.8%. 3M's payout ratio is 40.61%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on MMM shares. Citigroup lifted their price target on shares of 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research note on Friday, May 30th. Barclays set a $170.00 target price on shares of 3M in a research report on Friday, July 18th. Wells Fargo & Company reissued an "overweight" rating 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. Finally, JPMorgan Chase & Co. set a $167.00 target price on shares of 3M in a research report on Friday, July 18th. Seven analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $161.78.

Insider Activity

In other news, insider Christian T. Goralski, Jr. sold 6,165 shares of 3M stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $150.18, for a total value of $925,859.70. Following the completion of the transaction, the insider directly owned 2,900 shares of the company's stock, valued at approximately $435,522. The trade was a 68.01% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Theresa E. Reinseth sold 3,477 shares of 3M stock in a transaction dated Tuesday, August 5th. The shares were 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 directly 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. Insiders own 0.34% of the company's stock.

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.

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