SCS Capital Management LLC Purchases New Stake 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 position in shares of 3M Company (NYSE:MMM - Free Report) in the 1st quarter, according to its most recent 13F filing with the SEC. The fund bought 3,121 shares of the conglomerate's stock, valued at approximately $458,000.

Other institutional investors also recently modified their holdings of the company. Caitong International Asset Management Co. Ltd acquired a new position in shares of 3M during the 1st quarter worth about $28,000. WPG Advisers LLC acquired a new position in shares of 3M during the 1st quarter worth about $28,000. REAP Financial Group LLC grew its position in shares of 3M by 88.7% during the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock worth $26,000 after buying an additional 94 shares during the period. Curat Global LLC acquired a new position in shares of 3M during the 1st quarter worth about $29,000. Finally, Saudi Central Bank acquired a new position in shares of 3M during the 1st quarter worth about $31,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Christian T. Goralski, Jr. sold 6,165 shares of the stock in a transaction 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 sale, the insider owned 2,900 shares in the company, valued at approximately $435,522. This represents a 68.01% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Theresa E. Reinseth sold 3,477 shares of the stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $150.63, for a total value of $523,740.51. Following the completion of the sale, 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. 0.48% of the stock is currently owned by corporate insiders.

3M Stock Up 0.1%

Shares of 3M stock traded up $0.14 on Wednesday, reaching $156.64. 662,199 shares of the company were exchanged, compared to its average volume of 3,712,348. 3M Company has a one year low of $121.98 and a one year high of $164.15. The company has a market capitalization of $83.43 billion, a price-to-earnings ratio of 21.79, a PEG ratio of 2.84 and a beta of 1.04. The company has a current ratio of 1.72, a quick ratio of 1.20 and a debt-to-equity ratio of 2.87. The company has a 50-day moving average of $154.20 and a 200 day moving average of $148.02.

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 analysts' consensus estimates of $2.01 by $0.15. 3M had a return on equity of 96.48% and a net margin of 16.01%.The company had revenue of $6.16 billion for the quarter, compared to analysts' expectations of $6.09 billion. During the same quarter in the prior year, the business posted $1.93 EPS. The business's revenue was up 1.4% compared to the same quarter last year. On average, equities research analysts forecast that 3M Company will post 7.8 earnings per share 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 paid a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Monday, August 25th. 3M's dividend payout ratio is 40.61%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on MMM. JPMorgan Chase & Co. set a $167.00 price objective on 3M in a research report on Friday, July 18th. Barclays set a $170.00 price objective on 3M in a research report on Friday, July 18th. Citigroup boosted their price objective on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research report on Friday, May 30th. Wells Fargo & Company reiterated an "overweight" rating on shares of 3M in a research report on Friday, July 18th. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research report on Saturday. Seven equities research 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. According to data from MarketBeat.com, 3M currently has a consensus rating of "Moderate Buy" and a consensus 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.