Strs Ohio Makes New Investment in 3M Company $MMM

Key Points

• Strs Ohio has made a new investment in 3M Company, acquiring 205,598 shares valued at approximately $30.19 million during the 1st quarter.
• 3M recently reported an EPS of $2.16 for the last quarter, exceeding analysts' expectations, with a net margin of 16.01% and quarterly revenue of $6.16 billion.
• The company declared a quarterly dividend of $0.73, with a 1.8% yield, set to be paid on September 12th to shareholders recorded on August 25th.

Strs Ohio purchased a new position in shares of 3M Company (NYSE:MMM - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 205,598 shares of the conglomerate's stock, valued at approximately $30,194,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of MMM. Brighton Jones LLC increased its position in 3M by 26.6% during the fourth quarter. Brighton Jones LLC now owns 8,898 shares of the conglomerate's stock worth $1,149,000 after purchasing an additional 1,872 shares during the last quarter. Bison Wealth LLC increased its position in 3M by 10.2% during the fourth quarter. Bison Wealth LLC now owns 2,751 shares of the conglomerate's stock worth $355,000 after purchasing an additional 255 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in 3M by 7.2% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,300 shares of the conglomerate's stock worth $9,591,000 after buying an additional 4,964 shares during the period. Nuveen Asset Management LLC grew its stake in 3M by 2.0% during the fourth quarter. Nuveen Asset Management LLC now owns 1,624,177 shares of the conglomerate's stock worth $209,665,000 after buying an additional 31,624 shares during the period. Finally, NorthRock Partners LLC grew its stake in 3M by 162.4% during the fourth quarter. NorthRock Partners LLC now owns 15,155 shares of the conglomerate's stock worth $1,956,000 after buying an additional 9,379 shares during the period. Institutional investors and hedge funds own 65.25% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on MMM shares. Citigroup boosted their price objective 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 price objective on shares of 3M in a research note on Friday, July 18th. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research note on Saturday, August 30th. JPMorgan Chase & Co. set a $167.00 price objective on shares of 3M in a research note on Friday, July 18th. Finally, Wells Fargo & Company restated an "overweight" rating on shares of 3M in a research note on Friday, July 18th. Seven analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, 3M presently has a consensus rating of "Moderate Buy" and a consensus price target of $161.78.

3M Stock Down 1.0%

Shares of MMM stock traded down $1.54 on Friday, hitting $157.93. The stock had a trading volume of 2,865,088 shares, compared to its average volume of 2,519,973. The firm has a market capitalization of $84.12 billion, a price-to-earnings ratio of 21.97, a P/E/G ratio of 2.87 and a beta of 1.04. The stock's 50 day moving average is $154.05 and its 200-day moving average is $147.97. The company has a debt-to-equity ratio of 2.87, a quick ratio of 1.20 and a current ratio of 1.72. 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 earnings results 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 the consensus estimate of $6.09 billion. 3M had a net margin of 16.01% and a return on equity of 96.48%. The business's quarterly revenue was up 1.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.93 earnings per share. As a group, research analysts expect that 3M Company will post 7.8 earnings per share for the current year.

3M Dividend Announcement

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

Insider Buying and Selling at 3M

In related news, CAO Theresa E. Reinseth sold 3,477 shares of the company's 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 sale, the chief accounting officer directly owned 2,561 shares of the company's stock, valued at $385,763.43. This represents a 57.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of the company's stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $150.18, for a total transaction of $925,859.70. Following the completion of the sale, the insider directly owned 2,900 shares in the company, valued at $435,522. This represents a 68.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.48% 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.