Townsquare Capital LLC Grows Stake in 3M Company (NYSE:MMM)

Key Points

• Townsquare Capital LLC increased its stock holdings in 3M Company by 24.4%, resulting in ownership of 20,578 shares valued at approximately $3.02 million.
• Insider transactions revealed significant sales, with Christian T. Goralski, Jr. selling 6,165 shares worth $925,859, reflecting a 68% decrease in their position.
• 3M's latest earnings report showed an EPS of $2.16, exceeding analyst expectations, as the company generated $6.16 billion in revenue, marking a 1.4% year-over-year increase.

Townsquare Capital LLC lifted its stake in 3M Company (NYSE:MMM - Free Report) by 24.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 20,578 shares of the conglomerate's stock after buying an additional 4,032 shares during the period. Townsquare Capital LLC's holdings in 3M were worth $3,022,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in the stock. D1 Capital Partners L.P. bought a new stake in 3M during the fourth quarter worth $175,110,000. Capital World Investors lifted its stake in 3M by 25.4% during the fourth quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock worth $794,410,000 after purchasing an additional 1,248,093 shares during the last quarter. Northern Trust Corp lifted its stake in 3M by 12.6% during the fourth quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate's stock worth $871,738,000 after purchasing an additional 755,155 shares during the last quarter. Ceredex Value Advisors LLC bought a new stake in 3M during the fourth quarter worth $81,482,000. Finally, Dimensional Fund Advisors LP lifted its stake in 3M by 34.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,133,190 shares of the conglomerate's stock worth $275,375,000 after purchasing an additional 544,380 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

MMM has been the subject of several recent analyst reports. JPMorgan Chase & Co. set a $167.00 target price on 3M in a research note on Friday, July 18th. Barclays set a $170.00 target price on 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 Tuesday, July 29th. Citigroup increased their price target on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research note on Friday, May 30th. Finally, Wells Fargo & Company reiterated an "overweight" rating on shares of 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 given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $158.10.

3M Stock Performance

3M stock traded up $2.41 during mid-day trading on Wednesday, reaching $160.26. The company's stock had a trading volume of 3,131,997 shares, compared to its average volume of 4,168,899. 3M Company has a 12-month low of $121.98 and a 12-month high of $164.15. The company has a market capitalization of $85.36 billion, a P/E ratio of 22.29, a PEG ratio of 3.06 and a beta of 1.05. 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's fifty day moving average price is $150.62 and its two-hundred day moving average price is $147.15.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings data on Friday, July 18th. The conglomerate reported $2.16 earnings per share for the quarter, beating analysts' consensus estimates 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 earned $1.93 EPS. 3M's revenue was up 1.4% compared to the same quarter last year. Sell-side analysts predict that 3M Company will post 7.8 EPS for the current fiscal year.

Insider Buying and Selling at 3M

In related news, EVP Zoe L. Dickson sold 7,915 shares of 3M stock in a transaction that occurred 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 completion of the transaction, the executive vice president directly owned 6,127 shares in the company, valued at approximately $913,045.54. The trade was a 56.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP John Patrick Banovetz sold 7,759 shares of 3M stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the completion of the transaction, the executive vice president owned 31,372 shares of the company's stock, valued at $4,654,663.64. This represents a 19.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 25,316 shares of company stock valued at $3,780,296 over the last 90 days. 0.34% of the stock is currently owned by corporate insiders.

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.