Versor Investments LP Invests $379,000 in 3M Company $MMM

Key Points

• Versor Investments LP acquired 2,584 shares of 3M Company for approximately $379,000, reflecting growing institutional interest in the stock.
• Recent insider sales included Christian T. Goralski, Jr., who sold 6,165 shares worth $925,859.70, reducing their position by 68.01%.
• The company's quarterly dividend of $0.73 per share will be paid on September 12th, representing an annualized yield of 1.9%.

Versor Investments LP bought a new stake in 3M Company (NYSE:MMM - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm bought 2,584 shares of the conglomerate's stock, valued at approximately $379,000.

A number of other large investors have also recently modified their holdings of the business. Northern Trust Corp boosted its holdings in shares of 3M by 12.6% in the 4th quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate's stock valued at $871,738,000 after purchasing an additional 755,155 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of 3M by 0.7% in the 1st quarter. Invesco Ltd. now owns 4,498,809 shares of the conglomerate's stock valued at $660,695,000 after purchasing an additional 30,260 shares in the last quarter. Bank of America Corp DE boosted its holdings in shares of 3M by 4.2% in the 4th quarter. Bank of America Corp DE now owns 4,270,238 shares of the conglomerate's stock valued at $551,245,000 after purchasing an additional 172,815 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in shares of 3M by 5.7% in the 4th quarter. Janus Henderson Group PLC now owns 3,624,933 shares of the conglomerate's stock valued at $467,944,000 after purchasing an additional 193,957 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of 3M by 6.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,122,020 shares of the conglomerate's stock valued at $458,500,000 after purchasing an additional 199,944 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company's stock.

Insider Activity

In other news, CAO Theresa E. Reinseth sold 3,477 shares of 3M stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total value 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 approximately $385,763.43. This trade represents a 57.59% decrease in their position. 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 3M stock in a transaction dated Thursday, August 7th. The stock was 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. This trade represents a 68.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.34% of the company's stock.

3M Trading Up 2.7%

NYSE:MMM traded up $4.1990 during trading hours on Friday, hitting $158.5790. 1,958,212 shares of the company were exchanged, compared to its average volume of 3,356,141. The stock has a market capitalization of $84.46 billion, a price-to-earnings ratio of 22.06, a price-to-earnings-growth ratio of 3.07 and a beta of 1.05. The company has a current ratio of 1.72, a quick ratio of 1.20 and a debt-to-equity ratio of 2.87. 3M Company has a one year low of $121.98 and a one year high of $164.15. The company has a fifty day simple moving average of $152.00 and a 200 day simple moving average of $147.29.

3M (NYSE:MMM - Get Free Report) last announced its earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, topping 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%.3M's revenue for the quarter was up 1.4% compared to the same quarter last year. During the same period last year, the company earned $1.93 EPS. Sell-side analysts expect that 3M Company will post 7.8 EPS for the current fiscal year.

3M Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Monday, August 25th will be given a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 1.8%. 3M's dividend payout ratio (DPR) is presently 40.61%.

Wall Street Analyst Weigh In

MMM has been the topic of a number of research analyst reports. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a report on Thursday, August 14th. Citigroup raised their price objective on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a report on Friday, May 30th. JPMorgan Chase & Co. set a $167.00 price objective on 3M in a report on Friday, July 18th. Barclays set a $170.00 price objective on 3M in a report on Friday, July 18th. Finally, Wells Fargo & Company reissued an "overweight" rating on shares of 3M in a report on Friday, July 18th. Seven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $158.10.

About 3M

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.