1,993 Shares in 3M (NYSE:MMM) Bought by Fortune Financial Advisors LLC

Fortune Financial Advisors LLC bought a new position in 3M (NYSE:MMM) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,993 shares of the conglomerate’s stock, valued at approximately $204,000.

A number of other institutional investors have also recently modified their holdings of MMM. Fortis Capital Advisors LLC lifted its holdings in shares of 3M by 2.9% during the second quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate’s stock valued at $307,000 after purchasing an additional 84 shares in the last quarter. AMG National Trust Bank grew its position in shares of 3M by 3.1% during the second quarter. AMG National Trust Bank now owns 3,326 shares of the conglomerate’s stock worth $340,000 after purchasing an additional 100 shares in the last quarter. Platinum Investment Management Ltd. grew its position in shares of 3M by 11.4% during the first quarter. Platinum Investment Management Ltd. now owns 1,020 shares of the conglomerate’s stock worth $108,000 after purchasing an additional 104 shares in the last quarter. Geneos Wealth Management Inc. grew its position in shares of 3M by 2.0% during the first quarter. Geneos Wealth Management Inc. now owns 5,302 shares of the conglomerate’s stock worth $562,000 after purchasing an additional 105 shares in the last quarter. Finally, Fragasso Financial Advisors Inc grew its position in shares of 3M by 4.2% during the second quarter. Fragasso Financial Advisors Inc now owns 2,638 shares of the conglomerate’s stock worth $270,000 after purchasing an additional 106 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MMM has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and raised their price target for the company from $110.00 to $150.00 in a report on Monday, July 29th. Wolfe Research raised 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 target price on the stock in a research report on Thursday, June 13th. Barclays boosted their target price on 3M from $120.00 to $145.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. Citigroup boosted their price objective on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a report on Monday, July 29th. Finally, Royal Bank of Canada boosted their price objective on 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a report on Monday, July 29th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $124.43.

3M Stock Up 0.1 %

Shares of MMM opened at $130.23 on Thursday. 3M has a 52 week low of $71.12 and a 52 week high of $134.99. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95. The company has a market capitalization of $72.06 billion, a price-to-earnings ratio of -10.24, a PEG ratio of 2.38 and a beta of 0.95. The stock’s 50-day moving average price is $120.18 and its 200-day moving average price is $105.87.

3M (NYSE:MMM) last issued its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.68 by $0.25. The company had revenue of $6.26 billion for the quarter, compared to the consensus estimate of $5.85 billion. 3M had a return on equity of 112.92% and a net margin of 3.08%. During the same quarter in the prior year, the business posted $2.17 earnings per share. On average, sell-side analysts predict that 3M will post 7.2 EPS for the current year.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Monday, August 26th will be issued a $0.70 dividend. The ex-dividend date is Monday, August 26th. This represents a $2.80 annualized dividend and a dividend yield of 2.15%. 3M’s dividend payout ratio is presently -22.01%.

Insider Activity at 3M

In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the sale, the chief financial officer now owns 4,364 shares of the company’s stock, valued at $541,659.68. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the transaction, the chairman now directly owns 174,036 shares in the company, valued at $21,486,484.56. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the transaction, the chief financial officer now owns 4,364 shares of the company’s stock, valued at $541,659.68. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

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.