Blair William & Co. IL Increases Stake in 3M Co (MMM)

Blair William & Co. IL grew its stake in shares of 3M Co (NYSE:MMM) by 0.3% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 216,601 shares of the conglomerate’s stock after buying an additional 745 shares during the period. Blair William & Co. IL’s holdings in 3M were worth $45,640,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. State of New Jersey Common Pension Fund D lifted its stake in 3M by 23.6% during the 2nd quarter. State of New Jersey Common Pension Fund D now owns 222,400 shares of the conglomerate’s stock valued at $43,751,000 after acquiring an additional 42,400 shares in the last quarter. Park Avenue Securities LLC lifted its stake in 3M by 45.6% during the 2nd quarter. Park Avenue Securities LLC now owns 3,182 shares of the conglomerate’s stock valued at $622,000 after acquiring an additional 997 shares in the last quarter. Parallel Advisors LLC lifted its stake in 3M by 22.0% during the 2nd quarter. Parallel Advisors LLC now owns 3,633 shares of the conglomerate’s stock valued at $714,000 after acquiring an additional 654 shares in the last quarter. Welch Group LLC lifted its stake in 3M by 3.8% during the 2nd quarter. Welch Group LLC now owns 111,282 shares of the conglomerate’s stock valued at $21,891,000 after acquiring an additional 4,122 shares in the last quarter. Finally, SFE Investment Counsel lifted its stake in 3M by 35.0% during the 2nd quarter. SFE Investment Counsel now owns 10,461 shares of the conglomerate’s stock valued at $2,058,000 after acquiring an additional 2,710 shares in the last quarter. 67.00% of the stock is owned by institutional investors.

In other news, insider Eric D. Hammes sold 1,272 shares of 3M stock in a transaction on Monday, September 10th. The stock was sold at an average price of $216.00, for a total transaction of $274,752.00. Following the sale, the insider now directly owns 5,634 shares in the company, valued at approximately $1,216,944. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gregory R. Page bought 1,000 shares of the stock in a transaction dated Friday, October 26th. The shares were acquired at an average price of $184.50 per share, for a total transaction of $184,500.00. Following the completion of the purchase, the director now directly owns 1,500 shares in the company, valued at $276,750. The disclosure for this purchase can be found here. Insiders own 0.58% of the company’s stock.

Several brokerages have weighed in on MMM. Morgan Stanley began coverage on 3M in a research note on Monday, August 20th. They set an “equal weight” rating and a $212.00 price objective on the stock. Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating in a research note on Monday, September 3rd. UBS Group raised their price objective on 3M from $215.00 to $220.00 and gave the company a “neutral” rating in a research note on Thursday, August 30th. Barclays dropped their price objective on 3M from $201.00 to $195.00 and set an “underweight” rating on the stock in a research note on Wednesday, October 24th. Finally, Argus dropped their price objective on 3M from $240.00 to $225.00 and set a “buy” rating on the stock in a research note on Wednesday, October 24th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $225.16.

NYSE MMM opened at $198.24 on Friday. The firm has a market cap of $117.74 billion, a PE ratio of 21.62, a price-to-earnings-growth ratio of 2.00 and a beta of 1.18. 3M Co has a one year low of $181.98 and a one year high of $259.77. The company has a current ratio of 1.97, a quick ratio of 1.36 and a debt-to-equity ratio of 1.31.

3M (NYSE:MMM) last released its earnings results on Tuesday, October 23rd. The conglomerate reported $2.58 EPS for the quarter, missing the Zacks’ consensus estimate of $2.70 by ($0.12). The business had revenue of $8.15 billion for the quarter, compared to the consensus estimate of $8.41 billion. 3M had a return on equity of 54.60% and a net margin of 13.79%. The company’s revenue for the quarter was down .2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.33 earnings per share. As a group, sell-side analysts forecast that 3M Co will post 9.95 EPS for the current fiscal year.

3M announced that its Board of Directors has initiated a share buyback plan on Tuesday, November 13th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the conglomerate to repurchase up to 8.7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 12th. Stockholders of record on Friday, November 23rd will be paid a dividend of $1.36 per share. This represents a $5.44 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date of this dividend is Wednesday, November 21st. 3M’s payout ratio is 59.32%.

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3M Company Profile

3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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