Means Investment CO. Inc. Makes New $242,000 Investment in 3M (NYSE:MMM)

Means Investment CO. Inc. acquired a new stake in 3M (NYSE:MMM) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,771 shares of the conglomerate’s stock, valued at approximately $242,000.

Several other large investors also recently modified their holdings of MMM. Stonegate Investment Group LLC boosted its holdings in 3M by 5.6% in the third quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate’s stock valued at $34,564,000 after purchasing an additional 13,473 shares during the last quarter. Ausdal Financial Partners Inc. grew its position in shares of 3M by 6.7% during the second quarter. Ausdal Financial Partners Inc. now owns 3,991 shares of the conglomerate’s stock worth $408,000 after buying an additional 249 shares in the last quarter. Candriam S.C.A. increased its stake in shares of 3M by 19.2% in the second quarter. Candriam S.C.A. now owns 38,469 shares of the conglomerate’s stock worth $3,931,000 after buying an additional 6,185 shares during the last quarter. True Vision MN LLC acquired a new stake in 3M in the second quarter valued at $512,000. Finally, Clifford Capital Partners LLC raised its holdings in 3M by 21.3% in the second quarter. Clifford Capital Partners LLC now owns 171,152 shares of the conglomerate’s stock valued at $17,490,000 after acquiring an additional 30,009 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CFO Theresa E. Reinseth sold 2,100 shares of the company’s stock in a transaction dated 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 sale, the chief financial officer now owns 4,364 shares of the company’s stock, valued at $541,659.68. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the transaction, the chairman now owns 174,036 shares in the company, valued at approximately $21,486,484.56. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

3M Stock Down 0.4 %

3M stock opened at $135.14 on Friday. The firm has a market capitalization of $74.78 billion, a P/E ratio of -10.62, a P/E/G ratio of 2.49 and a beta of 0.95. The company has a 50-day simple moving average of $132.67 and a 200-day simple moving average of $112.73. 3M has a one year low of $71.12 and a one year high of $140.72. The company has a debt-to-equity ratio of 2.95, a quick ratio of 1.08 and a current ratio of 1.36.

3M (NYSE:MMM) last posted its earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, topping the consensus estimate of $1.68 by $0.25. The firm had revenue of $6.26 billion during the quarter, compared to analysts’ expectations of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same quarter in the prior year, the firm earned $2.17 EPS. As a group, equities analysts expect that 3M will post 7.24 earnings per share for the current year.

3M Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were paid a $0.70 dividend. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.80 annualized dividend and a dividend yield of 2.07%. 3M’s payout ratio is -22.01%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on MMM. Deutsche Bank Aktiengesellschaft raised shares of 3M from a “hold” rating to a “buy” rating and boosted their target price for the stock from $110.00 to $150.00 in a research report on Monday, July 29th. Bank of America boosted their price objective on 3M from $120.00 to $143.00 and gave the company a “buy” rating in a report on Monday, July 29th. Argus raised 3M from a “hold” rating to a “buy” rating and set a $145.00 target price on the stock in a report on Tuesday, July 30th. Wells Fargo & Company lifted their target price on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Finally, Mizuho upped their price target on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research report on Thursday. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $130.57.

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.