Legacy Capital Group California Inc. Buys 331 Shares of 3M (NYSE:MMM)

Legacy Capital Group California Inc. grew its stake in shares of 3M (NYSE:MMM) by 6.8% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 5,219 shares of the conglomerate’s stock after buying an additional 331 shares during the period. Legacy Capital Group California Inc.’s holdings in 3M were worth $533,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in the company. Tributary Capital Management LLC acquired a new position in shares of 3M in the 1st quarter valued at $25,000. Financial Synergies Wealth Advisors Inc. lifted its stake in 3M by 419.1% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after purchasing an additional 197 shares during the period. Northwest Investment Counselors LLC acquired a new stake in 3M during the first quarter valued at approximately $32,000. TruNorth Capital Management LLC bought a new stake in shares of 3M in the 2nd quarter valued at approximately $33,000. Finally, Livelsberger Financial Advisory bought a new position in shares of 3M during the 4th quarter worth approximately $35,000. 65.25% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have weighed in on MMM. Wolfe Research upgraded 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price target on the stock in a research report on Thursday, June 13th. Argus raised shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price target for the company in a report on Tuesday, July 30th. Citigroup upped their price objective on shares of 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. HSBC upgraded shares of 3M from a “hold” rating to a “buy” rating and lifted their target price for the company from $91.13 to $115.00 in a research note on Friday, May 10th. Finally, Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and increased their price target for the stock from $110.00 to $150.00 in a research report on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $123.57.

Insider Activity

In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at approximately $541,659.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the transaction, the chairman now directly owns 174,036 shares of the company’s stock, valued at $21,486,484.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 4,364 shares in the company, valued at approximately $541,659.68. The disclosure for this sale can be found here. 0.34% of the stock is owned by company insiders.

3M Trading Up 0.5 %

3M stock traded up $0.62 during trading hours on Tuesday, reaching $127.70. 2,767,935 shares of the company’s stock traded hands, compared to its average volume of 5,312,612. The firm has a market capitalization of $70.66 billion, a price-to-earnings ratio of -10.04, a PEG ratio of 2.34 and a beta of 0.95. 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 has a fifty-two week low of $71.12 and a fifty-two week high of $128.65. The firm’s 50 day moving average is $110.74 and its 200-day moving average is $101.63.

3M (NYSE:MMM) last announced its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.68 by $0.25. 3M had a net margin of 3.08% and a return on equity of 112.92%. The business had revenue of $6.26 billion for the quarter, compared to analyst estimates of $5.85 billion. During the same period in the prior year, the business posted $2.17 earnings per share. On average, analysts predict that 3M will post 7.21 earnings per share for the current year.

3M Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Monday, August 26th will be given a dividend of $0.70 per share. The ex-dividend date is Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.19%. 3M’s dividend payout ratio is -22.01%.

3M Company 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.