Koss Olinger Consulting LLC Purchases New Holdings in 3M (NYSE:MMM)

Koss Olinger Consulting LLC acquired a new position in shares of 3M (NYSE:MMM) in the 2nd quarter, according to its most recent filing with the SEC. The fund acquired 8,041 shares of the conglomerate’s stock, valued at approximately $822,000.

Several other large investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of 3M by 0.8% in the first quarter. Vanguard Group Inc. now owns 49,461,361 shares of the conglomerate’s stock worth $5,246,367,000 after acquiring an additional 377,703 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in 3M by 11.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock worth $517,617,000 after purchasing an additional 533,520 shares during the last quarter. Norges Bank purchased a new stake in shares of 3M during the fourth quarter worth $502,585,000. Balyasny Asset Management L.P. raised its position in shares of 3M by 313.8% in the fourth quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate’s stock valued at $289,803,000 after buying an additional 2,010,319 shares during the last quarter. Finally, Nordea Investment Management AB raised its position in shares of 3M by 8.2% in the first quarter. Nordea Investment Management AB now owns 2,168,811 shares of the conglomerate’s stock valued at $228,875,000 after buying an additional 164,236 shares during the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Trading Down 2.1 %

Shares of MMM stock opened at $128.60 on Friday. 3M has a 1-year low of $71.12 and a 1-year high of $134.99. The firm has a market cap of $71.16 billion, a PE ratio of -10.11, a price-to-earnings-growth ratio of 2.49 and a beta of 0.95. The company has a 50-day moving average of $118.48 and a two-hundred day moving average of $105.08. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08.

3M (NYSE:MMM) last posted its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, topping analysts’ consensus estimates 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 last year, the company posted $2.17 EPS. On average, analysts predict that 3M will post 7.2 EPS for the current year.

3M Announces Dividend

The company also recently disclosed 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 of this dividend is Monday, August 26th. This represents a $2.80 annualized dividend and a dividend yield of 2.18%. 3M’s dividend payout ratio is presently -22.01%.

Analyst Ratings Changes

Several brokerages recently issued reports on MMM. Wells Fargo & Company upped their price objective on shares of 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 10th. Citigroup increased their price target on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a report on Monday, July 29th. StockNews.com lowered 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Deutsche Bank Aktiengesellschaft raised 3M from a “hold” rating to a “buy” rating and raised their target price for the stock from $110.00 to $150.00 in a research note on Monday, July 29th. Finally, Bank of America boosted their price target on shares of 3M from $120.00 to $143.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, 3M has an average rating of “Hold” and an average target price of $124.43.

Insider Buying and Selling

In related news, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction dated 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 transaction, 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 document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the 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 transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction on 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 owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The disclosure for this sale can be found here. 0.34% of the stock is owned by corporate insiders.

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.