3M (NYSE:MMM) Shares Acquired by Perennial Investment Advisors LLC

Perennial Investment Advisors LLC increased its position in 3M (NYSE:MMM) by 3.3% in the second quarter, Holdings Channel reports. The firm owned 4,509 shares of the conglomerate’s stock after purchasing an additional 142 shares during the quarter. Perennial Investment Advisors LLC’s holdings in 3M were worth $461,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the company. Ausdal Financial Partners Inc. boosted its stake in 3M by 6.7% in the second quarter. Ausdal Financial Partners Inc. now owns 3,991 shares of the conglomerate’s stock valued at $408,000 after acquiring an additional 249 shares during the period. Candriam S.C.A. boosted its stake in 3M by 19.2% in the second quarter. Candriam S.C.A. now owns 38,469 shares of the conglomerate’s stock valued at $3,931,000 after acquiring an additional 6,185 shares during the period. Jade Capital Advisors LLC acquired a new position in 3M in the fourth quarter valued at approximately $4,373,000. Scarborough Advisors LLC acquired a new position in 3M in the fourth quarter valued at approximately $978,000. Finally, KMG Fiduciary Partners LLC boosted its stake in 3M by 2.2% in the first quarter. KMG Fiduciary Partners LLC now owns 14,769 shares of the conglomerate’s stock valued at $1,567,000 after acquiring an additional 311 shares during the period. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Price Performance

Shares of NYSE:MMM opened at $133.57 on Wednesday. 3M has a 12 month low of $71.12 and a 12 month high of $135.28. The stock has a market cap of $73.91 billion, a price-to-earnings ratio of -10.50, a PEG ratio of 2.41 and a beta of 0.95. The stock’s 50 day moving average price is $122.77 and its 200 day moving average price is $107.13. 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 announced 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. 3M had a return on equity of 112.92% and a net margin of 3.08%. The firm had revenue of $6.26 billion for the quarter, compared to analysts’ expectations of $5.85 billion. During the same quarter in the previous year, the company earned $2.17 earnings per share. Equities research analysts anticipate that 3M will post 7.22 earnings per share for the current fiscal year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were issued 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 2.10%. 3M’s dividend payout ratio is currently -22.01%.

Insider Buying and Selling at 3M

In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the company’s 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 transaction, the chairman now owns 174,036 shares of the company’s stock, valued at $21,486,484.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the company’s 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 transaction, the chairman now owns 174,036 shares of the company’s stock, valued at $21,486,484.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available 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 stock was sold at an average price of $124.12, for a total transaction of $260,652.00. Following the transaction, the chief financial officer now owns 4,364 shares in the company, valued at $541,659.68. The disclosure for this sale can be found here. 0.34% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

MMM has been the subject of a number of research reports. Barclays lifted their target price on 3M from $120.00 to $145.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Citigroup lifted their target price on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Wolfe Research raised 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price target on the stock in a report on Thursday, June 13th. Bank of America lifted their price target on 3M from $120.00 to $143.00 and gave the company a “buy” rating in a report on Monday, July 29th. Finally, Morgan Stanley began coverage on 3M in a report on Friday, September 6th. They set an “underweight” rating and a $125.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $124.43.

3M 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.