Quest Partners LLC Grows Position in 3M (NYSE:MMM)

Quest Partners LLC grew its position in shares of 3M (NYSE:MMM) by 94.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,463 shares of the conglomerate’s stock after purchasing an additional 6,044 shares during the quarter. Quest Partners LLC’s holdings in 3M were worth $1,274,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the company. Tributary Capital Management LLC acquired a new position in 3M in the 1st quarter worth about $25,000. Financial Synergies Wealth Advisors Inc. raised its stake in shares of 3M by 419.1% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after buying an additional 197 shares during the period. MFA Wealth Advisors LLC purchased a new position in shares of 3M during the 2nd quarter valued at approximately $28,000. Northwest Investment Counselors LLC acquired a new stake in 3M in the 1st quarter valued at $32,000. Finally, TruNorth Capital Management LLC acquired a new position in 3M during the second quarter worth $33,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction that occurred 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 completion of 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 legal filing with the SEC, which is available at the SEC website. In other news, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction dated 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 transaction, the chief financial officer now 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 link. Also, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction that occurred 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 sale, the chairman now owns 174,036 shares in the company, valued at $21,486,484.56. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on MMM shares. Wells Fargo & Company boosted their target price on shares of 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 10th. Bank of America increased their target price on 3M from $120.00 to $143.00 and gave the company a “buy” rating in a report on Monday, July 29th. Vertical Research raised 3M from a “hold” rating to a “buy” rating and lifted their price target for the stock from $92.00 to $140.00 in a research note on Thursday, May 16th. Royal Bank of Canada increased their price objective on 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a research note on Monday, July 29th. Finally, Barclays upped their target price on shares of 3M from $120.00 to $145.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $124.43.

3M Price Performance

Shares of MMM opened at $128.46 on Tuesday. The firm has a 50-day simple moving average of $119.04 and a two-hundred day simple moving average of $105.43. The stock has a market cap of $70.57 billion, a PE ratio of -10.10, a P/E/G ratio of 2.38 and a beta of 0.95. 3M has a 1-year low of $71.12 and a 1-year high of $134.99. 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 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.68 by $0.25. 3M had a return on equity of 112.92% and a net margin of 3.08%. The company had revenue of $6.26 billion for the quarter, compared to analyst estimates of $5.85 billion. During the same quarter in the previous year, the company earned $2.17 earnings per share. As a group, analysts forecast that 3M will post 7.2 EPS for the current year.

3M Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Monday, August 26th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date is Monday, August 26th. 3M’s dividend payout ratio (DPR) is -22.01%.

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.