3M (NYSE:MMM) Shares Acquired by Bahl & Gaynor Inc.

Bahl & Gaynor Inc. boosted its position in 3M (NYSE:MMM) by 6.1% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 12,746 shares of the conglomerate’s stock after purchasing an additional 728 shares during the period. Bahl & Gaynor Inc.’s holdings in 3M were worth $1,303,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MMM. Fortis Capital Advisors LLC lifted its holdings in shares of 3M by 2.9% in the second quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate’s stock valued at $307,000 after buying an additional 84 shares during the period. AMG National Trust Bank lifted its holdings in 3M by 3.1% in the 2nd quarter. AMG National Trust Bank now owns 3,326 shares of the conglomerate’s stock valued at $340,000 after acquiring an additional 100 shares during the last quarter. Platinum Investment Management Ltd. boosted its position in shares of 3M by 11.4% during the 1st quarter. Platinum Investment Management Ltd. now owns 1,020 shares of the conglomerate’s stock valued at $108,000 after purchasing an additional 104 shares in the last quarter. Geneos Wealth Management Inc. grew its stake in shares of 3M by 2.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 5,302 shares of the conglomerate’s stock worth $562,000 after purchasing an additional 105 shares during the last quarter. Finally, Fragasso Financial Advisors Inc lifted its stake in 3M by 4.2% during the second quarter. Fragasso Financial Advisors Inc now owns 2,638 shares of the conglomerate’s stock valued at $270,000 after purchasing an additional 106 shares during the last quarter. 65.25% of the stock is owned by institutional investors.

Insider Activity at 3M

In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the firm’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 transaction, the chairman now directly owns 174,036 shares in the company, valued at $21,486,484.56. The transaction was disclosed in a filing with the SEC, which is available 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 sale, the chairman now owns 174,036 shares in the company, valued at approximately $21,486,484.56. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, 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 value 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 $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 1.4 %

3M stock opened at $132.03 on Friday. 3M has a 12 month low of $71.12 and a 12 month high of $134.99. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95. The stock has a market cap of $73.06 billion, a P/E ratio of -10.38, a P/E/G ratio of 2.38 and a beta of 0.95. The company’s fifty day simple moving average is $120.79 and its 200-day simple moving average is $106.05.

3M (NYSE:MMM) last released its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, topping analysts’ consensus estimates of $1.68 by $0.25. The firm had revenue of $6.26 billion for the quarter, compared to the consensus estimate of $5.85 billion. 3M had a return on equity of 112.92% and a net margin of 3.08%. During the same quarter in the prior year, the company posted $2.17 earnings per share. As a group, sell-side analysts forecast that 3M will post 7.2 EPS for the current fiscal year.

3M Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were issued a dividend of $0.70 per share. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.12%. 3M’s dividend payout ratio is currently -22.01%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on MMM shares. Argus upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price target on the stock in a research report on Tuesday, July 30th. Bank of America upped 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. Royal Bank of Canada lifted their price target on 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a research note on Monday, July 29th. Citigroup upped their price objective on shares of 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Finally, StockNews.com downgraded shares of 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Two 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. Based on data from MarketBeat, 3M presently has an average rating of “Hold” and an average price target of $124.43.

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.