Cherry Creek Investment Advisors Inc. Makes New Investment in 3M (NYSE:MMM)

Cherry Creek Investment Advisors Inc. bought a new position in shares of 3M (NYSE:MMM) in the second quarter, HoldingsChannel.com reports. The firm bought 1,478 shares of the conglomerate’s stock, valued at approximately $294,000.

Other large investors also recently bought and sold shares of the company. Kornitzer Capital Management Inc. KS increased its holdings in shares of 3M by 1.2% during the 2nd quarter. Kornitzer Capital Management Inc. KS now owns 119,687 shares of the conglomerate’s stock worth $23,773,000 after purchasing an additional 1,410 shares during the period. Mattern Capital Management LLC increased its holdings in shares of 3M by 2.6% during the 2nd quarter. Mattern Capital Management LLC now owns 27,904 shares of the conglomerate’s stock worth $5,543,000 after purchasing an additional 705 shares during the period. Ieq Capital LLC increased its holdings in shares of 3M by 29.1% during the 2nd quarter. Ieq Capital LLC now owns 10,157 shares of the conglomerate’s stock worth $2,017,000 after purchasing an additional 2,287 shares during the period. Hennion & Walsh Asset Management Inc. bought a new position in shares of 3M during the 1st quarter worth about $2,520,000. Finally, Stifel Financial Corp increased its holdings in shares of 3M by 7.3% during the 1st quarter. Stifel Financial Corp now owns 1,889,937 shares of the conglomerate’s stock worth $364,157,000 after purchasing an additional 128,666 shares during the period. Institutional investors own 66.82% of the company’s stock.

In related news, EVP John Patrick Banovetz sold 3,236 shares of the stock in a transaction that occurred on Tuesday, August 10th. The shares were sold at an average price of $197.93, for a total value of $640,501.48. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Khandpur K. Ashish sold 6,505 shares of the stock in a transaction that occurred on Monday, August 9th. The shares were sold at an average price of $196.86, for a total transaction of $1,280,574.30. Following the completion of the transaction, the insider now owns 26,855 shares in the company, valued at $5,286,675.30. The disclosure for this sale can be found here. Insiders have sold 20,666 shares of company stock worth $4,103,569 over the last quarter. 0.34% of the stock is owned by company insiders.

Shares of MMM stock traded up $1.41 during trading hours on Thursday, reaching $178.58. 9,142 shares of the company were exchanged, compared to its average volume of 2,472,032. 3M has a fifty-two week low of $156.13 and a fifty-two week high of $208.95. The stock’s fifty day moving average is $187.96 and its two-hundred day moving average is $195.40. The company has a market cap of $103.33 billion, a price-to-earnings ratio of 17.54, a P/E/G ratio of 1.92 and a beta of 0.96. The company has a debt-to-equity ratio of 1.12, a current ratio of 1.73 and a quick ratio of 1.22.

3M (NYSE:MMM) last announced its earnings results on Monday, July 26th. The conglomerate reported $2.59 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.28 by $0.31. 3M had a net margin of 17.13% and a return on equity of 44.72%. The company had revenue of $8.90 billion for the quarter, compared to analyst estimates of $8.59 billion. During the same period in the prior year, the business earned $1.78 earnings per share. 3M’s quarterly revenue was up 24.0% on a year-over-year basis. On average, research analysts anticipate that 3M will post 10.11 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Sunday, September 12th. Stockholders of record on Monday, August 23rd were given a dividend of $1.48 per share. The ex-dividend date of this dividend was Friday, August 20th. This represents a $5.92 dividend on an annualized basis and a dividend yield of 3.32%. 3M’s payout ratio is 67.73%.

Several research analysts have recently issued reports on MMM shares. Credit Suisse Group downgraded shares of 3M from an “outperform” rating to a “neutral” rating and boosted their price objective for the stock from $210.00 to $212.00 in a report on Tuesday, July 6th. Wolfe Research cut shares of 3M from a “peer perform” rating to an “underperform” rating and lowered their target price for the company from $218.00 to $215.00 in a research note on Monday, July 12th. Argus upped their target price on shares of 3M from $220.00 to $225.00 and gave the company a “buy” rating in a research note on Wednesday, July 28th. They noted that the move was a valuation call. Langenberg & Company raised shares of 3M from a “hold” rating to a “buy” rating in a research note on Monday. Finally, Barclays lowered their target price on shares of 3M from $185.00 to $182.00 and set an “underweight” rating on the stock in a research note on Monday, October 4th. Four research analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $196.54.

3M Profile

3M Co is a technology company, which manufactures industrial, safety and consumer products. It operates through the following segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment consists of personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules.

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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