HC Advisors LLC Takes $217,000 Position in 3M Company $MMM

HC Advisors LLC acquired a new stake in 3M Company (NYSE:MMM) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 1,477 shares of the conglomerate’s stock, valued at approximately $217,000.

Several other hedge funds and other institutional investors have also modified their holdings of MMM. Nuveen LLC acquired a new position in shares of 3M in the 1st quarter valued at about $235,020,000. D1 Capital Partners L.P. acquired a new position in 3M during the 4th quarter worth approximately $175,110,000. Northern Trust Corp lifted its position in 3M by 12.6% during the 4th quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate’s stock worth $871,738,000 after acquiring an additional 755,155 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in 3M by 34.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,133,190 shares of the conglomerate’s stock worth $275,375,000 after acquiring an additional 544,380 shares in the last quarter. Finally, J. Goldman & Co LP acquired a new position in 3M during the 4th quarter worth approximately $63,471,000. 65.25% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently commented on MMM shares. Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a research report on Thursday, August 14th. JPMorgan Chase & Co. set a $167.00 price target on 3M in a research report on Friday, July 18th. Royal Bank Of Canada boosted their price target on 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a research report on Wednesday, April 23rd. Wells Fargo & Company reissued an “overweight” rating on shares of 3M in a research report on Friday, July 18th. Finally, Barclays set a $170.00 price target on 3M in a research report on Friday, July 18th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $158.10.

3M Stock Performance

Shares of MMM opened at $152.86 on Tuesday. The business’s 50 day moving average is $151.14 and its two-hundred day moving average is $147.12. 3M Company has a 52-week low of $121.98 and a 52-week high of $164.15. The firm has a market cap of $81.42 billion, a price-to-earnings ratio of 21.26, a PEG ratio of 2.95 and a beta of 1.05. The company has a quick ratio of 1.20, a current ratio of 1.72 and a debt-to-equity ratio of 2.87.

3M (NYSE:MMM) last issued its quarterly earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share for the quarter, beating analysts’ consensus estimates of $2.01 by $0.15. 3M had a return on equity of 96.48% and a net margin of 16.01%. The business had revenue of $6.16 billion during the quarter, compared to the consensus estimate of $6.09 billion. During the same period in the previous year, the business earned $1.93 EPS. The business’s quarterly revenue was up 1.4% on a year-over-year basis. Analysts forecast that 3M Company will post 7.8 EPS for the current fiscal year.

3M Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Monday, August 25th will be issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.9%. 3M’s dividend payout ratio (DPR) is 40.61%.

Insider Transactions at 3M

In other news, insider Christian T. Goralski, Jr. sold 6,165 shares of the business’s stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $150.18, for a total value of $925,859.70. Following the completion of the sale, the insider directly owned 2,900 shares in the company, valued at approximately $435,522. The trade was a 68.01% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Co 3M sold 8,800,000 shares of the business’s stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $73.45, for a total value of $646,360,000.00. Following the completion of the sale, the insider owned 25,569,190 shares of the company’s stock, valued at $1,878,057,005.50. This trade represents a 25.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 8,817,401 shares of company stock valued at $648,960,803 over the last 90 days. Insiders own 0.48% of the company’s stock.

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.