PFG Investments LLC Has $1.64 Million Stock Holdings in 3M (NYSE:MMM)

PFG Investments LLC decreased its stake in shares of 3M (NYSE:MMM) by 13.5% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 16,067 shares of the conglomerate’s stock after selling 2,506 shares during the quarter. PFG Investments LLC’s holdings in 3M were worth $1,642,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in MMM. Tributary Capital Management LLC acquired a new position in 3M during the first quarter worth $25,000. Financial Synergies Wealth Advisors Inc. increased 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 purchasing an additional 197 shares during the last quarter. MFA Wealth Advisors LLC bought a new stake in shares of 3M in the 2nd quarter valued at about $28,000. Northwest Investment Counselors LLC acquired a new stake in 3M in the 1st quarter valued at about $32,000. Finally, TruNorth Capital Management LLC bought a new position in 3M during the second quarter worth about $33,000. Institutional investors own 65.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on MMM shares. Deutsche Bank Aktiengesellschaft raised 3M from a “hold” rating to a “buy” rating and raised their price objective for the company from $110.00 to $150.00 in a research report on Monday, July 29th. Wolfe Research upgraded 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price target on the stock in a research note on Thursday, June 13th. Citigroup increased their price target on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Morgan Stanley initiated coverage on 3M in a research note on Friday. They issued an “underweight” rating and a $125.00 price target on the stock. Finally, Wells Fargo & Company increased their price target on 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 10th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $124.43.

3M Stock Down 0.1 %

MMM stock opened at $128.46 on Tuesday. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08. The stock has a market capitalization of $70.57 billion, a price-to-earnings ratio of -10.10, a PEG ratio of 2.38 and a beta of 0.95. The business’s fifty day moving average price is $119.04 and its two-hundred day moving average price is $105.43. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $134.99.

3M (NYSE:MMM) last posted its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 earnings per share 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 last year, the business earned $2.17 EPS. On average, equities analysts anticipate that 3M will post 7.2 earnings per share for the current year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Monday, August 26th will be given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.18%. The ex-dividend date of this dividend is Monday, August 26th. 3M’s payout ratio is currently -22.01%.

Insider Buying and Selling

In related news, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related 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 value of $700,635.50. Following the sale, the chairman now directly 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 Securities & Exchange Commission, which is accessible through this link. Also, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction dated 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 sale, 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.

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.