Arlington Partners LLC Has $3.19 Million Stock Position in 3M (NYSE:MMM)

Arlington Partners LLC increased its position in 3M (NYSE:MMM) by 144.9% in the second quarter, Holdings Channel.com reports. The firm owned 31,187 shares of the conglomerate’s stock after acquiring an additional 18,450 shares during the period. Arlington Partners LLC’s holdings in 3M were worth $3,187,000 at the end of the most recent quarter.

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

Analyst Ratings Changes

Several research firms have recently issued reports on MMM. Citigroup boosted their target price on 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and lifted their price objective for the company from $110.00 to $150.00 in a report on Monday, July 29th. Wolfe Research upgraded 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price objective on the stock in a report on Thursday, June 13th. Barclays lifted their price objective on 3M from $120.00 to $145.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Finally, Royal Bank of Canada lifted their price objective on 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a report on Monday, July 29th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $124.38.

Insider Buying and Selling at 3M

In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the company’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 directly owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value of $700,635.50. Following the transaction, the chairman now directly owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Theresa E. Reinseth sold 2,100 shares of the 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 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. Insiders own 0.34% of the company’s stock.

3M Stock Performance

Shares of MMM stock traded up $1.78 during trading on Friday, reaching $134.69. 6,092,831 shares of the company’s stock were exchanged, compared to its average volume of 3,368,297. 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 capitalization of $73.99 billion, a PE ratio of -10.59, a PEG ratio of 2.49 and a beta of 0.95. 3M has a twelve month low of $71.12 and a twelve month high of $134.99. The firm’s fifty day moving average price is $115.56 and its 200-day moving average price is $103.70.

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

3M Announces Dividend

The firm 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 dividend yield of 2.08%. The ex-dividend date of this dividend is Monday, August 26th. 3M’s payout ratio is presently -22.01%.

3M Profile

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.