Leelyn Smith LLC Grows Position in 3M (NYSE:MMM)

Leelyn Smith LLC increased its position in shares of 3M (NYSE:MMM) by 6.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 21,236 shares of the conglomerate’s stock after purchasing an additional 1,349 shares during the period. Leelyn Smith LLC’s holdings in 3M were worth $2,170,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in MMM. Tributary Capital Management LLC purchased a new stake in 3M in the 1st quarter valued at about $25,000. Financial Synergies Wealth Advisors Inc. boosted its position in 3M by 419.1% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after buying an additional 197 shares during the period. MFA Wealth Advisors LLC purchased a new stake in 3M in the 2nd quarter valued at about $28,000. Meeder Asset Management Inc. boosted its position in 3M by 689.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after buying an additional 269 shares during the period. Finally, Northwest Investment Counselors LLC purchased a new stake in 3M in the 1st quarter valued at about $32,000. 65.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on MMM shares. Wells Fargo & Company upped their price target on shares of 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 10th. Bank of America upped their price target on shares of 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Barclays upped their price target on shares of 3M from $120.00 to $145.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Citigroup upped their price target on shares of 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Finally, Morgan Stanley started coverage on shares of 3M in a research report on Friday, September 6th. They issued an “underweight” rating and a $125.00 price target for the company. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $124.43.

Insiders Place Their Bets

In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the transaction, the chairman now owns 174,036 shares of the company’s stock, valued at $21,486,484.56. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the sale, the chairman now owns 174,036 shares in the company, valued at $21,486,484.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 transaction of $260,652.00. Following the completion of the sale, the chief financial officer now owns 4,364 shares in the company, valued at approximately $541,659.68. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

3M Trading Up 0.9 %

NYSE:MMM opened at $133.18 on Friday. 3M has a 52 week low of $71.12 and a 52 week high of $134.99. The firm has a 50 day moving average of $121.42 and a 200 day moving average of $106.34. 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 $73.16 billion, a price-to-earnings ratio of -10.47, a PEG ratio of 2.41 and a beta of 0.95.

3M (NYSE:MMM) last posted its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.68 by $0.25. The business had revenue of $6.26 billion during the quarter, compared to analysts’ expectations of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same quarter last year, the company posted $2.17 earnings per share. As a group, sell-side analysts anticipate that 3M will post 7.22 earnings per share for the current fiscal year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were issued a $0.70 dividend. 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 2.10%. 3M’s dividend payout ratio is currently -22.01%.

3M Company 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.