Hengehold Capital Management LLC Buys Shares of 1,666 3M (NYSE:MMM)

Hengehold Capital Management LLC bought a new position in 3M (NYSE:MMM) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,666 shares of the conglomerate’s stock, valued at approximately $228,000.

A number of other hedge funds also recently made changes to their positions in the stock. Cornerstone Wealth Management LLC lifted its stake in 3M by 12.0% in the 3rd quarter. Cornerstone Wealth Management LLC now owns 10,606 shares of the conglomerate’s stock valued at $1,450,000 after purchasing an additional 1,139 shares during the last quarter. Twelve Points Wealth Management LLC increased its holdings in shares of 3M by 10.4% during the third quarter. Twelve Points Wealth Management LLC now owns 4,656 shares of the conglomerate’s stock worth $637,000 after buying an additional 440 shares in the last quarter. Griffin Asset Management Inc. lifted its stake in shares of 3M by 2.3% in the 3rd quarter. Griffin Asset Management Inc. now owns 8,560 shares of the conglomerate’s stock valued at $1,170,000 after acquiring an additional 195 shares during the last quarter. Investment Advisory Group LLC acquired a new stake in shares of 3M during the 3rd quarter valued at $233,000. Finally, Swedbank AB grew its position in 3M by 10.3% during the 3rd quarter. Swedbank AB now owns 418,438 shares of the conglomerate’s stock worth $57,200,000 after acquiring an additional 39,206 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity 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 shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the transaction, the chief financial officer now owns 4,364 shares in the company, valued at approximately $541,659.68. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the transaction, the chairman now owns 174,036 shares of the company’s stock, valued at $21,486,484.56. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction on 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 of the company’s stock, valued at $541,659.68. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by insiders.

3M Stock Down 0.4 %

Shares of NYSE MMM opened at $135.75 on Friday. 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 firm has a market cap of $75.12 billion, a PE ratio of -10.67, a P/E/G ratio of 2.49 and a beta of 0.95. The company’s fifty day simple moving average is $132.45 and its 200 day simple moving average is $112.30. 3M has a 12-month low of $71.12 and a 12-month high of $140.72.

3M (NYSE:MMM) last issued its earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, beating analysts’ consensus estimates of $1.68 by $0.25. The business had revenue of $6.26 billion during 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 company posted $2.17 EPS. As a group, sell-side analysts forecast that 3M will post 7.24 earnings per share for the current fiscal year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.06%. The ex-dividend date was Monday, August 26th. 3M’s dividend payout ratio is currently -22.01%.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Barclays lifted their price target on 3M from $145.00 to $160.00 and gave the company an “overweight” rating in a research note on Wednesday, October 2nd. Royal Bank of Canada lifted their target price on shares of 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a research report on Monday, July 29th. Mizuho upped their price target on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research report on Thursday. StockNews.com lowered shares of 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Finally, Citigroup increased their price objective on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a report on Monday, July 29th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $130.57.

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.