OFI Invest Asset Management Increases Position in 3M (NYSE:MMM)

OFI Invest Asset Management boosted its stake in 3M (NYSE:MMM) by 3,543.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,057 shares of the conglomerate’s stock after acquiring an additional 9,781 shares during the period. OFI Invest Asset Management’s holdings in 3M were worth $959,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Tributary Capital Management LLC bought a new position in 3M in the 1st quarter valued at about $25,000. Financial Synergies Wealth Advisors Inc. boosted its holdings in 3M by 419.1% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after buying an additional 197 shares in the last quarter. Northwest Investment Counselors LLC acquired a new position in 3M in the first quarter worth approximately $32,000. TruNorth Capital Management LLC bought a new position in shares of 3M in the second quarter valued at $33,000. Finally, Livelsberger Financial Advisory acquired a new stake in shares of 3M during the 4th quarter valued at $35,000. Institutional investors own 65.25% of the company’s stock.

3M Stock Performance

MMM stock traded down $0.11 during mid-day trading on Friday, reaching $127.05. 3,812,693 shares of the stock traded hands, compared to its average volume of 5,347,996. 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 business has a 50-day moving average of $109.69 and a two-hundred day moving average of $101.13. The firm has a market capitalization of $70.30 billion, a PE ratio of -9.99, a P/E/G ratio of 2.34 and a beta of 0.95. 3M has a 52 week low of $71.12 and a 52 week high of $128.65.

3M (NYSE:MMM) last released its earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $5.85 billion. During the same quarter last year, the firm posted $2.17 EPS. As a group, equities analysts predict that 3M will post 7.21 EPS for the current fiscal year.

3M Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Monday, August 26th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.20%. 3M’s dividend payout ratio (DPR) is presently -22.01%.

Insider Activity at 3M

In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief financial officer now owns 4,364 shares in the company, valued at approximately $541,659.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $21,486,484.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 4,364 shares of the company’s stock, 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.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Barclays upped their target price on 3M from $120.00 to $145.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Bank of America boosted their price target on shares of 3M from $120.00 to $143.00 and gave the company a “buy” rating in a report on Monday, July 29th. JPMorgan Chase & Co. raised shares of 3M from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $110.00 to $111.00 in a research note on Wednesday, May 1st. Wells Fargo & Company increased their target price on 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a report on Wednesday, July 10th. Finally, Wolfe Research raised 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price target on the stock in a research report on Thursday, June 13th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, 3M has an average rating of “Hold” and a consensus target price of $123.57.

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.