Flynn Zito Capital Management LLC Increases Stock Position in 3M (NYSE:MMM)

Flynn Zito Capital Management LLC increased its position in shares of 3M (NYSE:MMM) by 14.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,594 shares of the conglomerate’s stock after buying an additional 713 shares during the period. Flynn Zito Capital Management LLC’s holdings in 3M were worth $572,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Candriam S.C.A. boosted its stake in shares of 3M by 19.2% during the 2nd quarter. Candriam S.C.A. now owns 38,469 shares of the conglomerate’s stock valued at $3,931,000 after buying an additional 6,185 shares during the last quarter. New York Life Investment Management LLC boosted its stake in 3M by 1.1% during the 2nd quarter. New York Life Investment Management LLC now owns 84,666 shares of the conglomerate’s stock valued at $8,652,000 after acquiring an additional 954 shares during the last quarter. Addison Advisors LLC increased its position in shares of 3M by 4.9% in the 2nd quarter. Addison Advisors LLC now owns 2,328 shares of the conglomerate’s stock worth $238,000 after purchasing an additional 108 shares during the last quarter. Hourglass Capital LLC raised its stake in shares of 3M by 2.4% in the 2nd quarter. Hourglass Capital LLC now owns 51,571 shares of the conglomerate’s stock valued at $5,270,000 after purchasing an additional 1,205 shares in the last quarter. Finally, Arizona State Retirement System lifted its position in shares of 3M by 1.1% during the second quarter. Arizona State Retirement System now owns 160,231 shares of the conglomerate’s stock worth $16,374,000 after purchasing an additional 1,733 shares during the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

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

Wall Street Analyst Weigh In

MMM has been the subject of several research analyst reports. Royal Bank of Canada boosted 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. HSBC raised shares of 3M from a “hold” rating to a “buy” rating and increased their target price for the stock from $91.13 to $115.00 in a report on Friday, May 10th. Deutsche Bank Aktiengesellschaft raised shares of 3M from a “hold” rating to a “buy” rating and raised their target price for the stock from $110.00 to $150.00 in a report on Monday, July 29th. Wolfe Research raised 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 target price for the company in a report on Thursday, June 13th. Finally, Morgan Stanley began coverage on 3M in a report on Friday. They issued an “underweight” rating and a $125.00 price target on the stock. Two analysts have rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $124.43.

3M Price Performance

Shares of NYSE MMM opened at $128.61 on Friday. The firm’s 50-day simple moving average is $118.48 and its 200 day simple moving average is $104.99. The stock has a market cap of $71.17 billion, a P/E ratio of -10.11, a P/E/G ratio of 2.49 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $134.99.

3M (NYSE:MMM) last issued its quarterly 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 company had revenue of $6.26 billion during the quarter, compared to analyst estimates of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same period in the prior year, the business posted $2.17 EPS. Equities analysts expect that 3M will post 7.2 EPS for the current year.

3M Announces Dividend

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

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.