Bridgewater Associates LP Buys Shares of 48,715 3M (NYSE:MMM)

Bridgewater Associates LP purchased a new stake in 3M (NYSE:MMMGet Rating) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 48,715 shares of the conglomerate’s stock, valued at approximately $6,304,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Perigon Wealth Management LLC grew its position in shares of 3M by 3.6% in the second quarter. Perigon Wealth Management LLC now owns 22,456 shares of the conglomerate’s stock valued at $2,906,000 after purchasing an additional 777 shares during the last quarter. BOKF NA grew its position in shares of 3M by 1.9% in the second quarter. BOKF NA now owns 79,878 shares of the conglomerate’s stock valued at $10,337,000 after purchasing an additional 1,451 shares during the last quarter. Cobblestone Capital Advisors LLC NY grew its position in shares of 3M by 14.1% in the second quarter. Cobblestone Capital Advisors LLC NY now owns 4,805 shares of the conglomerate’s stock valued at $622,000 after purchasing an additional 594 shares during the last quarter. Soltis Investment Advisors LLC grew its position in shares of 3M by 58.4% in the second quarter. Soltis Investment Advisors LLC now owns 23,534 shares of the conglomerate’s stock valued at $3,046,000 after purchasing an additional 8,678 shares during the last quarter. Finally, Trexquant Investment LP acquired a new stake in shares of 3M in the second quarter valued at about $2,165,000. 64.90% of the stock is owned by institutional investors and hedge funds.

3M Stock Performance

NYSE:MMM opened at $128.00 on Thursday. 3M has a 1 year low of $107.07 and a 1 year high of $181.78. The firm has a 50 day moving average of $118.93 and a 200-day moving average of $131.20. The company has a current ratio of 1.56, a quick ratio of 0.97 and a debt-to-equity ratio of 0.98. The stock has a market capitalization of $70.75 billion, a P/E ratio of 11.15, a price-to-earnings-growth ratio of 1.32 and a beta of 1.02.

3M (NYSE:MMMGet Rating) last posted its earnings results on Tuesday, October 25th. The conglomerate reported $2.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.66 by $0.03. 3M had a net margin of 18.91% and a return on equity of 40.03%. The company had revenue of $8.60 billion during the quarter, compared to analysts’ expectations of $8.70 billion. During the same quarter in the previous year, the company posted $2.45 earnings per share. 3M’s quarterly revenue was down 3.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that 3M will post 10.22 EPS for the current fiscal year.

3M Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 12th. Stockholders of record on Friday, November 18th will be paid a $1.49 dividend. This represents a $5.96 dividend on an annualized basis and a dividend yield of 4.66%. The ex-dividend date of this dividend is Thursday, November 17th. 3M’s dividend payout ratio (DPR) is currently 51.92%.

Insider Activity

In other news, EVP Kevin H. Rhodes sold 5,703 shares of 3M stock in a transaction that occurred on Friday, October 28th. The shares were sold at an average price of $126.40, for a total value of $720,859.20. Following the completion of the transaction, the executive vice president now owns 2,033 shares in the company, valued at $256,971.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Kevin H. Rhodes sold 5,703 shares of the business’s stock in a transaction that occurred on Friday, October 28th. The shares were sold at an average price of $126.40, for a total value of $720,859.20. Following the completion of the transaction, the executive vice president now owns 2,033 shares in the company, valued at approximately $256,971.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Rodriguez Beatriz Karin Chavez sold 1,071 shares of the business’s stock in a transaction that occurred on Friday, October 28th. The stock was sold at an average price of $126.28, for a total transaction of $135,245.88. Following the completion of the transaction, the senior vice president now owns 3,313 shares of the company’s stock, valued at approximately $418,365.64. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on MMM shares. Sanford C. Bernstein reaffirmed a “mkt perform” rating and issued a $155.00 price target on shares of 3M in a research report on Wednesday, August 17th. The Goldman Sachs Group decreased their target price on 3M from $149.00 to $129.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 11th. Credit Suisse Group decreased their target price on 3M to $127.00 in a research report on Thursday, October 27th. Deutsche Bank Aktiengesellschaft lifted their target price on 3M from $126.00 to $127.00 in a research report on Wednesday, October 26th. Finally, Citigroup decreased their target price on 3M from $145.00 to $117.00 in a research report on Monday, October 10th. Three investment analysts have rated the stock with a sell rating and ten have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $132.93.

About 3M

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3M Company operates as a diversified technology company worldwide. It operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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