Hudock Inc. Raises Stock Holdings in 3M (NYSE:MMM)

Hudock Inc. lifted its stake in shares of 3M (NYSE:MMM) by 3.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 8,906 shares of the conglomerate’s stock after acquiring an additional 265 shares during the quarter. Hudock Inc.’s holdings in 3M were worth $910,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Gilbert & Cook Inc. purchased a new stake in shares of 3M during the 4th quarter worth approximately $481,000. Natixis Advisors L.P. boosted its position in 3M by 2.0% during the fourth quarter. Natixis Advisors L.P. now owns 91,669 shares of the conglomerate’s stock valued at $10,021,000 after purchasing an additional 1,829 shares in the last quarter. Aveo Capital Partners LLC bought a new stake in 3M during the fourth quarter valued at about $219,000. LSV Asset Management raised its stake in 3M by 41.4% in the fourth quarter. LSV Asset Management now owns 9,900 shares of the conglomerate’s stock valued at $1,082,000 after buying an additional 2,900 shares during the last quarter. Finally, Axxcess Wealth Management LLC raised its stake in 3M by 83.8% in the fourth quarter. Axxcess Wealth Management LLC now owns 5,111 shares of the conglomerate’s stock valued at $559,000 after buying an additional 2,330 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on MMM. Wolfe Research raised 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 target price on the stock in a report on Thursday, June 13th. Citigroup lifted their target price on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research report on Monday, July 29th. Argus raised 3M from a “hold” rating to a “buy” rating and set a $145.00 target price for the company in a research note on Tuesday, July 30th. StockNews.com downgraded 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Finally, Wells Fargo & Company upped their price objective on 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 10th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $124.38.

3M Stock Performance

Shares of NYSE:MMM traded down $0.85 during trading on Thursday, hitting $131.30. 966,399 shares of the company traded hands, compared to its average volume of 5,181,572. The stock has a market capitalization of $72.66 billion, a price-to-earnings ratio of -10.35, a PEG ratio of 2.49 and a beta of 0.95. The business’s fifty day moving average is $117.39 and its 200-day moving average is $104.55. 3M has a one year low of $71.12 and a one year high of $134.99. 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 (NYSE:MMM) last announced its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, beating analysts’ consensus estimates of $1.68 by $0.25. 3M had a net margin of 3.08% and a return on equity of 112.92%. The firm had revenue of $6.26 billion for the quarter, compared to the consensus estimate of $5.85 billion. During the same period in the previous year, the firm posted $2.17 earnings per share. As a group, equities analysts predict that 3M will post 7.2 earnings per share for the current fiscal year.

3M Dividend Announcement

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 $0.70 dividend. The ex-dividend date is Monday, August 26th. This represents a $2.80 annualized dividend and a yield of 2.13%. 3M’s dividend payout ratio (DPR) is currently -22.01%.

Insider Transactions at 3M

In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value 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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction dated Wednesday, August 7th. The stock was 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 $21,486,484.56. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 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 currently owned by insiders.

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.