Addison Advisors LLC Purchases 108 Shares of 3M (NYSE:MMM)

Addison Advisors LLC grew its holdings in 3M (NYSE:MMM) by 4.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,328 shares of the conglomerate’s stock after purchasing an additional 108 shares during the quarter. Addison Advisors LLC’s holdings in 3M were worth $238,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of MMM. Norges Bank bought a new position in shares of 3M during the fourth quarter valued at about $502,585,000. Balyasny Asset Management L.P. raised its holdings in shares of 3M by 313.8% during the 4th quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate’s stock valued at $289,803,000 after buying an additional 2,010,319 shares in the last quarter. Capital World Investors purchased a new position in shares of 3M in the first quarter worth about $165,986,000. National Bank of Canada FI lifted its position in 3M by 218.3% in the first quarter. National Bank of Canada FI now owns 1,489,351 shares of the conglomerate’s stock valued at $147,344,000 after purchasing an additional 1,021,440 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its position in 3M by 1,015.6% in the first quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate’s stock valued at $94,247,000 after purchasing an additional 808,914 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors.

3M Stock Down 2.1 %

Shares of NYSE:MMM opened at $128.61 on Friday. 3M has a 12-month low of $71.12 and a 12-month high of $134.99. The stock’s 50-day moving average price is $118.48 and its two-hundred day moving average price is $104.99. The firm has a market cap of $71.17 billion, a price-to-earnings ratio of -10.11, a PEG ratio of 2.49 and a beta of 0.95. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95.

3M (NYSE:MMM) last issued its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share 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 the consensus estimate 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 business earned $2.17 EPS. On average, research analysts forecast that 3M will post 7.2 EPS for the current year.

3M Dividend Announcement

The firm also recently announced 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 annualized dividend and a yield of 2.18%. The ex-dividend date of this dividend is Monday, August 26th. 3M’s payout ratio is currently -22.01%.

Insider Activity at 3M

In other 3M 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 completion of the sale, the chairman now directly owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at approximately $541,659.68. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Michael F. Roman sold 5,675 shares of the business’s 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 completion of the sale, the chairman now directly owns 174,036 shares of the company’s stock, valued at $21,486,484.56. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on MMM shares. Citigroup boosted their target price on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Vertical Research upgraded shares of 3M from a “hold” rating to a “buy” rating and upped their target price for the stock from $92.00 to $140.00 in a research note on Thursday, May 16th. Barclays raised their price target on shares of 3M from $120.00 to $145.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Royal Bank of Canada boosted their target price on shares of 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a research report on Monday, July 29th. Finally, StockNews.com lowered 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $124.43.

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.