Wulff Hansen & CO. Purchases 208,451 Shares of 3M (NYSE:MMM)

Wulff Hansen & CO. grew its position in 3M (NYSE:MMM) by 10,119.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 210,511 shares of the conglomerate’s stock after buying an additional 208,451 shares during the quarter. Wulff Hansen & CO.’s holdings in 3M were worth $21,512,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in MMM. Citizens Financial Group Inc. RI increased its stake in 3M by 16.6% in the second quarter. Citizens Financial Group Inc. RI now owns 15,815 shares of the conglomerate’s stock valued at $1,616,000 after acquiring an additional 2,251 shares during the last quarter. Quantbot Technologies LP bought a new position in shares of 3M in the 2nd quarter valued at $4,092,000. Dimensional Fund Advisors LP raised its holdings in shares of 3M by 0.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,940,202 shares of the conglomerate’s stock worth $198,298,000 after buying an additional 11,315 shares in the last quarter. Financial Perspectives Inc lifted its position in shares of 3M by 1.1% during the 2nd quarter. Financial Perspectives Inc now owns 15,335 shares of the conglomerate’s stock worth $1,567,000 after buying an additional 174 shares during the last quarter. Finally, Brown Brothers Harriman & Co. boosted its stake in 3M by 0.4% in the second quarter. Brown Brothers Harriman & Co. now owns 22,613 shares of the conglomerate’s stock valued at $2,311,000 after buying an additional 97 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

Insider Transactions at 3M

In related news, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the sale, the chairman now owns 174,036 shares in the company, valued at approximately $21,486,484.56. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CFO Theresa E. Reinseth sold 2,100 shares of the business’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the transaction, the chief financial officer now owns 4,364 shares in the company, valued at approximately $541,659.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction 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 owns 174,036 shares of the company’s stock, valued at $21,486,484.56. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

MMM has been the subject of several research analyst reports. Royal Bank of Canada boosted their target price on 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a research note on Monday, July 29th. Barclays upped their price objective on shares of 3M from $120.00 to $145.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Morgan Stanley began coverage on shares of 3M in a research report on Friday, September 6th. They issued an “underweight” rating and a $125.00 target price on the stock. Wells Fargo & Company boosted their target price on shares of 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 10th. Finally, Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and increased their price target for the company from $110.00 to $150.00 in a research note on Monday, July 29th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $124.43.

3M Price Performance

Shares of MMM opened at $134.61 on Tuesday. The business has a 50-day moving average of $122.09 and a 200-day moving average of $106.84. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08. The company has a market capitalization of $74.49 billion, a price-to-earnings ratio of -10.58, a price-to-earnings-growth ratio of 2.41 and a beta of 0.95. 3M has a 1 year low of $71.12 and a 1 year high of $135.28.

3M (NYSE:MMM) last released its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $5.85 billion. During the same quarter last year, the business earned $2.17 EPS. As a group, equities research analysts anticipate that 3M will post 7.22 earnings per share for the current year.

3M Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were issued a dividend of $0.70 per share. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a yield of 2.08%. 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.