Addison Capital Co Purchases New Position in 3M (NYSE:MMM)

Addison Capital Co purchased a new stake in 3M (NYSE:MMM) in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor purchased 1,664 shares of the conglomerate’s stock, valued at approximately $227,000.

Other large investors have also recently added to or reduced their stakes in the company. Tributary Capital Management LLC acquired a new stake in 3M in the 1st quarter valued at $25,000. Financial Synergies Wealth Advisors Inc. grew its stake in shares of 3M by 419.1% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after acquiring an additional 197 shares in the last quarter. MFA Wealth Advisors LLC acquired a new stake in shares of 3M during the second quarter valued at about $28,000. Northwest Investment Counselors LLC acquired a new stake in shares of 3M during the first quarter valued at about $32,000. Finally, Meeder Asset Management Inc. grew its stake in shares of 3M by 689.7% during the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after acquiring an additional 269 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Stock Performance

Shares of NYSE MMM opened at $135.80 on Friday. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95. The firm’s 50-day moving average price is $132.45 and its two-hundred day moving average price is $112.30. 3M has a 52-week low of $71.12 and a 52-week high of $140.72. The stock has a market capitalization of $75.15 billion, a P/E ratio of -10.67, a P/E/G ratio of 2.49 and a beta of 0.95.

3M (NYSE:MMM) last released 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 company had revenue of $6.26 billion for the quarter, compared to analysts’ expectations of $5.85 billion. 3M had a return on equity of 112.92% and a net margin of 3.08%. During the same quarter in the previous year, the company posted $2.17 earnings per share. As a group, sell-side analysts forecast that 3M will post 7.24 earnings per share for the current year.

3M Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Stockholders 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 dividend yield of 2.06%. 3M’s dividend payout ratio (DPR) is presently -22.01%.

Analyst Ratings Changes

MMM has been the subject of several recent analyst reports. Royal Bank of Canada raised their target price on 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a research note on Monday, July 29th. Citigroup raised 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. Bank of America raised their target price on 3M from $120.00 to $143.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Morgan Stanley began coverage on shares of 3M in a research report on Friday, September 6th. They set an “underweight” rating and a $125.00 price target on the stock. Finally, Argus raised shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price target on the stock in a research report on Tuesday, July 30th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $130.57.

Insider Activity

In related news, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction that occurred 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 $541,659.68. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction that occurred 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 $541,659.68. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction, the chairman now owns 174,036 shares in the company, valued at $21,486,484.56. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

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.