Abbot Financial Management Inc. Takes Position in 3M (NYSE:MMM)

Abbot Financial Management Inc. bought a new stake in 3M (NYSE:MMM - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 4,802 shares of the conglomerate's stock, valued at approximately $491,000.

Several other hedge funds have also modified their holdings of MMM. Tributary Capital Management LLC bought a new position in shares of 3M during the first quarter valued at approximately $25,000. Financial Synergies Wealth Advisors Inc. grew its position in 3M by 419.1% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate's stock worth $26,000 after buying an additional 197 shares during the last quarter. MFA Wealth Advisors LLC purchased a new position in shares of 3M during the second quarter valued at $28,000. Meeder Asset Management Inc. grew its position in 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 purchasing an additional 269 shares in the last quarter. Finally, Northwest Investment Counselors LLC purchased a new stake in 3M in the 1st quarter worth approximately $32,000. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Stock Performance

Shares of NYSE MMM traded down $1.04 during midday trading on Tuesday, hitting $133.57. The company's stock had a trading volume of 3,968,699 shares, compared to its average volume of 5,108,441. The firm has a market capitalization of $73.91 billion, a price-to-earnings ratio of -10.50, a P/E/G ratio of 2.41 and a beta of 0.95. The stock has a fifty day moving average price of $122.77 and a 200 day moving average price of $107.13. 3M has a one year low of $71.12 and a one year high of $135.28. 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 - Get Free Report) last issued its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.68 by $0.25. The firm 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 quarter last year, the company posted $2.17 EPS. On average, research analysts forecast that 3M will post 7.22 EPS for the current fiscal year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were given a $0.70 dividend. The ex-dividend date was Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.10%. 3M's dividend payout ratio is currently -22.01%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on MMM shares. Morgan Stanley initiated coverage on 3M in a report on Friday, September 6th. They set an "underweight" rating and a $125.00 target price on the stock. Wolfe Research upgraded 3M from a "peer perform" rating to an "outperform" rating and set a $125.00 price target on the stock in a report on Thursday, June 13th. StockNews.com downgraded 3M from a "buy" rating to a "hold" rating in a research note on Monday, July 29th. Bank of America lifted their price target on 3M from $120.00 to $143.00 and gave the stock a "buy" rating in a research report on Monday, July 29th. Finally, Barclays raised their price objective on shares of 3M from $120.00 to $145.00 and gave the stock an "overweight" rating in a research note on Monday, July 29th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, 3M has a consensus rating of "Hold" and a consensus target price of $124.43.

Insiders Place Their Bets

In related news, 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 value of $700,635.50. Following the transaction, 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 legal filing with the SEC, which is available through the SEC website. In related news, Chairman Michael F. Roman sold 5,675 shares of the 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 sale, the chairman now owns 174,036 shares in the company, valued at approximately $21,486,484.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Theresa E. Reinseth sold 2,100 shares of the business'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 value of $260,652.00. Following the transaction, the chief financial officer now owns 4,364 shares of the company's stock, valued at approximately $541,659.68. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company's stock.

3M Company 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.