Symmetry Investments LP Acquires New Stake in 3M (NYSE:MMM)

Symmetry Investments LP bought a new position in shares of 3M (NYSE:MMM - Free Report) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund bought 28,900 shares of the conglomerate's stock, valued at approximately $2,953,000.

Other large investors have also recently bought and sold shares of the company. Tributary Capital Management LLC acquired a new position in shares of 3M during the 1st quarter worth approximately $25,000. Financial Synergies Wealth Advisors Inc. raised its stake in shares of 3M by 419.1% in the 1st 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 during the period. MFA Wealth Advisors LLC purchased a new stake in 3M during the 2nd quarter worth $28,000. Meeder Asset Management Inc. increased its holdings in 3M by 689.7% in the 2nd 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 position in 3M in the first quarter valued at about $32,000. Hedge funds and other institutional investors own 65.25% of the company's stock.

3M Price Performance

Shares of NYSE MMM opened at $134.76 on Friday. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95. The company has a market capitalization of $74.57 billion, a price-to-earnings ratio of -10.59, a price-to-earnings-growth ratio of 2.41 and a beta of 0.95. 3M has a twelve month low of $71.12 and a twelve month high of $135.32. The business has a 50 day simple moving average of $124.63 and a 200-day simple moving average of $107.80.

3M (NYSE:MMM - Get Free Report) last released its earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, beating 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 in the previous year, the firm earned $2.17 earnings per share. As a group, equities research analysts expect that 3M will post 7.22 earnings per share for the current year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were issued a $0.70 dividend. The ex-dividend date was Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a yield of 2.08%. 3M's dividend payout ratio is currently -22.01%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on MMM. Wolfe Research raised 3M from a "peer perform" rating to an "outperform" rating and set a $125.00 target price for the company in a research report on Thursday, June 13th. Morgan Stanley assumed coverage on 3M in a research report on Friday, September 6th. They set an "underweight" rating and a $125.00 target price on the stock. Argus upgraded 3M from a "hold" rating to a "buy" rating and set a $145.00 price target on the stock in a research note on Tuesday, July 30th. StockNews.com lowered 3M from a "buy" rating to a "hold" rating in a research note on Monday, July 29th. Finally, Citigroup upped 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. Two 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. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $124.43.

Insider Buying and Selling at 3M

In related news, Chairman Michael F. Roman sold 5,675 shares of the firm'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 value of $700,635.50. Following the sale, the chairman now owns 174,036 shares of the company's stock, valued at approximately $21,486,484.56. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other 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 transaction of $700,635.50. Following the completion of the transaction, the chairman now owns 174,036 shares in the company, valued at $21,486,484.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Theresa E. Reinseth sold 2,100 shares of the 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 disclosure for this sale can be found here. 0.34% of the stock is currently owned by insiders.

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.

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