Forum Financial Management LP Purchases 497 Shares of 3M (NYSE:MMM)

Forum Financial Management LP increased its position in 3M (NYSE:MMM) by 26.1% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,399 shares of the conglomerate’s stock after purchasing an additional 497 shares during the period. Forum Financial Management LP’s holdings in 3M were worth $245,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of MMM. Tributary Capital Management LLC purchased a new stake in shares of 3M in the first quarter worth approximately $25,000. Financial Synergies Wealth Advisors Inc. raised its position in 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 buying an additional 197 shares during the last quarter. MFA Wealth Advisors LLC bought a new position in 3M during the 2nd quarter valued at $28,000. Northwest Investment Counselors LLC purchased a new position in 3M during the 1st quarter worth $32,000. Finally, TruNorth Capital Management LLC bought a new stake in shares of 3M in the 2nd quarter worth $33,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Price Performance

Shares of 3M stock opened at $134.69 on Friday. The company has a debt-to-equity ratio of 2.95, a quick ratio of 1.08 and a current ratio of 1.36. 3M has a 52-week low of $71.12 and a 52-week high of $134.99. The stock’s 50-day simple moving average is $115.56 and its 200 day simple moving average is $103.62.

3M (NYSE:MMM) last announced its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, beating analysts’ consensus estimates of $1.68 by $0.25. 3M had a net margin of 3.08% and a return on equity of 112.92%. The company had revenue of $6.26 billion for the quarter, compared to analysts’ expectations of $5.85 billion. During the same period in the prior year, the company posted $2.17 EPS. On average, equities research analysts forecast that 3M will post 7.2 earnings per share for the current fiscal year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Monday, August 26th will be given a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.08%. The ex-dividend date of this dividend is Monday, August 26th. 3M’s dividend payout ratio (DPR) is presently -22.01%.

Insider Activity at 3M

In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the transaction, 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 company’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 sale, the chief financial officer now owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 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 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 corporate insiders.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Wolfe Research raised shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price target on the stock in a research report on Thursday, June 13th. Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and boosted their target price for the stock from $110.00 to $150.00 in a research note on Monday, July 29th. Vertical Research raised 3M from a “hold” rating to a “buy” rating and increased their price target for the company from $92.00 to $140.00 in a research report on Thursday, May 16th. HSBC upgraded 3M from a “hold” rating to a “buy” rating and lifted their price target for the stock from $91.13 to $115.00 in a report on Friday, May 10th. Finally, Argus raised 3M from a “hold” rating to a “buy” rating and set a $145.00 target price for the company in a research report on Tuesday, July 30th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $124.38.

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.