3M (NYSE:MMM) Shares Bought by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company grew its holdings in shares of 3M (NYSE:MMM) by 2.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 401,554 shares of the conglomerate’s stock after purchasing an additional 11,368 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.07% of 3M worth $41,035,000 at the end of the most recent reporting period.

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

3M Trading Down 1.5 %

Shares of NYSE MMM opened at $137.30 on Monday. The stock has a market cap of $75.98 billion, a price-to-earnings ratio of -10.79, a PEG ratio of 2.51 and a beta of 0.95. The business has a 50 day simple moving average of $127.98 and a 200 day simple moving average of $109.45. 3M has a 52 week low of $71.12 and a 52 week high of $140.72. 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 (NYSE:MMM) last announced its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, beating the consensus estimate of $1.68 by $0.25. The business had revenue of $6.26 billion during 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 business posted $2.17 EPS. On average, research analysts predict that 3M will post 7.22 earnings per share for the current fiscal year.

3M Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were given a dividend of $0.70 per share. The ex-dividend date was Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a yield of 2.04%. 3M’s payout ratio is currently -22.01%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on MMM. Citigroup lifted their target price on 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a report on Monday, July 29th. StockNews.com downgraded 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Barclays boosted their price objective on 3M from $120.00 to $145.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $110.00 to $150.00 in a report on Monday, July 29th. Finally, Morgan Stanley started coverage on 3M in a report on Friday, September 6th. They set an “underweight” rating and a $125.00 price objective on the stock. Two 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, the stock has an average rating of “Hold” and an average target price of $124.43.

Insiders Place Their Bets

In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the company’s stock in a transaction that occurred on 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 owns 4,364 shares of the company’s stock, valued at $541,659.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the company’s stock in a transaction that occurred on 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 owns 4,364 shares of the company’s stock, valued at $541,659.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Michael F. Roman sold 5,675 shares of the company’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 directly owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The disclosure for this sale can be found here. Company 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.