6,650 Shares in 3M Co (NYSE:MMM) Purchased by Vivaldi Capital Management LLC

Vivaldi Capital Management LLC acquired a new position in shares of 3M Co (NYSE:MMM) in the 2nd quarter, Holdings Channel reports. The fund acquired 6,650 shares of the conglomerate’s stock, valued at approximately $1,153,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Zurich Insurance Group Ltd FI lifted its position in shares of 3M by 3.0% during the 2nd quarter. Zurich Insurance Group Ltd FI now owns 98,767 shares of the conglomerate’s stock worth $17,120,000 after purchasing an additional 2,880 shares during the last quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC lifted its position in shares of 3M by 44.0% during the 2nd quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 9,616 shares of the conglomerate’s stock worth $1,666,000 after purchasing an additional 2,938 shares during the last quarter. Alberta Investment Management Corp lifted its position in shares of 3M by 65.0% during the 2nd quarter. Alberta Investment Management Corp now owns 52,800 shares of the conglomerate’s stock worth $9,152,000 after purchasing an additional 20,800 shares during the last quarter. Apriem Advisors acquired a new position in shares of 3M during the 2nd quarter worth about $668,000. Finally, AQR Capital Management LLC lifted its position in shares of 3M by 96.5% during the 2nd quarter. AQR Capital Management LLC now owns 808,435 shares of the conglomerate’s stock worth $140,134,000 after purchasing an additional 396,952 shares during the last quarter. 66.77% of the stock is owned by institutional investors and hedge funds.

In other news, insider John Patrick Banovetz sold 1,040 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $170.40, for a total value of $177,216.00. Following the sale, the insider now directly owns 5,974 shares in the company, valued at approximately $1,017,969.60. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.83% of the company’s stock.

Several equities analysts recently weighed in on MMM shares. UBS Group cut their price objective on 3M from $201.00 to $182.00 and set a “neutral” rating for the company in a research report on Friday, July 12th. Royal Bank of Canada set a $179.00 price objective on 3M and gave the stock a “hold” rating in a research report on Friday, July 26th. Credit Suisse Group upped their price target on 3M from $180.00 to $194.00 and gave the company an “outperform” rating in a report on Friday, July 26th. They noted that the move was a valuation call. Morgan Stanley upped their price target on 3M from $172.00 to $177.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Finally, Bank of America cut their price target on 3M from $193.00 to $185.00 and set a “neutral” rating for the company in a report on Thursday, June 27th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $182.54.

3M stock traded up $0.26 during trading hours on Friday, hitting $167.33. The stock had a trading volume of 132,674 shares, compared to its average volume of 2,366,680. The company has a 50-day moving average of $163.73 and a two-hundred day moving average of $180.65. The company has a quick ratio of 1.34, a current ratio of 1.93 and a debt-to-equity ratio of 1.53. The company has a market cap of $96.69 billion, a PE ratio of 15.99, a price-to-earnings-growth ratio of 1.89 and a beta of 1.11. 3M Co has a fifty-two week low of $154.00 and a fifty-two week high of $219.75.

3M (NYSE:MMM) last posted its quarterly earnings results on Thursday, July 25th. The conglomerate reported $2.20 EPS for the quarter, beating the consensus estimate of $2.04 by $0.16. The firm had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $8.10 billion. 3M had a return on equity of 55.05% and a net margin of 15.27%. The company’s revenue for the quarter was down 2.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.59 EPS. As a group, analysts forecast that 3M Co will post 9.34 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Friday, August 16th were paid a $1.44 dividend. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $5.76 annualized dividend and a dividend yield of 3.44%. 3M’s dividend payout ratio is currently 55.07%.

3M Profile

3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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