Summit Financial Strategies Inc. Invests $212,000 in 3M (NYSE:MMM)

Summit Financial Strategies Inc. bought a new position in 3M (NYSE:MMM) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 1,554 shares of the conglomerate’s stock, valued at approximately $212,000.

Several other hedge funds and other institutional investors have also modified their holdings of MMM. Capital World Investors acquired a new stake in 3M during the first quarter valued at $165,986,000. National Bank of Canada FI lifted its position in shares of 3M by 218.3% in the first quarter. National Bank of Canada FI now owns 1,489,351 shares of the conglomerate’s stock worth $147,344,000 after buying an additional 1,021,440 shares during the last quarter. Janus Henderson Group PLC lifted its position in shares of 3M by 1,015.6% in the first quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate’s stock worth $94,247,000 after buying an additional 808,914 shares during the last quarter. Electron Capital Partners LLC acquired a new stake in shares of 3M in the second quarter worth about $76,732,000. Finally, Bank of New York Mellon Corp lifted its position in shares of 3M by 11.8% in the second quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock worth $517,617,000 after buying an additional 533,520 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Bank of America boosted 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. Barclays lifted their price objective on 3M from $145.00 to $160.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 2nd. Citigroup lifted their price objective on 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. Mizuho lifted their price objective on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research note on Thursday. Finally, Wells Fargo & Company lifted their price objective on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $130.57.

Insider Transactions at 3M

In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the company’s 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 transaction, the chairman now owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing 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 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 transaction, the chief financial officer now owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing 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 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 in the company, valued at approximately $21,486,484.56. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is owned by company insiders.

3M Price Performance

Shares of MMM stock traded down $0.89 during trading hours on Thursday, hitting $135.46. The company had a trading volume of 463,890 shares, compared to its average volume of 4,894,849. 3M has a 12 month low of $71.12 and a 12 month high of $140.72. The firm has a market capitalization of $74.96 billion, a price-to-earnings ratio of -10.72, a PEG ratio of 2.49 and a beta of 0.95. The firm’s fifty day moving average is $132.24 and its 200 day moving average is $112.14. 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 released its quarterly earnings data 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 return on equity of 112.92% and a net margin of 3.08%. The company had revenue of $6.26 billion for the quarter, compared to analyst estimates of $5.85 billion. During the same period in the prior year, the company posted $2.17 EPS. On average, sell-side analysts predict that 3M will post 7.24 EPS for the current fiscal year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were issued a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.07%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s payout ratio is currently -22.01%.

About 3M

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.