Frank Rimerman Advisors LLC Buys 349 Shares of 3M Company (NYSE:MMM)

Frank Rimerman Advisors LLC raised its stake in shares of 3M Company (NYSE:MMM) by 6.8% in the 1st quarter, HoldingsChannel reports. The firm owned 5,461 shares of the conglomerate’s stock after purchasing an additional 349 shares during the period. Frank Rimerman Advisors LLC’s holdings in 3M were worth $802,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of MMM. Koss Olinger Consulting LLC purchased a new stake in shares of 3M during the 1st quarter valued at $1,232,000. Lcnb Corp increased its stake in 3M by 10.0% in the first quarter. Lcnb Corp now owns 4,131 shares of the conglomerate’s stock valued at $607,000 after acquiring an additional 376 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in 3M during the first quarter valued at about $2,987,000. Zions Bancorporation National Association UT bought a new stake in 3M during the first quarter worth about $87,000. Finally, Townsquare Capital LLC boosted its holdings in shares of 3M by 24.4% in the 1st quarter. Townsquare Capital LLC now owns 20,578 shares of the conglomerate’s stock worth $3,022,000 after purchasing an additional 4,032 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Analysts Set New Price Targets

MMM has been the topic of a number of research reports. Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a report on Tuesday, July 29th. JPMorgan Chase & Co. set a $167.00 price target on shares of 3M in a research note on Friday, July 18th. Royal Bank Of Canada boosted their price objective on shares of 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a report on Wednesday, April 23rd. Barclays set a $170.00 price objective on shares of 3M in a research note on Friday, July 18th. Finally, Citigroup lifted their target price on shares of 3M from $141.00 to $160.00 and gave the stock a “neutral” rating in a research report on Friday, May 30th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $158.10.

3M Trading Up 1.0%

NYSE:MMM opened at $153.33 on Friday. The firm has a market capitalization of $81.67 billion, a P/E ratio of 21.33, a P/E/G ratio of 2.97 and a beta of 1.05. The company has a quick ratio of 1.20, a current ratio of 1.72 and a debt-to-equity ratio of 2.87. The company has a fifty day moving average of $149.98 and a 200 day moving average of $146.96. 3M Company has a 52 week low of $121.98 and a 52 week high of $164.15.

3M (NYSE:MMM) last released its quarterly earnings data on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.01 by $0.15. The firm had revenue of $6.16 billion for the quarter, compared to analysts’ expectations of $6.09 billion. 3M had a net margin of 16.01% and a return on equity of 96.48%. The company’s revenue for the quarter was up 1.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.93 earnings per share. On average, research analysts predict that 3M Company will post 7.8 earnings per share for the current year.

3M Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were issued a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 1.9%. 3M’s dividend payout ratio (DPR) is currently 40.61%.

Insiders Place Their Bets

In other news, insider Christian T. Goralski, Jr. sold 6,165 shares of the business’s stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $150.18, for a total transaction of $925,859.70. Following the transaction, the insider directly owned 2,900 shares of the company’s stock, valued at approximately $435,522. The trade was a 68.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Theresa E. Reinseth sold 3,477 shares of the company’s stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $150.63, for a total value of $523,740.51. Following the transaction, the chief accounting officer owned 2,561 shares of the company’s stock, valued at approximately $385,763.43. This represents a 57.59% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 25,316 shares of company stock worth $3,780,296. Corporate 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.