Versor Investments LP Invests $379,000 in 3M Company $MMM

Versor Investments LP bought a new position in shares of 3M Company (NYSE:MMM) in the 1st quarter, according to its most recent 13F filing with the SEC. The fund bought 2,584 shares of the conglomerate’s stock, valued at approximately $379,000.

Several other institutional investors also recently modified their holdings of the stock. Northern Trust Corp grew its position in shares of 3M by 12.6% during the 4th quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate’s stock worth $871,738,000 after buying an additional 755,155 shares during the period. Invesco Ltd. grew its position in shares of 3M by 0.7% during the 1st quarter. Invesco Ltd. now owns 4,498,809 shares of the conglomerate’s stock worth $660,695,000 after buying an additional 30,260 shares during the period. Bank of America Corp DE grew its position in shares of 3M by 4.2% during the 4th quarter. Bank of America Corp DE now owns 4,270,238 shares of the conglomerate’s stock worth $551,245,000 after buying an additional 172,815 shares during the period. Janus Henderson Group PLC grew its position in shares of 3M by 5.7% during the 4th quarter. Janus Henderson Group PLC now owns 3,624,933 shares of the conglomerate’s stock worth $467,944,000 after buying an additional 193,957 shares during the period. Finally, Goldman Sachs Group Inc. grew its position in shares of 3M by 6.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,122,020 shares of the conglomerate’s stock worth $458,500,000 after buying an additional 199,944 shares during the period. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at 3M

In other news, insider Christian T. Goralski, Jr. sold 6,165 shares of the company’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 sale, the insider owned 2,900 shares in the company, valued at $435,522. This represents a 68.01% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Theresa E. Reinseth sold 3,477 shares of the company’s stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total value of $523,740.51. Following the sale, the chief accounting officer owned 2,561 shares in the company, valued at approximately $385,763.43. This represents a 57.59% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 17,401 shares of company stock worth $2,600,803 in the last 90 days. Corporate insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on MMM. Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a research report on Thursday, August 14th. Citigroup boosted their price objective on 3M from $141.00 to $160.00 and gave the company a “neutral” rating in a research report on Friday, May 30th. Barclays set a $170.00 price objective on 3M in a research report on Friday, July 18th. Royal Bank Of Canada boosted their price objective on 3M from $98.00 to $100.00 and gave the company an “underperform” rating in a research report on Wednesday, April 23rd. Finally, JPMorgan Chase & Co. set a $167.00 price objective on 3M in a research report on Friday, July 18th. Seven equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $158.10.

3M Trading Up 0.2%

NYSE MMM opened at $154.6140 on Thursday. The stock has a market capitalization of $82.35 billion, a price-to-earnings ratio of 21.50, a PEG ratio of 2.99 and a beta of 1.05. The stock’s 50 day moving average price is $151.48 and its two-hundred day moving average price is $147.22. The company has a debt-to-equity ratio of 2.87, a quick ratio of 1.20 and a current ratio of 1.72. 3M Company has a 52 week low of $121.98 and a 52 week high of $164.15.

3M (NYSE:MMM) last released its earnings results on Friday, July 18th. The conglomerate reported $2.16 EPS for the quarter, beating the consensus estimate 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 return on equity of 96.48% and a net margin of 16.01%.The business’s quarterly revenue was up 1.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.93 EPS. As a group, analysts anticipate that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Monday, August 25th will be paid a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.9%. 3M’s dividend payout ratio is currently 40.61%.

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.