3M (NYSE:MMM) Holdings Increased by Umpqua Bank

Umpqua Bank increased its stake in 3M (NYSE:MMM) by 6.9% in the 2nd quarter, HoldingsChannel reports. The fund owned 3,100 shares of the conglomerate’s stock after acquiring an additional 200 shares during the period. Umpqua Bank’s holdings in 3M were worth $317,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in MMM. Tributary Capital Management LLC bought a new position in 3M during the 1st 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 bought a new stake in 3M in the second quarter worth about $28,000. Northwest Investment Counselors LLC acquired a new stake in 3M in the 1st quarter valued at about $32,000. Finally, TruNorth Capital Management LLC bought a new position in shares of 3M during the 2nd quarter valued at about $33,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

Insider Activity at 3M

In other 3M news, 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 completion of the transaction, the chairman now owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at approximately $541,659.68. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the sale, the chairman now directly owns 174,036 shares in the company, valued at approximately $21,486,484.56. The disclosure for this sale can be found here. 0.34% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts recently commented on MMM shares. Wells Fargo & Company increased their target price on shares of 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 10th. Morgan Stanley started coverage on 3M in a research note on Friday. They set an “underweight” rating and a $125.00 price objective for the company. Bank of America boosted their target price on 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Royal Bank of Canada increased their price target on 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a research report on Monday, July 29th. Finally, Citigroup boosted their price target on 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $124.43.

3M Stock Performance

MMM opened at $128.60 on Friday. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95. The stock’s 50 day moving average price is $118.48 and its two-hundred day moving average price is $105.08. The firm has a market capitalization of $71.16 billion, a P/E ratio of -10.11, a price-to-earnings-growth ratio of 2.49 and a beta of 0.95. 3M has a 12-month low of $71.12 and a 12-month high of $134.99.

3M (NYSE:MMM) last announced its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.25. The business had revenue of $6.26 billion for the quarter, compared to the consensus estimate of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same quarter last year, the company posted $2.17 earnings per share. On average, equities analysts forecast that 3M will post 7.2 earnings per share for the current year.

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Monday, August 26th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.18%. The ex-dividend date of this dividend is Monday, August 26th. 3M’s dividend 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.