Great Lakes Advisors LLC Has $4.56 Million Stake in 3M Company $MMM

Great Lakes Advisors LLC decreased its position in shares of 3M Company (NYSE:MMM) by 3.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 31,048 shares of the conglomerate’s stock after selling 1,158 shares during the period. Great Lakes Advisors LLC’s holdings in 3M were worth $4,560,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in MMM. Nuveen LLC acquired a new position in shares of 3M during the first quarter valued at about $235,020,000. Alliancebernstein L.P. raised its position in shares of 3M by 23.1% during the first quarter. Alliancebernstein L.P. now owns 3,127,734 shares of the conglomerate’s stock valued at $459,339,000 after buying an additional 586,851 shares during the last quarter. Amundi raised its position in shares of 3M by 20.7% during the first quarter. Amundi now owns 3,030,397 shares of the conglomerate’s stock valued at $423,471,000 after buying an additional 519,302 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of 3M during the fourth quarter valued at about $51,289,000. Finally, Jennison Associates LLC raised its position in shares of 3M by 84.7% during the first quarter. Jennison Associates LLC now owns 842,174 shares of the conglomerate’s stock valued at $123,682,000 after buying an additional 386,093 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Performance

NYSE MMM opened at $152.99 on Wednesday. The stock has a market cap of $81.49 billion, a P/E ratio of 21.28, a PEG ratio of 2.80 and a beta of 1.04. The company’s 50-day simple moving average is $153.81 and its 200 day simple moving average is $147.75. 3M Company has a twelve month low of $121.98 and a twelve month high of $164.15. The company has a quick ratio of 1.20, a current ratio of 1.72 and a debt-to-equity ratio of 2.87.

3M (NYSE:MMM) last posted its earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share for the quarter, beating analysts’ consensus estimates of $2.01 by $0.15. The business 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 firm’s revenue for the quarter was up 1.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.93 earnings per share. As a group, research analysts forecast that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Announces Dividend

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

Analyst Ratings Changes

A number of brokerages have recently commented on MMM. Barclays set a $170.00 price objective on shares of 3M in a research report on Friday, July 18th. Wells Fargo & Company reaffirmed an “overweight” rating on shares of 3M in a research report on Friday, July 18th. JPMorgan Chase & Co. set a $167.00 target price on shares of 3M in a research note on Friday, July 18th. Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a research note on Saturday, August 30th. Finally, Citigroup upped their target price on shares of 3M from $141.00 to $160.00 and gave the company a “neutral” rating in a research note on Friday, May 30th. Seven analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, 3M presently has an average rating of “Moderate Buy” and a consensus target price of $161.78.

Insider Activity

In other 3M news, insider Christian T. Goralski, Jr. sold 6,165 shares of the company’s stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $150.18, for a total transaction of $925,859.70. Following the sale, the insider directly owned 2,900 shares of the company’s stock, valued at approximately $435,522. This represents a 68.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Theresa E. Reinseth sold 3,477 shares of the company’s stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total transaction of $523,740.51. Following the sale, the chief accounting officer directly owned 2,561 shares in the company, valued at $385,763.43. This represents a 57.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by corporate insiders.

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.