Pinnacle West Asset Management Inc. Makes New $814,000 Investment in 3M Company $MMM

Pinnacle West Asset Management Inc. purchased a new stake in 3M Company (NYSE:MMM) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 5,030 shares of the conglomerate’s stock, valued at approximately $814,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. SG Americas Securities LLC boosted its holdings in shares of 3M by 653.6% during the 1st quarter. SG Americas Securities LLC now owns 2,369,879 shares of the conglomerate’s stock worth $344,178,000 after buying an additional 2,055,419 shares in the last quarter. PFA Pension Forsikringsaktieselskab bought a new stake in shares of 3M in the 4th quarter valued at $65,009,000. Ascentis Wealth Management LLC lifted its position in shares of 3M by 22,972.5% during the 2nd quarter. Ascentis Wealth Management LLC now owns 347,472 shares of the conglomerate’s stock valued at $56,259,000 after acquiring an additional 345,966 shares during the period. Handelsbanken Fonder AB lifted its position in shares of 3M by 1.5% during the 4th quarter. Handelsbanken Fonder AB now owns 271,777 shares of the conglomerate’s stock valued at $43,511,000 after acquiring an additional 4,101 shares during the period. Finally, Captrust Financial Advisors boosted its stake in 3M by 2.9% during the fourth quarter. Captrust Financial Advisors now owns 156,676 shares of the conglomerate’s stock worth $25,084,000 after acquiring an additional 4,372 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 3,635 shares of the business’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $182.51, for a total transaction of $663,423.85. Following the completion of the sale, the insider directly owned 14,035 shares of the company’s stock, valued at approximately $2,561,527.85. The trade was a 20.57% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.19% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on MMM. Citigroup raised their price target on shares of 3M from $166.00 to $183.00 and gave the stock a “neutral” rating in a report on Wednesday, July 22nd. The Goldman Sachs Group reiterated a “buy” rating on shares of 3M in a report on Wednesday, July 22nd. Weiss Ratings raised shares of 3M from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, July 23rd. UBS Group boosted their target price on 3M from $190.00 to $218.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Finally, JPMorgan Chase & Co. upgraded 3M from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $178.00 to $180.00 in a report on Friday, July 17th. Eight investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $177.21.

3M Stock Up 0.5%

3M stock opened at $178.93 on Friday. 3M Company has a 1-year low of $139.34 and a 1-year high of $184.90. The firm has a market capitalization of $92.28 billion, a price-to-earnings ratio of 31.78, a price-to-earnings-growth ratio of 2.16 and a beta of 1.01. The firm’s fifty day moving average price is $169.27 and its two-hundred day moving average price is $158.89. The company has a current ratio of 1.24, a quick ratio of 0.91 and a debt-to-equity ratio of 3.63.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, July 21st. The conglomerate reported $2.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.25 by $0.15. The firm had revenue of $6.50 billion during the quarter, compared to analysts’ expectations of $6.40 billion. 3M had a net margin of 11.90% and a return on equity of 115.87%. The business’s revenue was up 2.5% on a year-over-year basis. During the same period last year, the company earned $2.16 earnings per share. 3M has set its FY 2026 guidance at 8.800-8.950 EPS. On average, equities research analysts predict that 3M Company will post 8.95 earnings per share for the current fiscal year.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Shareholders of record on Monday, August 24th will be paid a dividend of $0.78 per share. The ex-dividend date is Monday, August 24th. This represents a $3.12 dividend on an annualized basis and a yield of 1.7%. 3M’s payout ratio is 55.42%.

3M Company Profile

3M Company, originally founded in 1902 as the Minnesota Mining and Manufacturing Company, is a diversified global technology and manufacturing firm headquartered in St. Paul, Minnesota. Over its history the company has expanded from mineral mining into a broad portfolio of industrial, safety, healthcare and consumer products, building a reputation for applied science and product innovation across many end markets.

3M’s businesses span a wide range of product categories including adhesives and tapes, abrasives, filtration and separation technologies, personal protective equipment such as respirators, medical and dental products, industrial and automotive solutions, and a suite of consumer brands (for example, well-known office and home products).