Pallas Capital Advisors LLC Purchases 2,448 Shares of 3M (NYSE:MMM)

Pallas Capital Advisors LLC raised its holdings in shares of 3M (NYSE:MMM) by 40.6% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 8,473 shares of the conglomerate’s stock after purchasing an additional 2,448 shares during the quarter. Pallas Capital Advisors LLC’s holdings in 3M were worth $881,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Tributary Capital Management LLC bought a new stake in 3M during the 1st quarter valued at $25,000. Financial Synergies Wealth Advisors Inc. raised its holdings in shares of 3M by 419.1% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after purchasing an additional 197 shares in the last quarter. Northwest Investment Counselors LLC purchased a new stake in shares of 3M in the 1st quarter worth approximately $32,000. TruNorth Capital Management LLC bought a new position in shares of 3M during the second quarter valued at approximately $33,000. Finally, Livelsberger Financial Advisory bought a new position in shares of 3M during the fourth quarter valued at approximately $35,000. Institutional investors own 65.25% of the company’s stock.

3M Stock Performance

Shares of MMM stock traded up $0.28 during trading hours on Tuesday, hitting $127.36. The company’s stock had a trading volume of 1,767,858 shares, compared to its average volume of 5,306,217. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95. The company has a 50 day moving average of $110.21 and a 200 day moving average of $101.40. 3M has a 12-month low of $71.12 and a 12-month high of $128.65. The stock has a market cap of $70.48 billion, a PE ratio of -10.01, a price-to-earnings-growth ratio of 2.34 and a beta of 0.95.

3M (NYSE:MMM) last posted its earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, topping the consensus estimate of $1.68 by $0.25. 3M had a return on equity of 112.92% and a net margin of 3.08%. The firm had revenue of $6.26 billion for the quarter, compared to analyst estimates of $5.85 billion. During the same period last year, the company earned $2.17 earnings per share. On average, sell-side analysts forecast that 3M will post 7.21 EPS for the current fiscal year.

3M Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Monday, August 26th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date is Monday, August 26th. 3M’s dividend payout ratio (DPR) is presently -22.01%.

Insider Activity at 3M

In related news, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the transaction, the chief financial officer now 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 the SEC website. In related news, CFO Theresa E. Reinseth sold 2,100 shares of the business’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the sale, the chief financial officer now owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Chairman Michael F. Roman sold 5,675 shares of 3M 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 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 company insiders.

Wall Street Analysts Forecast Growth

MMM has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and upped their target price for the stock from $110.00 to $150.00 in a report on Monday, July 29th. Wells Fargo & Company boosted their target price on shares of 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 10th. HSBC upgraded shares of 3M from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $91.13 to $115.00 in a research note on Friday, May 10th. Citigroup upped 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. Finally, StockNews.com downgraded 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. One analyst has rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $123.57.

3M Company 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.