Summit Securities Group LLC Increases Stake in 3M Co (MMM)

Summit Securities Group LLC grew its stake in shares of 3M Co (NYSE:MMM) by 6,975.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,100 shares of the conglomerate’s stock after purchasing an additional 1,116 shares during the period. Summit Securities Group LLC’s holdings in 3M were worth $232,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in MMM. Homrich & Berg lifted its position in 3M by 5.6% during the 3rd quarter. Homrich & Berg now owns 14,559 shares of the conglomerate’s stock valued at $3,068,000 after acquiring an additional 773 shares during the period. Clearstead Advisors LLC lifted its position in 3M by 4.0% during the 3rd quarter. Clearstead Advisors LLC now owns 21,144 shares of the conglomerate’s stock valued at $4,455,000 after acquiring an additional 804 shares during the period. Brown Advisory Inc. lifted its position in 3M by 3.1% during the 3rd quarter. Brown Advisory Inc. now owns 254,955 shares of the conglomerate’s stock valued at $53,722,000 after acquiring an additional 7,669 shares during the period. NorthRock Partners LLC lifted its position in 3M by 35.7% during the 3rd quarter. NorthRock Partners LLC now owns 4,107 shares of the conglomerate’s stock valued at $865,000 after acquiring an additional 1,081 shares during the period. Finally, Aviva PLC lifted its position in 3M by 24.2% during the 3rd quarter. Aviva PLC now owns 411,971 shares of the conglomerate’s stock valued at $86,806,000 after acquiring an additional 80,219 shares during the period. 67.00% of the stock is currently owned by hedge funds and other institutional investors.

Shares of 3M stock opened at $198.24 on Friday. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.97 and a quick ratio of 1.36. The stock has a market capitalization of $118.02 billion, a price-to-earnings ratio of 21.62, a PEG ratio of 2.00 and a beta of 1.18. 3M Co has a 52-week low of $181.98 and a 52-week high of $259.77.

3M (NYSE:MMM) last issued its earnings results on Tuesday, October 23rd. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.70 by ($0.12). The firm had revenue of $8.15 billion during the quarter, compared to analysts’ expectations of $8.41 billion. 3M had a return on equity of 54.60% and a net margin of 13.79%. The firm’s quarterly revenue was down .2% on a year-over-year basis. During the same period last year, the firm posted $2.33 earnings per share. As a group, research analysts predict that 3M Co will post 9.95 EPS for the current year.

3M declared that its board has authorized a stock repurchase plan on Tuesday, November 13th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the conglomerate to repurchase up to 8.7% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its shares are undervalued.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 12th. Shareholders of record on Friday, November 23rd will be issued a $1.36 dividend. The ex-dividend date is Wednesday, November 21st. This represents a $5.44 annualized dividend and a yield of 2.74%. 3M’s dividend payout ratio (DPR) is presently 59.32%.

In other news, insider Eric D. Hammes sold 1,272 shares of the business’s stock in a transaction that occurred on Monday, September 10th. The shares were sold at an average price of $216.00, for a total transaction of $274,752.00. Following the completion of the transaction, the insider now directly owns 5,634 shares of the company’s stock, valued at $1,216,944. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gregory R. Page acquired 1,000 shares of the firm’s stock in a transaction dated Friday, October 26th. The shares were bought at an average cost of $184.50 per share, with a total value of $184,500.00. Following the completion of the acquisition, the director now directly owns 1,500 shares of the company’s stock, valued at $276,750. The disclosure for this purchase can be found here. 0.58% of the stock is currently owned by insiders.

MMM has been the subject of a number of recent research reports. Morgan Stanley initiated coverage on shares of 3M in a research report on Monday, August 20th. They set an “equal weight” rating and a $212.00 price target for the company. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a research report on Thursday, August 23rd. UBS Group lifted their price target on shares of 3M from $215.00 to $220.00 and gave the company a “neutral” rating in a research report on Thursday, August 30th. Deutsche Bank lifted their price target on shares of 3M from $210.00 to $220.00 and gave the company a “hold” rating in a research report on Friday, September 28th. Finally, Gordon Haskett initiated coverage on shares of 3M in a research report on Friday, October 12th. They set a “buy” rating for the company. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $225.16.

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About 3M

3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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