Perigon Wealth Management LLC Increases Stock Holdings in 3M Co (NYSE:MMM)

Perigon Wealth Management LLC lifted its position in 3M Co (NYSE:MMM) by 19.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 19,557 shares of the conglomerate’s stock after purchasing an additional 3,200 shares during the quarter. Perigon Wealth Management LLC’s holdings in 3M were worth $3,390,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Creative Financial Designs Inc. ADV lifted its position in 3M by 202.0% in the first quarter. Creative Financial Designs Inc. ADV now owns 151 shares of the conglomerate’s stock valued at $31,000 after buying an additional 101 shares during the last quarter. Weaver Consulting Group acquired a new position in 3M in the first quarter valued at about $32,000. Cordasco Financial Network lifted its position in 3M by 220.0% in the first quarter. Cordasco Financial Network now owns 160 shares of the conglomerate’s stock valued at $33,000 after buying an additional 110 shares during the last quarter. Capital Financial Planning LLC acquired a new position in 3M in the fourth quarter valued at about $34,000. Finally, Arcus Capital Partners LLC acquired a new position in 3M in the second quarter valued at about $35,000. 66.84% of the stock is owned by hedge funds and other institutional investors.

Shares of MMM traded down $1.35 during mid-day trading on Tuesday, hitting $161.60. 277,655 shares of the company’s stock were exchanged, compared to its average volume of 3,281,698. The company has a market cap of $92.91 billion, a price-to-earnings ratio of 15.45, a P/E/G ratio of 1.83 and a beta of 1.09. 3M Co has a fifty-two week low of $155.63 and a fifty-two week high of $219.75. The company has a debt-to-equity ratio of 1.53, a quick ratio of 1.34 and a current ratio of 1.93. The stock’s 50-day moving average is $169.96 and its 200-day moving average is $186.98.

3M (NYSE:MMM) last issued its quarterly earnings results on Thursday, July 25th. The conglomerate reported $2.20 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.04 by $0.16. 3M had a net margin of 15.27% and a return on equity of 55.05%. The business had revenue of $8.17 billion for the quarter, compared to analysts’ expectations of $8.10 billion. During the same quarter in the prior year, the company earned $2.59 earnings per share. The business’s quarterly revenue was down 2.6% on a year-over-year basis. As a group, equities research analysts anticipate that 3M Co will post 9.28 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Friday, August 16th will be paid a dividend of $1.44 per share. The ex-dividend date of this dividend is Thursday, August 15th. This represents a $5.76 dividend on an annualized basis and a dividend yield of 3.56%. 3M’s payout ratio is 55.07%.

In related news, insider John Patrick Banovetz sold 1,040 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $170.40, for a total transaction of $177,216.00. Following the sale, the insider now directly owns 5,974 shares in the company, valued at $1,017,969.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.83% of the stock is currently owned by corporate insiders.

A number of research analysts have commented on the stock. Barclays reissued a “sell” rating and set a $162.00 price target on shares of 3M in a research report on Thursday, June 6th. Gordon Haskett cut shares of 3M from a “buy” rating to a “hold” rating and set a $191.98 price target on the stock. in a research report on Monday, April 29th. JPMorgan Chase & Co. reduced their price target on shares of 3M from $143.00 to $140.00 and set an “underweight” rating on the stock in a research report on Tuesday, August 6th. Bank of America reduced their price target on shares of 3M from $193.00 to $185.00 and set a “neutral” rating on the stock in a research report on Thursday, June 27th. Finally, Argus cut shares of 3M from a “buy” rating to a “hold” rating in a research report on Friday, April 26th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $182.54.

3M Company Profile

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

Featured Story: What are benefits of a growth and income fund?

Want to see what other hedge funds are holding MMM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 3M Co (NYSE:MMM).

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

Receive News & Ratings for 3M Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M and related companies with MarketBeat.com's FREE daily email newsletter.