Wintrust Investments LLC Raises Position in 3M Co (NYSE:MMM)

Wintrust Investments LLC grew its holdings in shares of 3M Co (NYSE:MMM) by 8.7% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 2,558 shares of the conglomerate’s stock after purchasing an additional 205 shares during the quarter. Wintrust Investments LLC’s holdings in 3M were worth $443,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of MMM. Creative Financial Designs Inc. ADV increased its position in shares of 3M by 202.0% in the 1st quarter. Creative Financial Designs Inc. ADV now owns 151 shares of the conglomerate’s stock valued at $31,000 after acquiring an additional 101 shares during the period. Weaver Consulting Group acquired a new position in shares of 3M in the 1st quarter valued at $32,000. Cordasco Financial Network increased its position in shares of 3M by 220.0% in the 1st quarter. Cordasco Financial Network now owns 160 shares of the conglomerate’s stock valued at $33,000 after acquiring an additional 110 shares during the period. Capital Financial Planning LLC acquired a new position in shares of 3M in the 4th quarter valued at $34,000. Finally, Arcus Capital Partners LLC acquired a new position in shares of 3M in the 2nd quarter valued at $35,000. Hedge funds and other institutional investors own 66.84% of the company’s stock.

MMM traded up $1.33 during midday trading on Wednesday, hitting $162.34. 47,073 shares of the company were exchanged, compared to its average volume of 3,281,698. The company’s 50 day simple moving average is $169.71 and its 200 day simple moving average is $186.79. The firm has a market capitalization of $92.91 billion, a price-to-earnings ratio of 15.51, a price-to-earnings-growth ratio of 1.83 and a beta of 1.09. The company has a current ratio of 1.93, a quick ratio of 1.34 and a debt-to-equity ratio of 1.53. 3M Co has a 1-year low of $155.63 and a 1-year high of $219.75.

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

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Friday, August 16th will be given a dividend of $1.44 per share. This represents a $5.76 annualized dividend and a yield of 3.55%. The ex-dividend date of this dividend is Thursday, August 15th. 3M’s dividend payout ratio is currently 55.07%.

In other 3M news, insider John Patrick Banovetz sold 1,040 shares of the stock in a transaction dated Friday, August 2nd. The stock was 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 of the company’s stock, valued at approximately $1,017,969.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.83% of the stock is currently owned by company insiders.

Several equities analysts recently issued reports on the company. Citigroup cut their target price on 3M from $221.00 to $197.00 and set a “buy” rating on the stock in a research report on Monday, June 3rd. Barclays reissued a “sell” rating and issued a $162.00 target price on shares of 3M in a research report on Thursday, June 6th. UBS Group cut their target price on 3M from $201.00 to $182.00 and set a “neutral” rating on the stock in a research report on Friday, July 12th. Deutsche Bank cut their target price on 3M from $188.00 to $183.00 and set a “hold” rating on the stock in a research report on Friday, April 26th. Finally, Wolfe Research set a $174.00 target price on 3M and gave the company a “sell” rating in a research report on Friday, April 26th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $182.54.

About 3M

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.

Further Reading: Return on Equity (ROE)

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

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