Caxton Associates LLP Acquires Shares of 8,608 3M Company $MMM

Caxton Associates LLP acquired a new stake in shares of 3M Company (NYSE:MMM) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 8,608 shares of the conglomerate’s stock, valued at approximately $1,264,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Financial Gravity Asset Management Inc. purchased a new stake in shares of 3M in the first quarter worth approximately $2,506,000. Synergy Asset Management LLC raised its holdings in shares of 3M by 122.7% in the first quarter. Synergy Asset Management LLC now owns 4,512 shares of the conglomerate’s stock worth $663,000 after buying an additional 2,486 shares during the period. Northstar Group Inc. purchased a new stake in shares of 3M in the first quarter worth approximately $262,000. Dynamic Advisor Solutions LLC purchased a new stake in shares of 3M in the first quarter worth approximately $786,000. Finally, Retirement Systems of Alabama raised its holdings in shares of 3M by 210.6% in the first quarter. Retirement Systems of Alabama now owns 366,236 shares of the conglomerate’s stock worth $53,785,000 after buying an additional 248,333 shares during the period. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Stock Down 0.7%

Shares of NYSE MMM opened at $152.99 on Wednesday. The company has a current ratio of 1.72, a quick ratio of 1.20 and a debt-to-equity ratio of 2.87. The stock has a market capitalization of $81.49 billion, a PE ratio of 21.28, a price-to-earnings-growth ratio of 2.80 and a beta of 1.04. The stock’s fifty day simple moving average is $153.81 and its two-hundred day simple moving average is $147.75. 3M Company has a 12-month low of $121.98 and a 12-month high of $164.15.

3M (NYSE:MMM) last announced its earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.01 by $0.15. The business had revenue of $6.16 billion for the quarter, compared to analysts’ expectations of $6.09 billion. 3M had a return on equity of 96.48% and a net margin of 16.01%.The business’s revenue for the quarter was up 1.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.93 EPS. As a group, analysts expect that 3M Company will post 7.8 EPS for the current fiscal year.

3M Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Monday, August 25th will be given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Monday, August 25th. 3M’s dividend payout ratio (DPR) is 40.61%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on MMM. Barclays set a $170.00 price target on 3M in a report on Friday, July 18th. JPMorgan Chase & Co. set a $167.00 price objective on 3M in a research note on Friday, July 18th. Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a research note on Saturday, August 30th. Wells Fargo & Company reissued an “overweight” rating on shares of 3M in a research note on Friday, July 18th. Finally, Citigroup increased their price objective on 3M from $141.00 to $160.00 and gave the stock a “neutral” rating in a research note on Friday, May 30th. Seven investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, 3M has a consensus rating of “Moderate Buy” and an average target price of $161.78.

Insider Buying and Selling at 3M

In other 3M news, CAO Theresa E. Reinseth sold 3,477 shares of the stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total transaction of $523,740.51. Following the sale, the chief accounting officer owned 2,561 shares of the company’s stock, valued at approximately $385,763.43. This trade represents a 57.59% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of the stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $150.18, for a total value of $925,859.70. Following the sale, the insider directly owned 2,900 shares in the company, valued at $435,522. This trade represents a 68.01% decrease in their position. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by company insiders.

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.