TigerOak Management L.L.C. Takes $210,000 Position in 3M Company (NYSE:MMM)

TigerOak Management L.L.C. acquired a new position in shares of 3M Company (NYSE:MMM) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 1,430 shares of the conglomerate’s stock, valued at approximately $210,000.

A number of other hedge funds have also modified their holdings of the stock. Norges Bank acquired a new position in shares of 3M in the 4th quarter valued at $636,767,000. Invesco Ltd. boosted its holdings in shares of 3M by 51.6% in the fourth quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate’s stock worth $576,845,000 after buying an additional 1,520,619 shares during the period. D1 Capital Partners L.P. purchased a new position in shares of 3M in the fourth quarter worth approximately $175,110,000. Capital World Investors raised its holdings in shares of 3M by 25.4% during the fourth quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate’s stock valued at $794,410,000 after acquiring an additional 1,248,093 shares during the period. Finally, Amundi lifted its position in shares of 3M by 55.7% in the 4th quarter. Amundi now owns 2,511,095 shares of the conglomerate’s stock valued at $337,815,000 after acquiring an additional 898,244 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Stock Down 1.4%

MMM opened at $147.75 on Thursday. The company has a market capitalization of $79.52 billion, a PE ratio of 18.66, a price-to-earnings-growth ratio of 3.11 and a beta of 1.03. The company has a debt-to-equity ratio of 2.72, a current ratio of 1.66 and a quick ratio of 1.25. 3M Company has a fifty-two week low of $98.26 and a fifty-two week high of $156.35. The business has a 50-day moving average of $143.97 and a 200-day moving average of $142.48.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, topping analysts’ consensus estimates of $1.77 by $0.11. The firm had revenue of $5.80 billion for the quarter, compared to the consensus estimate of $5.78 billion. 3M had a return on equity of 96.19% and a net margin of 17.79%. Equities research analysts forecast that 3M Company will post 7.8 EPS for the current fiscal year.

3M Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were issued a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.98%. 3M’s dividend payout ratio is currently 36.87%.

Insider Activity

In other news, EVP John Patrick Banovetz sold 7,759 shares of the stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the transaction, the executive vice president now owns 31,372 shares of the company’s stock, valued at approximately $4,654,663.64. This represents a 19.83% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Zoe L. Dickson sold 7,915 shares of the business’s stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total value of $1,179,493.30. Following the completion of the sale, the executive vice president now owns 6,127 shares of the company’s stock, valued at approximately $913,045.54. This trade represents a 56.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on MMM shares. Bank of America lifted their price objective on shares of 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research report on Thursday, March 6th. Citigroup raised their target price on 3M from $141.00 to $160.00 and gave the stock a “neutral” rating in a research report on Friday, May 30th. Royal Bank Of Canada upped their price target on 3M from $98.00 to $100.00 and gave the company an “underperform” rating in a research report on Wednesday, April 23rd. JPMorgan Chase & Co. increased their price objective on 3M from $140.00 to $167.00 and gave the stock an “overweight” rating in a research note on Friday, May 16th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a research note on Wednesday, June 11th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $155.83.

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.