Ossiam Buys 6,692 Shares of 3M (NYSE:MMM)

Ossiam raised its stake in 3M (NYSE:MMM) by 35.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 25,377 shares of the conglomerate’s stock after purchasing an additional 6,692 shares during the period. Ossiam’s holdings in 3M were worth $5,023,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Mirova increased its stake in 3M by 16.5% in the second quarter. Mirova now owns 1,414 shares of the conglomerate’s stock valued at $280,000 after purchasing an additional 200 shares in the last quarter. Covington Capital Management increased its position in shares of 3M by 0.6% during the second quarter. Covington Capital Management now owns 57,704 shares of the conglomerate’s stock worth $11,462,000 after acquiring an additional 347 shares in the last quarter. Toroso Investments LLC increased its position in shares of 3M by 95.7% during the second quarter. Toroso Investments LLC now owns 9,341 shares of the conglomerate’s stock worth $1,855,000 after acquiring an additional 4,569 shares in the last quarter. Gryphon Financial Partners LLC increased its position in shares of 3M by 4.0% during the second quarter. Gryphon Financial Partners LLC now owns 2,096 shares of the conglomerate’s stock worth $387,000 after acquiring an additional 80 shares in the last quarter. Finally, Summitry LLC increased its position in shares of 3M by 3.0% during the second quarter. Summitry LLC now owns 24,124 shares of the conglomerate’s stock worth $4,792,000 after acquiring an additional 695 shares in the last quarter. 66.82% of the stock is owned by hedge funds and other institutional investors.

NYSE:MMM traded up $1.12 on Thursday, reaching $178.29. 3,149 shares of the stock traded hands, compared to its average volume of 2,472,032. The company has a market capitalization of $103.17 billion, a price-to-earnings ratio of 17.54, a PEG ratio of 1.92 and a beta of 0.96. The company has a current ratio of 1.73, a quick ratio of 1.22 and a debt-to-equity ratio of 1.12. 3M has a 12 month low of $156.13 and a 12 month high of $208.95. The company’s fifty day simple moving average is $187.96 and its 200 day simple moving average is $195.40.

3M (NYSE:MMM) last released its quarterly earnings data on Monday, July 26th. The conglomerate reported $2.59 earnings per share for the quarter, beating analysts’ consensus estimates of $2.28 by $0.31. The business had revenue of $8.90 billion during the quarter, compared to analyst estimates of $8.59 billion. 3M had a net margin of 17.13% and a return on equity of 44.72%. 3M’s revenue was up 24.0% compared to the same quarter last year. During the same period last year, the business earned $1.78 EPS. Equities analysts anticipate that 3M will post 10.11 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Sunday, September 12th. Stockholders of record on Monday, August 23rd were issued a dividend of $1.48 per share. This represents a $5.92 dividend on an annualized basis and a dividend yield of 3.32%. The ex-dividend date of this dividend was Friday, August 20th. 3M’s payout ratio is presently 67.73%.

MMM has been the topic of several analyst reports. Wells Fargo & Company initiated coverage on shares of 3M in a report on Thursday, October 7th. They set an “equal weight” rating and a $179.00 price target on the stock. Wolfe Research lowered shares of 3M from a “peer perform” rating to an “underperform” rating and decreased their target price for the stock from $218.00 to $215.00 in a report on Monday, July 12th. UBS Group dropped their price target on shares of 3M from $183.00 to $172.00 and set a “sell” rating for the company in a research report on Friday, September 17th. Langenberg & Company raised shares of 3M from a “hold” rating to a “buy” rating in a research report on Monday. Finally, Zacks Investment Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $208.00 price target for the company in a research report on Friday, August 6th. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $196.54.

In related news, insider Khandpur K. Ashish sold 6,505 shares of the firm’s stock in a transaction that occurred on Monday, August 9th. The shares were sold at an average price of $196.86, for a total value of $1,280,574.30. Following the transaction, the insider now owns 26,855 shares of the company’s stock, valued at $5,286,675.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Denise R. Rutherford sold 3,135 shares of the firm’s stock in a transaction that occurred on Monday, August 2nd. The stock was sold at an average price of $198.17, for a total transaction of $621,262.95. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 20,666 shares of company stock worth $4,103,569. Insiders own 0.34% of the company’s stock.

3M Company Profile

3M Co is a technology company, which manufactures industrial, safety and consumer products. It operates through the following segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment consists of personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules.

Further Reading: Yield Curve

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

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