Keystone Financial Planning Inc. increased its position in shares of 3M Co (NYSE:MMM) by 1,945.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 34,225 shares of the conglomerate’s stock after buying an additional 32,552 shares during the period. 3M accounts for approximately 2.9% of Keystone Financial Planning Inc.’s holdings, making the stock its 15th biggest position. Keystone Financial Planning Inc.’s holdings in 3M were worth $5,933,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MMM. M. Kraus & Co increased its position in 3M by 5.2% in the 2nd quarter. M. Kraus & Co now owns 3,630 shares of the conglomerate’s stock valued at $629,000 after acquiring an additional 179 shares in the last quarter. Schafer Cullen Capital Management Inc boosted its stake in 3M by 26.8% during the 2nd quarter. Schafer Cullen Capital Management Inc now owns 590,654 shares of the conglomerate’s stock worth $102,384,000 after acquiring an additional 124,665 shares during the last quarter. First Trust Advisors LP boosted its stake in 3M by 26.8% during the 2nd quarter. First Trust Advisors LP now owns 449,059 shares of the conglomerate’s stock worth $77,840,000 after acquiring an additional 94,863 shares during the last quarter. Physicians Financial Services Inc. boosted its stake in 3M by 11.7% during the 1st quarter. Physicians Financial Services Inc. now owns 16,859 shares of the conglomerate’s stock worth $3,503,000 after acquiring an additional 1,763 shares during the last quarter. Finally, Ascent Wealth Partners LLC boosted its stake in 3M by 5.1% during the 2nd quarter. Ascent Wealth Partners LLC now owns 13,868 shares of the conglomerate’s stock worth $2,405,000 after acquiring an additional 676 shares during the last quarter. 66.84% of the stock is owned by institutional investors and hedge funds.

MMM traded up $0.43 on Wednesday, hitting $161.44. 90,965 shares of the stock were exchanged, compared to its average volume of 3,281,698. 3M Co has a 12 month low of $155.63 and a 12 month high of $219.75. The business has a 50-day moving average of $169.71 and a two-hundred day moving average of $186.79. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.93 and a quick ratio of 1.34. The firm has a market capitalization of $92.91 billion, a price-to-earnings ratio of 15.43, a PEG ratio of 1.83 and a beta of 1.09.

3M (NYSE:MMM) last posted its quarterly earnings data on Thursday, July 25th. The conglomerate reported $2.20 earnings per share 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 during the quarter, compared to analysts’ expectations of $8.10 billion. During the same quarter in the prior year, the business posted $2.59 earnings per share. 3M’s revenue was down 2.6% compared to the same quarter last year. Equities research analysts expect that 3M Co will post 9.28 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Friday, August 16th will be paid a dividend of $1.44 per share. This represents a $5.76 annualized dividend and a yield of 3.57%. The ex-dividend date of this dividend is Thursday, August 15th. 3M’s payout ratio is 55.07%.

A number of brokerages recently weighed in on MMM. Argus downgraded shares of 3M from a “buy” rating to a “hold” rating in a report on Friday, April 26th. Credit Suisse Group boosted their target price on shares of 3M from $180.00 to $194.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. They noted that the move was a valuation call. Bank of America lowered their target price on shares of 3M from $193.00 to $185.00 and set a “neutral” rating on the stock in a report on Thursday, June 27th. Deutsche Bank lowered their target price on shares of 3M from $188.00 to $183.00 and set a “hold” rating on the stock in a report on Friday, April 26th. Finally, Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating and set a $183.00 target price on the stock in a report on Monday, July 29th. Four 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 stock. The stock currently has a consensus rating of “Hold” and an average price target of $182.54.

In other 3M news, insider John Patrick Banovetz sold 1,040 shares of the business’s 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 completion of the transaction, the insider now owns 5,974 shares of the company’s stock, valued at $1,017,969.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.83% of the stock is currently owned by insiders.

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.

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

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