Cadinha & Co. LLC increased its position in 3M Co (NYSE:MMM) by 1,063.1% during the third quarter, HoldingsChannel.com reports. The firm owned 74,324 shares of the conglomerate’s stock after buying an additional 67,934 shares during the quarter. 3M makes up approximately 2.5% of Cadinha & Co. LLC’s portfolio, making the stock its 18th largest holding. Cadinha & Co. LLC’s holdings in 3M were worth $15,661,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of MMM. Howe & Rusling Inc. grew its position in shares of 3M by 1.4% during the 3rd quarter. Howe & Rusling Inc. now owns 60,236 shares of the conglomerate’s stock worth $12,692,000 after purchasing an additional 841 shares in the last quarter. Advisor Partners LLC boosted its position in shares of 3M by 8.0% during the 3rd quarter. Advisor Partners LLC now owns 19,908 shares of the conglomerate’s stock worth $4,195,000 after acquiring an additional 1,482 shares in the last quarter. Keystone Financial Group boosted its position in shares of 3M by 24.4% during the 3rd quarter. Keystone Financial Group now owns 1,541 shares of the conglomerate’s stock worth $327,000 after acquiring an additional 302 shares in the last quarter. McKinley Carter Wealth Services Inc. acquired a new stake in shares of 3M during the 3rd quarter worth approximately $3,400,000. Finally, Motley Fool Asset Management LLC boosted its position in shares of 3M by 18.8% during the 3rd quarter. Motley Fool Asset Management LLC now owns 7,699 shares of the conglomerate’s stock worth $1,622,000 after acquiring an additional 1,218 shares in the last quarter. 66.23% of the stock is currently owned by institutional investors.

MMM has been the topic of several analyst reports. Deutsche Bank increased their price target on shares of 3M from $210.00 to $220.00 and gave the stock a “hold” rating in a research report on Friday, September 28th. Credit Suisse Group began coverage on shares of 3M in a research report on Friday, October 12th. They set an “outperform” rating and a $228.00 price target on the stock. Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating in a research report on Friday, October 5th. Citigroup cut their target price on shares of 3M from $251.00 to $228.00 and set a “buy” rating on the stock in a research report on Wednesday, October 24th. Finally, Gordon Haskett began coverage on shares of 3M in a research report on Friday, October 12th. They issued a “buy” rating on the stock. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $225.16.

In other news, insider Eric D. Hammes sold 1,272 shares of the firm’s stock in a transaction on Monday, September 10th. The shares were sold at an average price of $216.00, for a total transaction of $274,752.00. Following the completion of the transaction, the insider now owns 5,634 shares of the company’s stock, valued at $1,216,944. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gregory R. Page purchased 1,000 shares of the company’s stock in a transaction dated Friday, October 26th. The shares were acquired at an average cost of $184.50 per share, with a total value of $184,500.00. Following the purchase, the director now directly owns 1,500 shares of the company’s stock, valued at approximately $276,750. The disclosure for this purchase can be found here. 0.72% of the stock is currently owned by company insiders.

Shares of 3M stock opened at $198.69 on Thursday. 3M Co has a fifty-two week low of $181.98 and a fifty-two week high of $259.77. The company has a current ratio of 1.97, a quick ratio of 1.36 and a debt-to-equity ratio of 1.31. The company has a market capitalization of $119.71 billion, a price-to-earnings ratio of 21.67, a P/E/G ratio of 1.87 and a beta of 1.18.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, October 23rd. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.70 by ($0.12). The business had revenue of $8.15 billion for the quarter, compared to the consensus estimate of $8.41 billion. 3M had a net margin of 13.79% and a return on equity of 54.60%. 3M’s revenue was down .2% on a year-over-year basis. During the same period in the previous year, the business posted $2.33 EPS. Equities analysts anticipate that 3M Co will post 10.83 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 12th. Stockholders of record on Friday, November 23rd will be paid a dividend of $1.36 per share. This represents a $5.44 annualized dividend and a dividend yield of 2.74%. The ex-dividend date of this dividend is Wednesday, November 21st. 3M’s payout ratio is currently 59.32%.

3M declared that its board has initiated a stock buyback plan on Tuesday, November 13th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the conglomerate to reacquire up to 8.7% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.

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3M Profile

3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.

Further Reading: How mutual funds make money

Want to see what other hedge funds are holding MMM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 3M Co (NYSE:MMM).

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

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