Engineers Gate Manager LP Purchases 122,368 Shares of 3M Company $MMM

Engineers Gate Manager LP increased its position in 3M Company (NYSE:MMM) by 74.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 287,652 shares of the conglomerate’s stock after buying an additional 122,368 shares during the period. 3M accounts for 0.6% of Engineers Gate Manager LP’s portfolio, making the stock its 19th largest holding. Engineers Gate Manager LP’s holdings in 3M were worth $46,574,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. North Star Asset Management Inc. bought a new stake in 3M in the second quarter worth approximately $1,424,000. Moore Capital Management LP acquired a new position in shares of 3M during the 2nd quarter worth $7,948,000. Entropy Technologies LP bought a new position in shares of 3M during the 1st quarter valued at $10,945,000. Catalyst Funds Management Pty Ltd lifted its stake in shares of 3M by 260.4% in the 4th quarter. Catalyst Funds Management Pty Ltd now owns 17,300 shares of the conglomerate’s stock valued at $2,770,000 after purchasing an additional 12,500 shares during the last quarter. Finally, Two Sigma Securities LLC acquired a new stake in shares of 3M in the 2nd quarter valued at $1,798,000. Institutional investors own 65.25% of the company’s stock.

3M Price Performance

NYSE MMM opened at $167.43 on Wednesday. 3M Company has a 1 year low of $139.34 and a 1 year high of $184.90. The company has a fifty day simple moving average of $171.80 and a 200 day simple moving average of $159.29. The company has a current ratio of 1.24, a quick ratio of 0.91 and a debt-to-equity ratio of 3.63. The company has a market cap of $86.34 billion, a P/E ratio of 29.74, a P/E/G ratio of 2.22 and a beta of 1.01.

3M (NYSE:MMM) last announced its earnings results on Tuesday, July 21st. The conglomerate reported $2.40 EPS for the quarter, topping the consensus estimate of $2.25 by $0.15. The firm had revenue of $6.50 billion for the quarter, compared to the consensus estimate of $6.40 billion. 3M had a net margin of 11.90% and a return on equity of 115.87%. The business’s quarterly revenue was up 2.5% on a year-over-year basis. During the same quarter last year, the firm posted $2.16 EPS. 3M has set its FY 2026 guidance at 8.800-8.950 EPS. On average, sell-side analysts predict that 3M Company will post 8.96 EPS for the current year.

3M Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Monday, August 24th will be paid a $0.78 dividend. The ex-dividend date is Monday, August 24th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 1.9%. 3M’s payout ratio is presently 55.42%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Wolfe Research reissued an “outperform” rating on shares of 3M in a research report on Thursday, July 9th. Citigroup boosted their price target on 3M from $166.00 to $183.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 22nd. UBS Group upped their price target on 3M from $190.00 to $218.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. Mizuho increased their price objective on 3M from $160.00 to $180.00 and gave the company a “neutral” rating in a report on Thursday, July 23rd. Finally, Sanford C. Bernstein raised their price objective on 3M from $140.00 to $145.00 and gave the company an “underperform” rating in a research note on Wednesday, July 22nd. Eight analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $177.21.

Insider Activity at 3M

In related news, insider Karin Chavez sold 3,635 shares of the business’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $182.51, for a total transaction of $663,423.85. Following the completion of the transaction, the insider owned 14,035 shares of the company’s stock, valued at approximately $2,561,527.85. The trade was a 20.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.19% of the company’s stock.

3M Profile

3M Company is a diversified technology and manufacturing company headquartered in St. Paul, Minnesota. Founded in 1902 as Minnesota Mining and Manufacturing Company, it initially supplied abrasives and other materials before expanding into a broad range of science-based products and technologies.

The company develops products for industrial, transportation, electronics, safety and consumer markets. Its offerings include personal protective equipment, industrial adhesives and tapes, abrasives, filtration products, electrical materials, automotive solutions, medical and dental products, and consumer brands such as Post-it Notes and Scotch products.