Worldquant Millennium Advisors LLC Invests $1.51 Million in 3M (NYSE:MMM)

Worldquant Millennium Advisors LLC acquired a new position in 3M (NYSE:MMM) during the 4th quarter, Holdings Channel reports. The firm acquired 11,665 shares of the conglomerate’s stock, valued at approximately $1,506,000.

Several other institutional investors have also recently made changes to their positions in MMM. Financial Life Planners bought a new position in shares of 3M in the 4th quarter worth approximately $25,000. Proficio Capital Partners LLC bought a new stake in 3M during the 4th quarter worth approximately $26,000. Hazlett Burt & Watson Inc. bought a new stake in 3M during the 4th quarter worth approximately $27,000. Daymark Wealth Partners LLC raised its stake in 3M by 9.0% during the 4th quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate’s stock worth $31,000 after acquiring an additional 19,552 shares during the period. Finally, Meeder Asset Management Inc. raised its stake in 3M by 230.1% during the 4th quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate’s stock worth $40,000 after acquiring an additional 214 shares during the period. Institutional investors own 65.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on MMM. Royal Bank of Canada raised their target price on shares of 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. lifted their price objective on shares of 3M from $140.00 to $167.00 and gave the company an “overweight” rating in a research report on Friday, May 16th. Citigroup reduced their price objective on shares of 3M from $152.00 to $142.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a research report on Saturday, May 10th. Finally, Bank of America lifted their price objective on shares of 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research report on Thursday, March 6th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, 3M currently has a consensus rating of “Moderate Buy” and a consensus price target of $152.08.

Insider Activity at 3M

In related news, EVP Zoe L. Dickson sold 7,915 shares of the firm’s stock in a transaction 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 directly owns 6,127 shares in the company, valued at $913,045.54. This trade represents a 56.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.34% of the stock is currently owned by insiders.

3M Trading Up 0.2%

MMM stock opened at $149.69 on Friday. The firm has a fifty day moving average price of $141.74 and a 200 day moving average price of $139.99. 3M has a fifty-two week low of $96.76 and a fifty-two week high of $156.35. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. The firm has a market cap of $80.56 billion, a PE ratio of 19.83, a price-to-earnings-growth ratio of 3.30 and a beta of 1.02.

3M (NYSE:MMM) last posted its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, beating analysts’ consensus estimates of $1.77 by $0.11. 3M had a net margin of 15.71% and a return on equity of 100.77%. The firm had revenue of $5.80 billion during the quarter, compared to analyst estimates of $5.78 billion. Sell-side analysts anticipate that 3M will post 7.8 earnings per share for the current fiscal year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Friday, May 23rd will be issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.95%. 3M’s dividend payout ratio (DPR) is presently 36.87%.

About 3M

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.