Peak Financial Advisors LLC Raises Stock Position in 3M (NYSE:MMM)

Peak Financial Advisors LLC grew its stake in shares of 3M (NYSE:MMM) by 0.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 22,486 shares of the conglomerate’s stock after acquiring an additional 90 shares during the period. 3M comprises about 1.7% of Peak Financial Advisors LLC’s holdings, making the stock its 12th biggest position. Peak Financial Advisors LLC’s holdings in 3M were worth $3,302,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Norges Bank purchased a new stake in shares of 3M in the 4th quarter worth about $636,767,000. Invesco Ltd. raised its position in 3M by 51.6% during the fourth quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate’s stock worth $576,845,000 after acquiring an additional 1,520,619 shares during the last quarter. D1 Capital Partners L.P. purchased a new stake in shares of 3M in the fourth quarter valued at about $175,110,000. Capital World Investors grew its position in shares of 3M by 25.4% in the fourth quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate’s stock valued at $794,410,000 after purchasing an additional 1,248,093 shares during the last quarter. Finally, Amundi increased its stake in shares of 3M by 55.7% during the 4th quarter. Amundi now owns 2,511,095 shares of the conglomerate’s stock worth $337,815,000 after purchasing an additional 898,244 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Stock Performance

MMM opened at $148.27 on Wednesday. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. 3M has a fifty-two week low of $97.68 and a fifty-two week high of $156.35. The firm has a market cap of $79.80 billion, a PE ratio of 19.64, a P/E/G ratio of 3.30 and a beta of 1.02. The business has a fifty day simple moving average of $141.20 and a 200-day simple moving average of $140.98.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.77 by $0.11. The firm had revenue of $5.80 billion for the quarter, compared to analysts’ expectations of $5.78 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. As a group, equities analysts predict that 3M will post 7.8 EPS for the current fiscal year.

3M Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd will be paid a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.97%. 3M’s dividend payout ratio (DPR) is currently 36.87%.

Analyst Ratings Changes

MMM has been the subject of several analyst reports. JPMorgan Chase & Co. boosted their target price on shares of 3M from $140.00 to $167.00 and gave the company an “overweight” rating in a research note on Friday, May 16th. Citigroup lifted their target price on shares of 3M from $141.00 to $160.00 and gave the company a “neutral” rating in a report on Friday, May 30th. Barclays lifted their price target on shares of 3M from $160.00 to $164.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 23rd. Bank of America increased their target price on 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a report on Thursday, March 6th. Finally, Royal Bank of Canada raised their target price on 3M from $98.00 to $100.00 and gave the company an “underperform” rating in a research report on Wednesday, April 23rd. Two research analysts have rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $153.46.

Insider Activity at 3M

In other news, EVP Zoe L. Dickson sold 7,915 shares of the company’s stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the completion of the sale, the executive vice president now owns 6,127 shares in the company, valued at approximately $913,045.54. This represents a 56.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP John Patrick Banovetz sold 7,759 shares of the business’s stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the completion of the sale, the executive vice president now owns 31,372 shares of the company’s stock, valued at $4,654,663.64. The trade was a 19.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

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.