Dividend Assets Capital LLC Boosts Stock Position in 3M (NYSE:MMM)

Dividend Assets Capital LLC raised its position in 3M (NYSE:MMM) by 8.1% during the first quarter, Holdings Channel reports. The fund owned 2,667 shares of the conglomerate’s stock after acquiring an additional 200 shares during the period. Dividend Assets Capital LLC’s holdings in 3M were worth $392,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MMM. Geode Capital Management LLC boosted its position in 3M by 2.5% in the 4th quarter. Geode Capital Management LLC now owns 11,574,414 shares of the conglomerate’s stock valued at $1,493,655,000 after buying an additional 280,048 shares during the period. Northern Trust Corp boosted its holdings in 3M by 12.6% during the 4th quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate’s stock valued at $871,738,000 after acquiring an additional 755,155 shares during the period. Capital World Investors boosted its holdings in 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 in the last quarter. Bank of New York Mellon Corp lifted its position in 3M by 9.2% during the 4th quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate’s stock worth $734,456,000 after acquiring an additional 479,621 shares during the period. Finally, Norges Bank acquired a new stake in shares of 3M during the 4th quarter valued at approximately $636,767,000. Institutional investors own 65.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Royal Bank of Canada upped their price target on shares of 3M from $98.00 to $100.00 and gave the company an “underperform” rating in a report on Wednesday, April 23rd. Barclays increased their price objective on 3M from $160.00 to $164.00 and gave the company an “overweight” rating in a research report on Wednesday, April 23rd. Citigroup lifted their price objective on 3M from $141.00 to $160.00 and gave the company a “neutral” rating in a research report on Friday, May 30th. Bank of America upped 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. Finally, JPMorgan Chase & Co. increased their price target 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. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, 3M has an average rating of “Moderate Buy” and an average target price of $153.46.

Insider Transactions at 3M

In other news, EVP Zoe L. Dickson sold 7,915 shares of the business’s stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $149.02, for a total value of $1,179,493.30. Following the sale, the executive vice president now owns 6,127 shares of the company’s stock, valued at $913,045.54. The trade was a 56.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP John Patrick Banovetz sold 7,759 shares of the stock in a transaction dated 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 sale, the executive vice president now owns 31,372 shares in the company, 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. Corporate insiders own 0.34% of the company’s stock.

3M Price Performance

Shares of NYSE:MMM opened at $144.24 on Tuesday. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The company has a market capitalization of $77.63 billion, a P/E ratio of 19.10, a P/E/G ratio of 3.30 and a beta of 1.03. 3M has a 1-year low of $98.26 and a 1-year high of $156.35. The firm’s 50 day simple moving average is $141.11 and its two-hundred day simple moving average is $141.55.

3M (NYSE:MMM) last released its earnings results 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 company had revenue of $5.80 billion for the quarter, compared to the consensus estimate of $5.78 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. Research analysts expect that 3M will post 7.8 EPS for the current fiscal year.

3M Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Friday, May 23rd will be issued a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 2.02%. 3M’s dividend payout ratio is presently 36.87%.

3M Company Profile

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.