3M (NYSE:MMM) Shares Purchased by Simon Quick Advisors LLC

Simon Quick Advisors LLC boosted its holdings in 3M (NYSE:MMM) by 17.9% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 3,910 shares of the conglomerate’s stock after buying an additional 594 shares during the quarter. Simon Quick Advisors LLC’s holdings in 3M were worth $574,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Capital Advisors Ltd. LLC grew its position in 3M by 6.5% during the 1st quarter. Capital Advisors Ltd. LLC now owns 1,618 shares of the conglomerate’s stock worth $238,000 after purchasing an additional 99 shares in the last quarter. USA Financial Formulas grew its position in 3M by 20.3% during the 1st quarter. USA Financial Formulas now owns 7,605 shares of the conglomerate’s stock worth $1,117,000 after purchasing an additional 1,285 shares in the last quarter. Redhawk Wealth Advisors Inc. purchased a new position in 3M during the 1st quarter worth approximately $220,000. Trueblood Wealth Management LLC purchased a new position in 3M during the 1st quarter worth approximately $217,000. Finally, Dividend Assets Capital LLC grew its position in 3M by 8.1% during the 1st quarter. Dividend Assets Capital LLC now owns 2,667 shares of the conglomerate’s stock worth $392,000 after purchasing an additional 200 shares in the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on MMM. Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a research note on Wednesday. Citigroup lifted their target price on shares of 3M from $141.00 to $160.00 and gave the company a “neutral” rating in a research note on Friday, May 30th. Bank of America lifted their target price on shares of 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research note on Thursday, March 6th. Royal Bank of Canada lifted their target price on shares of 3M from $98.00 to $100.00 and gave the company an “underperform” rating in a research note on Wednesday, April 23rd. Finally, JPMorgan Chase & Co. lifted 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. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $155.83.

Insider Buying and Selling

In other news, EVP John Patrick Banovetz sold 7,759 shares of the business’s stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the transaction, the executive vice president now owns 31,372 shares in the company, valued at approximately $4,654,663.64. The trade was a 19.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Zoe L. Dickson sold 7,915 shares of the company’s stock in a transaction dated Thursday, May 15th. The shares were 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 directly owns 6,127 shares in the company, valued at approximately $913,045.54. The trade was a 56.37% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.48% of the company’s stock.

3M Stock Performance

Shares of MMM opened at $142.17 on Friday. The company has a market capitalization of $76.51 billion, a PE ratio of 18.83, a price-to-earnings-growth ratio of 3.30 and a beta of 1.03. 3M has a one year low of $98.26 and a one year high of $156.35. 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’s fifty day moving average price is $142.25 and its 200 day moving average price is $141.77.

3M (NYSE:MMM) last announced its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 EPS 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 the consensus estimate of $5.78 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. As a group, analysts expect that 3M will post 7.8 earnings per share for the current year.

3M Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 23rd were issued a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 2.05%. 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.