QRG Capital Management Inc. Purchases 18,394 Shares of 3M Company (NYSE:MMM)

QRG Capital Management Inc. raised its position in 3M Company (NYSE:MMM) by 55.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 51,750 shares of the conglomerate’s stock after buying an additional 18,394 shares during the quarter. QRG Capital Management Inc.’s holdings in 3M were worth $7,600,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Investors Asset Management of Georgia Inc. GA ADV grew its holdings in shares of 3M by 1.3% during the 4th quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 5,377 shares of the conglomerate’s stock valued at $694,000 after purchasing an additional 67 shares during the last quarter. Parkside Financial Bank & Trust grew its holdings in shares of 3M by 1.4% during the 4th quarter. Parkside Financial Bank & Trust now owns 5,153 shares of the conglomerate’s stock valued at $665,000 after purchasing an additional 70 shares during the last quarter. LaSalle St. Investment Advisors LLC grew its holdings in shares of 3M by 2.5% during the 4th quarter. LaSalle St. Investment Advisors LLC now owns 2,951 shares of the conglomerate’s stock valued at $381,000 after purchasing an additional 71 shares during the last quarter. Capital Advisors Ltd. LLC grew its holdings in shares of 3M by 5.3% during the 4th quarter. Capital Advisors Ltd. LLC now owns 1,519 shares of the conglomerate’s stock valued at $196,000 after purchasing an additional 77 shares during the last quarter. Finally, Sapient Capital LLC grew its holdings in shares of 3M by 1.1% during the 1st quarter. Sapient Capital LLC now owns 7,792 shares of the conglomerate’s stock valued at $1,144,000 after purchasing an additional 84 shares during the last quarter. 65.25% of the stock is owned by institutional investors.

3M Stock Down 2.0%

Shares of NYSE MMM opened at $142.18 on Wednesday. The company has a market capitalization of $76.52 billion, a P/E ratio of 17.95, a price-to-earnings-growth ratio of 3.01 and a beta of 1.03. 3M Company has a 52-week low of $98.26 and a 52-week high of $156.35. The company has a debt-to-equity ratio of 2.72, a quick ratio of 1.25 and a current ratio of 1.66. The company’s 50 day moving average price is $142.68 and its 200-day moving average price is $141.98.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 17.79% and a return on equity of 96.19%. Equities analysts forecast that 3M Company will post 7.8 earnings per share for the current year.

3M Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were given a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.05%. 3M’s dividend payout ratio (DPR) is currently 36.87%.

Insider Transactions at 3M

In other news, EVP Zoe L. Dickson sold 7,915 shares of the business’s stock in a transaction that occurred 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 transaction, the executive vice president now owns 6,127 shares in the company, valued at approximately $913,045.54. The trade was a 56.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP John Patrick Banovetz sold 7,759 shares of the business’s stock in a transaction on 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 $4,654,663.64. The trade was a 19.83% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.48% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on MMM. Citigroup lifted their price target 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 company an “overweight” rating in a report on Wednesday, April 23rd. Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a report on Wednesday, June 11th. Royal Bank Of Canada boosted their target price on shares of 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a report on Wednesday, April 23rd. Finally, JPMorgan Chase & Co. boosted their target price on shares of 3M from $140.00 to $167.00 and gave the stock an “overweight” rating in a report on Friday, May 16th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $155.83.

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.