State of Alaska Department of Revenue Buys 1,495 Shares of 3M Company (NYSE:MMM)

State of Alaska Department of Revenue increased its stake in shares of 3M Company (NYSE:MMM) by 2.4% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 63,580 shares of the conglomerate’s stock after acquiring an additional 1,495 shares during the period. State of Alaska Department of Revenue’s holdings in 3M were worth $9,337,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the stock. CWA Asset Management Group LLC raised its stake in shares of 3M by 1.4% during the 1st quarter. CWA Asset Management Group LLC now owns 27,866 shares of the conglomerate’s stock worth $4,092,000 after purchasing an additional 396 shares in the last quarter. Cadent Capital Advisors LLC acquired a new position in 3M during the first quarter worth $968,000. Roman Butler Fullerton & Co. bought a new stake in 3M during the first quarter worth $519,000. Wolf Group Capital Advisors acquired a new stake in 3M in the first quarter valued at $400,000. Finally, Mezzasalma Advisors LLC bought a new position in shares of 3M in the 1st quarter valued at about $207,000. 65.25% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently commented on MMM shares. JPMorgan Chase & Co. lifted their price target on 3M from $140.00 to $167.00 and gave the stock an “overweight” rating in a report on Friday, May 16th. Royal Bank Of Canada lifted their target price on 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a research note on Wednesday, April 23rd. Citigroup increased their price target on 3M from $141.00 to $160.00 and gave the company a “neutral” rating in a research note on Friday, May 30th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a research report on Wednesday, June 11th. Finally, Barclays increased their price objective on shares of 3M from $160.00 to $164.00 and gave the company an “overweight” rating in a research report on Wednesday, April 23rd. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and nine 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 $155.83.

Insider Transactions at 3M

In related news, EVP John Patrick Banovetz sold 7,759 shares of the company’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 directly owns 31,372 shares in the company, valued at $4,654,663.64. This represents a 19.83% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Zoe L. Dickson sold 7,915 shares of 3M stock in a transaction dated 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 completion of the transaction, 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 disclosure for this sale can be found here. 0.34% of the stock is currently owned by insiders.

3M Stock Up 0.2%

NYSE MMM opened at $142.43 on Thursday. The company has a market cap of $76.65 billion, a price-to-earnings ratio of 17.98, a PEG ratio of 2.95 and a beta of 1.03. 3M Company has a 1-year low of $98.26 and a 1-year high of $156.35. The company has a current ratio of 1.66, a quick ratio of 1.25 and a debt-to-equity ratio of 2.72. The company has a 50 day moving average of $142.76 and a 200-day moving average of $141.99.

3M (NYSE:MMM) last released 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 return on equity of 96.19% and a net margin of 17.79%. The firm had revenue of $5.80 billion during the quarter, compared to the consensus estimate of $5.78 billion. On average, equities research analysts expect that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Announces Dividend

The company also recently announced 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 annualized dividend and a dividend yield of 2.05%. 3M’s 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.