Penobscot Wealth Management Buys New Shares in 3M Company (NYSE:MMM)

Penobscot Wealth Management bought a new position in shares of 3M Company (NYSE:MMM) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,446 shares of the conglomerate’s stock, valued at approximately $212,000.

Several other hedge funds have also recently added to or reduced their stakes in MMM. Proficio Capital Partners LLC acquired a new stake in 3M during the 4th quarter worth about $26,000. REAP Financial Group LLC increased its position in shares of 3M by 88.7% in the fourth quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate’s stock worth $26,000 after acquiring an additional 94 shares in the last quarter. Hazlett Burt & Watson Inc. acquired a new stake in shares of 3M during the fourth quarter valued at approximately $27,000. Pinney & Scofield Inc. purchased a new stake in shares of 3M in the 4th quarter valued at approximately $28,000. Finally, Curat Global LLC acquired a new position in 3M in the 1st quarter worth approximately $29,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

Insider Buying and Selling at 3M

In related news, EVP Zoe L. Dickson sold 7,915 shares of 3M 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 completion of the sale, the executive vice president owned 6,127 shares of the company’s stock, valued at approximately $913,045.54. The trade was a 56.37% decrease in their position. The transaction 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 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 owned 31,372 shares of the company’s stock, valued at $4,654,663.64. This represents a 19.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.48% of the company’s stock.

3M Stock Performance

Shares of NYSE MMM opened at $153.82 on Wednesday. The company has a debt-to-equity ratio of 2.72, a current ratio of 1.66 and a quick ratio of 1.25. 3M Company has a one year low of $98.26 and a one year high of $156.35. The business’s 50-day moving average price is $145.71 and its two-hundred day moving average price is $143.18. The company has a market capitalization of $82.78 billion, a P/E ratio of 19.42, a price-to-earnings-growth ratio of 3.16 and a beta of 1.02.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.77 by $0.11. 3M had a return on equity of 96.19% and a net margin of 17.79%. The business had revenue of $5.80 billion during the quarter, compared to analyst estimates of $5.78 billion. Analysts anticipate that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were paid a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 1.90%. 3M’s dividend payout ratio (DPR) is 36.87%.

Analysts Set New Price Targets

Several equities analysts have weighed in on MMM shares. Wells Fargo & Company lifted their price objective on shares of 3M from $150.00 to $170.00 and gave the stock an “overweight” rating in a research report on Tuesday. Royal Bank Of Canada raised their target price on 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a research report on Wednesday, April 23rd. Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a research report on Friday, June 27th. JPMorgan Chase & Co. increased their price objective on 3M from $140.00 to $167.00 and gave the stock an “overweight” rating in a research note on Friday, May 16th. Finally, Barclays raised their price objective on 3M from $160.00 to $164.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 23rd. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price 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.