Intelligent Financial Strategies Buys Shares of 287 3M Company (NYSE:MMM)

by · The Markets Daily

Intelligent Financial Strategies purchased a new position in shares of 3M Company (NYSE:MMM – Free Report) during the first quarter, HoldingsChannel.com reports. The fund purchased 287 shares of the conglomerate’s stock, valued at approximately $42,000.

Several other institutional investors have also modified their holdings of the business. Parkside Financial Bank & Trust increased its position in 3M by 1.4% in the 4th quarter. Parkside Financial Bank & Trust now owns 5,153 shares of the conglomerate’s stock valued at $665,000 after acquiring an additional 70 shares during the period. LaSalle St. Investment Advisors LLC increased its holdings in 3M by 2.5% in the fourth 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 period. NBT Bank N A NY increased its holdings in 3M by 0.8% in the first quarter. NBT Bank N A NY now owns 9,744 shares of the conglomerate’s stock valued at $1,431,000 after purchasing an additional 79 shares during the period. Cherry Creek Investment Advisors Inc. raised its position in 3M by 0.8% during the 1st quarter. Cherry Creek Investment Advisors Inc. now owns 10,775 shares of the conglomerate’s stock worth $1,582,000 after purchasing an additional 83 shares during the last quarter. Finally, Sapient Capital LLC lifted its holdings in 3M by 1.1% during the 1st quarter. Sapient Capital LLC now owns 7,792 shares of the conglomerate’s stock worth $1,144,000 after buying an additional 84 shares during the period. Institutional investors own 65.25% of the company’s stock.

Analyst Upgrades and Downgrades

MMM has been the subject of a number of analyst reports. Citigroup raised their price objective on 3M from $141.00 to $160.00 and gave the stock a “neutral” rating in a research report on Friday, May 30th. Bank of America increased their target price 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. Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a report on Wednesday, June 11th. Barclays upped their price objective on shares of 3M from $160.00 to $164.00 and gave the company an “overweight” rating in a research note on Wednesday, April 23rd. Finally, Royal Bank Of Canada increased their price objective on shares of 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a research report on Wednesday, April 23rd. Two analysts have rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, 3M currently has an average rating of “Moderate Buy” and a consensus price target of $155.83.

View Our Latest Research Report on 3M

3M Trading Up 2.1%

MMM opened at $150.89 on Friday. The company has a fifty day moving average price of $144.39 and a two-hundred day moving average price of $142.61. 3M Company has a 1-year low of $98.26 and a 1-year high of $156.35. The company has a market cap of $81.21 billion, a P/E ratio of 19.05, a price-to-earnings-growth ratio of 3.07 and a beta of 1.03. The company has a current ratio of 1.66, a quick ratio of 1.25 and a debt-to-equity ratio of 2.72.

3M (NYSE:MMM – Get Free Report) last issued its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 EPS 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 business had revenue of $5.80 billion during the quarter, compared to analyst estimates of $5.78 billion. Analysts predict that 3M Company will post 7.8 EPS for the current fiscal year.

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were issued a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 1.94%. 3M’s dividend payout ratio is 36.87%.

Insider Transactions at 3M

In other news, 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 transaction of $1,179,493.30. Following the completion of the transaction, the executive vice president now directly owns 6,127 shares in the company, valued at $913,045.54. This trade represents a 56.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP John Patrick Banovetz sold 7,759 shares of the company’s 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 completion of the sale, the executive vice president now owns 31,372 shares in the company, valued at $4,654,663.64. This represents a 19.83% decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is owned by insiders.

3M Company Profile

(Free Report)

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.

See Also

Want to see what other hedge funds are holding MMM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 3M Company (NYSE:MMM – Free Report).