Beacon Pointe Advisors LLC Purchases 9,323 Shares of 3M (NYSE:MMM)

Beacon Pointe Advisors LLC raised its holdings in shares of 3M (NYSE:MMM - Free Report) by 11.3% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 91,480 shares of the conglomerate's stock after purchasing an additional 9,323 shares during the period. Beacon Pointe Advisors LLC's holdings in 3M were worth $11,809,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in MMM. Tudor Financial Inc. purchased a new stake in shares of 3M during the third quarter valued at approximately $259,000. World Investment Advisors LLC grew its holdings in shares of 3M by 22.4% during the third quarter. World Investment Advisors LLC now owns 11,768 shares of the conglomerate's stock valued at $1,609,000 after buying an additional 2,155 shares during the last quarter. Wilmington Savings Fund Society FSB grew its holdings in shares of 3M by 255.1% during the third quarter. Wilmington Savings Fund Society FSB now owns 78,978 shares of the conglomerate's stock valued at $10,796,000 after buying an additional 56,734 shares during the last quarter. Tidal Investments LLC grew its holdings in shares of 3M by 44.7% during the third quarter. Tidal Investments LLC now owns 72,733 shares of the conglomerate's stock valued at $9,943,000 after buying an additional 22,461 shares during the last quarter. Finally, Peapack Gladstone Financial Corp grew its holdings in shares of 3M by 0.7% during the third quarter. Peapack Gladstone Financial Corp now owns 116,993 shares of the conglomerate's stock valued at $15,993,000 after buying an additional 830 shares during the last quarter. Institutional investors own 65.25% of the company's stock.

3M Stock Performance

Shares of 3M stock traded down $0.92 on Thursday, hitting $137.99. 2,235,875 shares of the company's stock were exchanged, compared to its average volume of 4,066,984. The company has a 50-day simple moving average of $142.57 and a 200-day simple moving average of $138.29. The stock has a market capitalization of $74.26 billion, a PE ratio of 18.28, a PEG ratio of 3.30 and a beta of 1.01. 3M has a 1 year low of $95.01 and a 1 year high of $156.35. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, beating 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, equities analysts anticipate that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 2.12%. This is an increase from 3M's previous quarterly dividend of $0.70. The ex-dividend date was Friday, February 14th. 3M's dividend payout ratio (DPR) is presently 36.87%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Barclays increased 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. Citigroup cut their price target on shares of 3M from $152.00 to $142.00 and set a "neutral" rating on the stock in a report on Monday, April 14th. JPMorgan Chase & Co. dropped their target price on shares of 3M from $165.00 to $140.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Wells Fargo & Company upgraded shares of 3M from an "equal weight" rating to an "overweight" rating and raised their target price for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a report on Thursday, April 24th. Two analysts have rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $147.00.

Insider Activity

In other news, EVP Victoria Clarke sold 1,750 shares of the firm's stock in a transaction on Friday, January 31st. The shares were sold at an average price of $154.22, for a total transaction of $269,885.00. Following the sale, the executive vice president now directly owns 194 shares in the company, valued at $29,918.68. This trade represents a 90.02 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.34% of the company's stock.

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.