Quarry LP Raises Stake in 3M (NYSE:MMM)

Quarry LP lifted its position in shares of 3M (NYSE:MMM - Free Report) by 16.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,660 shares of the conglomerate's stock after purchasing an additional 2,582 shares during the quarter. Quarry LP's holdings in 3M were worth $2,409,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of MMM. Financial Life Planners acquired a new stake in 3M in the 4th quarter valued at $25,000. Proficio Capital Partners LLC acquired a new stake in shares of 3M during the 4th quarter worth approximately $26,000. Hazlett Burt & Watson Inc. acquired a new stake in shares of 3M during the 4th quarter worth approximately $27,000. Daymark Wealth Partners LLC boosted its stake in 3M by 9.0% during the 4th quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate's stock worth $31,000 after acquiring an additional 19,552 shares during the last quarter. Finally, Meeder Asset Management Inc. boosted its stake in 3M by 230.1% during the 4th quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate's stock worth $40,000 after acquiring an additional 214 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Royal Bank of Canada lifted their price target on shares of 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research note on Wednesday, April 23rd. Citigroup lowered their target price 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. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a research report on Thursday, April 24th. Barclays raised their price objective on shares of 3M from $160.00 to $164.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 23rd. Finally, JPMorgan Chase & Co. dropped their price target on shares of 3M from $165.00 to $140.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, 3M currently has an average rating of "Moderate Buy" and a consensus price target of $147.00.

3M Trading Up 0.3 %

Shares of 3M stock traded up $0.47 during trading on Wednesday, hitting $138.85. The company's stock had a trading volume of 3,062,466 shares, compared to its average volume of 4,102,294. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The stock has a market cap of $74.73 billion, a price-to-earnings ratio of 18.39, a price-to-earnings-growth ratio of 3.30 and a beta of 1.01. The stock has a 50-day moving average price of $142.69 and a two-hundred day moving average price of $138.29. 3M has a 52 week low of $95.01 and a 52 week high of $156.35.

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 analysts' consensus estimates of $1.77 by $0.11. 3M had a return on equity of 100.77% and a net margin of 15.71%. The firm had revenue of $5.80 billion during the quarter, compared to analysts' expectations of $5.78 billion. Equities research analysts anticipate that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were issued a dividend of $0.73 per share. The ex-dividend date was Friday, February 14th. This represents a $2.92 annualized dividend and a yield of 2.10%. This is an increase from 3M's previous quarterly dividend of $0.70. 3M's dividend payout ratio is 36.87%.

Insider Buying and Selling

In other news, EVP Victoria Clarke sold 1,750 shares of the company's stock in a transaction on Friday, January 31st. The stock was sold at an average price of $154.22, for a total transaction of $269,885.00. Following the transaction, the executive vice president now owns 194 shares of the company's stock, valued at $29,918.68. This represents a 90.02 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.34% of the stock is currently owned by corporate insiders.

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.