Yoffe Investment Management LLC Makes New $420,000 Investment in 3M (NYSE:MMM)

Yoffe Investment Management LLC acquired a new position in shares of 3M (NYSE:MMM - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 3,251 shares of the conglomerate's stock, valued at approximately $420,000.

A number of other hedge funds have also modified their holdings of MMM. Financial Life Planners bought a new position in 3M in the fourth quarter valued at approximately $25,000. Hazlett Burt & Watson Inc. bought a new position in 3M in the fourth quarter valued at approximately $27,000. Pinney & Scofield Inc. bought a new position in 3M in the fourth quarter valued at approximately $28,000. Meeder Asset Management Inc. grew its stake in 3M by 230.1% in the fourth quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate's stock valued at $40,000 after purchasing an additional 214 shares in the last quarter. Finally, Catalyst Capital Advisors LLC grew its stake in 3M by 81.5% in the fourth quarter. Catalyst Capital Advisors LLC now owns 363 shares of the conglomerate's stock valued at $47,000 after purchasing an additional 163 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors.

Insider Transactions at 3M

In related news, EVP Zoe L. Dickson sold 7,915 shares of the stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the completion of the sale, the executive vice president now directly owns 6,127 shares of the company's stock, valued at approximately $913,045.54. This trade represents a 56.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP John Patrick Banovetz sold 7,759 shares of the stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $148.37, for a total value of $1,151,202.83. Following the sale, the executive vice president now directly owns 31,372 shares of the company's stock, valued at $4,654,663.64. The trade was a 19.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.34% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on MMM. 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. Bank of America lifted their price target on 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a report on Thursday, March 6th. Barclays lifted their price target on 3M from $160.00 to $164.00 and gave the stock an "overweight" rating in a report on Wednesday, April 23rd. 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. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a report on Saturday, May 24th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $152.08.

3M Trading Up 0.7%

Shares of NYSE:MMM traded up $1.02 during midday trading on Thursday, reaching $149.68. The company's stock had a trading volume of 2,621,422 shares, compared to its average volume of 3,961,563. The firm has a market capitalization of $80.55 billion, a price-to-earnings ratio of 19.83, a PEG ratio of 3.30 and a beta of 1.02. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. The firm has a 50 day moving average price of $141.51 and a two-hundred day moving average price of $140.45. 3M has a fifty-two week low of $96.89 and a fifty-two 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 earnings per share (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 company had revenue of $5.80 billion for the quarter, compared to the consensus estimate of $5.78 billion. As a group, analysts forecast that 3M will post 7.8 earnings per share for the current year.

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd will be paid a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 1.95%. 3M's dividend payout ratio (DPR) 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.