3M Company (NYSE:MMM) Stock Position Increased by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. boosted its position in 3M Company (NYSE:MMM - Free Report) by 5.3% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 540,965 shares of the conglomerate's stock after purchasing an additional 27,165 shares during the quarter. Envestnet Asset Management Inc. owned about 0.10% of 3M worth $79,446,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Wayfinding Financial LLC bought a new stake in 3M in the 4th quarter valued at about $851,000. Ensign Peak Advisors Inc lifted its position in 3M by 29.2% in the 4th quarter. Ensign Peak Advisors Inc now owns 642,354 shares of the conglomerate's stock valued at $82,921,000 after purchasing an additional 145,146 shares during the last quarter. Allstate Corp bought a new stake in 3M in the 4th quarter valued at about $2,101,000. Synergy Asset Management LLC lifted its position in 3M by 122.7% in the 1st quarter. Synergy Asset Management LLC now owns 4,512 shares of the conglomerate's stock valued at $663,000 after purchasing an additional 2,486 shares during the last quarter. Finally, Teacher Retirement System of Texas lifted its position in 3M by 59.8% in the 4th quarter. Teacher Retirement System of Texas now owns 747,954 shares of the conglomerate's stock valued at $96,553,000 after purchasing an additional 280,015 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on MMM shares. Barclays boosted their price target on shares of 3M from $164.00 to $170.00 and gave the stock an "overweight" rating in a research report on Wednesday. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a research report on Friday, June 27th. Wells Fargo & Company boosted their price target on shares of 3M from $150.00 to $170.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Citigroup boosted their price target on shares of 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research report on Friday, May 30th. Finally, Royal Bank Of Canada boosted their price target 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 equities research analysts have rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $156.33.

3M Stock Up 0.9%

NYSE MMM opened at $157.32 on Friday. The company has a debt-to-equity ratio of 2.72, a current ratio of 1.66 and a quick ratio of 1.25. The company's 50 day simple moving average is $147.95 and its 200 day simple moving average is $144.32. 3M Company has a 12 month low of $100.87 and a 12 month high of $159.47. The company has a market capitalization of $84.66 billion, a P/E ratio of 19.86, a PEG ratio of 3.05 and a beta of 1.02.

3M (NYSE:MMM - Get Free Report) last released its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, topping analysts' consensus estimates of $1.77 by $0.11. The business had revenue of $5.80 billion for the quarter, compared to the consensus estimate of $5.78 billion. 3M had a net margin of 17.79% and a return on equity of 96.19%. Equities research analysts expect that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were given a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 1.86%. 3M's dividend payout ratio (DPR) is currently 36.87%.

Insider Activity at 3M

In other news, EVP John Patrick Banovetz sold 7,759 shares of 3M 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 transaction, the executive vice president directly owned 31,372 shares of the company's stock, valued at $4,654,663.64. This trade represents a 19.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Zoe L. Dickson sold 7,915 shares of 3M 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 transaction, the executive vice president directly owned 6,127 shares in the company, valued at approximately $913,045.54. This trade represents a 56.37% 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.

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.

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