3M (NYSE:MMM) Stock Position Raised by Rafferty Asset Management LLC

Rafferty Asset Management LLC raised its holdings in 3M (NYSE:MMM - Free Report) by 10.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 50,861 shares of the conglomerate's stock after purchasing an additional 4,799 shares during the period. Rafferty Asset Management LLC's holdings in 3M were worth $6,566,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in MMM. Norges Bank acquired a new position in shares of 3M in the 4th quarter worth approximately $636,767,000. Invesco Ltd. boosted its holdings in 3M by 51.6% in the fourth quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate's stock worth $576,845,000 after purchasing an additional 1,520,619 shares during the period. D1 Capital Partners L.P. acquired a new position in 3M in the fourth quarter worth $175,110,000. Capital World Investors increased its stake in 3M by 25.4% during the fourth quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock valued at $794,410,000 after purchasing an additional 1,248,093 shares during the last quarter. Finally, Amundi raised its holdings in shares of 3M by 55.7% during the fourth quarter. Amundi now owns 2,511,095 shares of the conglomerate's stock worth $337,815,000 after purchasing an additional 898,244 shares during the period. 65.25% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other 3M news, EVP Zoe L. Dickson sold 7,915 shares of the company's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $149.02, for a total value 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 represents a 56.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.34% of the company's stock.

Analysts Set New Price Targets

MMM has been the topic of a number of recent research reports. Citigroup cut 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. Bank of America increased their price target on 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a research report on Thursday, March 6th. JPMorgan Chase & Co. boosted their price objective on 3M from $140.00 to $167.00 and gave the company an "overweight" rating in a research report on Friday. Barclays upped their price objective on 3M from $160.00 to $164.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 23rd. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research note on Saturday, May 10th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $152.08.

3M Price Performance

MMM traded down $0.08 on Tuesday, reaching $154.06. The company had a trading volume of 2,528,785 shares, compared to its average volume of 3,993,873. The company has a market capitalization of $82.91 billion, a P/E ratio of 20.41, a PEG ratio of 3.30 and a beta of 1.02. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. The company has a fifty day moving average of $141.84 and a 200-day moving average of $139.76. 3M has a one year low of $96.76 and a one year high of $156.35.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, topping analysts' consensus estimates of $1.77 by $0.11. 3M had a net margin of 15.71% and a return on equity of 100.77%. The company had revenue of $5.80 billion during the quarter, compared to analyst estimates of $5.78 billion. As a group, equities research analysts anticipate that 3M will post 7.8 earnings per share for the current year.

3M Announces Dividend

The company 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 dividend on an annualized basis and a dividend yield of 1.90%. 3M's dividend payout ratio 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.