3M (NYSE:MMM) Shares Purchased by Wellington Management Group LLP

Wellington Management Group LLP grew its stake in 3M (NYSE:MMM - Free Report) by 0.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 614,438 shares of the conglomerate's stock after purchasing an additional 2,681 shares during the period. Wellington Management Group LLP owned about 0.11% of 3M worth $79,318,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Geode Capital Management LLC boosted its position in 3M by 2.5% in the 4th quarter. Geode Capital Management LLC now owns 11,574,414 shares of the conglomerate's stock worth $1,493,655,000 after purchasing an additional 280,048 shares in the last quarter. Northern Trust Corp boosted its position in 3M by 12.6% in the 4th quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate's stock worth $871,738,000 after purchasing an additional 755,155 shares in the last quarter. Capital World Investors lifted its position in shares of 3M by 25.4% during the 4th quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock valued at $794,410,000 after buying an additional 1,248,093 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of 3M by 9.2% during the 4th quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate's stock valued at $734,456,000 after buying an additional 479,621 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of 3M during the 4th quarter valued at approximately $636,767,000. Hedge funds and other institutional investors own 65.25% of the company's stock.

3M Price Performance

NYSE MMM traded down $1.99 during mid-day trading on Monday, hitting $146.36. The stock had a trading volume of 2,706,483 shares, compared to its average volume of 3,889,128. The firm's 50 day moving average is $141.20 and its 200 day moving average is $140.92. 3M has a twelve month low of $97.68 and a twelve month high of $156.35. 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 capitalization of $78.77 billion, a price-to-earnings ratio of 19.39, a PEG ratio of 3.30 and a beta of 1.02.

3M (NYSE:MMM - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, topping 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 business had revenue of $5.80 billion during the quarter, compared to the consensus estimate of $5.78 billion. Equities research analysts forecast that 3M will post 7.8 earnings per share for the current fiscal year.

3M Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders 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 2.00%. 3M's dividend payout ratio (DPR) is presently 36.87%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on MMM. Citigroup increased their target price on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research report on Friday. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research report on Saturday, May 24th. JPMorgan Chase & Co. increased their target price on 3M from $140.00 to $167.00 and gave the company an "overweight" rating in a research report on Friday, May 16th. Royal Bank of Canada increased their target price on 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research report on Wednesday, April 23rd. Finally, Bank of America increased their target price on 3M from $175.00 to $179.00 and gave the company a "buy" rating in a research report on Thursday, March 6th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, 3M has a consensus rating of "Moderate Buy" and an average price target of $153.46.

Insiders Place Their Bets

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

3M 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.