7,213 Shares in 3M Company (NYSE:MMM) Acquired by MFG Wealth Management Inc.

MFG Wealth Management Inc. acquired a new stake in shares of 3M Company (NYSE:MMM - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 7,213 shares of the conglomerate's stock, valued at approximately $1,059,000.

A number of other hedge funds also recently bought and sold shares of the company. Wayfinding Financial LLC purchased a new position in shares of 3M during the fourth quarter worth approximately $851,000. Ensign Peak Advisors Inc grew its holdings in shares of 3M by 29.2% during 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. Asahi Life Asset Management CO. LTD. raised its position in 3M by 34.0% in the 4th quarter. Asahi Life Asset Management CO. LTD. now owns 12,516 shares of the conglomerate's stock worth $1,616,000 after purchasing an additional 3,173 shares during the period. Allstate Corp bought a new stake in 3M in the fourth quarter worth $2,101,000. Finally, Teacher Retirement System of Texas lifted its stake in 3M by 59.8% in the fourth quarter. Teacher Retirement System of Texas now owns 747,954 shares of the conglomerate's stock worth $96,553,000 after purchasing an additional 280,015 shares during the last quarter. Institutional investors own 65.25% of the company's stock.

Insiders Place Their Bets

In other 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 sale, the executive vice president now directly owns 6,127 shares of the company's stock, valued at $913,045.54. This represents a 56.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John Patrick Banovetz sold 7,759 shares of the 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 transaction, the executive vice president now owns 31,372 shares of the company's stock, valued at approximately $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. 0.34% of the stock is currently owned by company insiders.

3M Trading Up 2.1%

Shares of MMM traded up $3.14 during mid-day trading on Thursday, hitting $150.89. 2,739,500 shares of the company's stock traded hands, compared to its average volume of 3,801,681. The company has a quick ratio of 1.25, a current ratio of 1.66 and a debt-to-equity ratio of 2.72. The firm has a market capitalization of $81.21 billion, a P/E ratio of 19.05, a PEG ratio of 3.11 and a beta of 1.03. The business's 50-day moving average price is $143.97 and its 200-day moving average price is $142.48. 3M Company has a 1 year low of $98.26 and a 1 year high of $156.35.

3M (NYSE:MMM - Get Free Report) last issued 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 net margin of 17.79% and a return on equity of 96.19%. The business had revenue of $5.80 billion for the quarter, compared to the consensus estimate of $5.78 billion. As a group, sell-side analysts forecast that 3M Company will post 7.8 EPS for the current fiscal year.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 23rd were paid a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 1.94%. 3M's payout ratio is currently 36.87%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on MMM. Royal Bank Of Canada raised their price objective on 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research note on Wednesday, April 23rd. Bank of America raised 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. lifted their price target on 3M from $140.00 to $167.00 and gave the stock an "overweight" rating in a research note on Friday, May 16th. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research report on Wednesday, June 11th. Finally, Citigroup raised their target price on shares of 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a report on Friday, May 30th. 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 company. Based on data from MarketBeat, 3M has a consensus rating of "Moderate Buy" and a consensus price target of $155.83.

About 3M

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.