8,690 Shares in 3M (NYSE:MMM) Purchased by Aegis Wealth Management LLC

Aegis Wealth Management LLC purchased a new position in shares of 3M (NYSE:MMM - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 8,690 shares of the conglomerate's stock, valued at approximately $1,122,000.

A number of other institutional investors and hedge funds have also modified their holdings of MMM. Brighton Jones LLC raised its stake in shares of 3M by 26.6% during the fourth quarter. Brighton Jones LLC now owns 8,898 shares of the conglomerate's stock worth $1,149,000 after buying an additional 1,872 shares during the last quarter. PFG Investments LLC increased its stake in 3M by 2.8% in the fourth quarter. PFG Investments LLC now owns 15,248 shares of the conglomerate's stock valued at $1,968,000 after purchasing an additional 422 shares in the last quarter. Apexium Financial LP bought a new stake in 3M in the fourth quarter valued at approximately $231,000. KBC Group NV increased its stake in 3M by 109.9% in the fourth quarter. KBC Group NV now owns 349,330 shares of the conglomerate's stock valued at $45,095,000 after purchasing an additional 182,930 shares in the last quarter. Finally, Mount Yale Investment Advisors LLC increased its stake in 3M by 6.7% in the fourth quarter. Mount Yale Investment Advisors LLC now owns 9,031 shares of the conglomerate's stock valued at $1,166,000 after purchasing an additional 569 shares in the last quarter. 65.25% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on MMM. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a research note on Saturday, May 24th. Citigroup lowered their target price on shares of 3M from $152.00 to $142.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Bank of America upped their target price on shares of 3M from $175.00 to $179.00 and gave the company a "buy" rating in a research note on Thursday, March 6th. Barclays upped their target price on shares of 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a research note on Wednesday, April 23rd. Finally, Royal Bank of Canada upped their target price on shares of 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research note on Wednesday, April 23rd. Two 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 MarketBeat.com, 3M has a consensus rating of "Moderate Buy" and an average target price of $152.08.

3M Stock Up 0.7%

Shares of 3M stock traded up $1.02 on Thursday, hitting $149.68. The company 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 P/E ratio of 19.83, a P/E/G ratio of 3.30 and a beta of 1.02. 3M has a twelve month low of $96.89 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 50-day moving average of $141.44 and a 200-day moving average of $140.56.

3M (NYSE:MMM - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, topping the consensus estimate of $1.77 by $0.11. 3M had a net margin of 15.71% and a return on equity of 100.77%. The business had revenue of $5.80 billion during the quarter, compared to analysts' expectations of $5.78 billion. Research analysts predict that 3M will post 7.8 earnings per share for the current year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Friday, May 23rd will be issued a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 1.95%. 3M's payout ratio is 36.87%.

Insider Buying and Selling

In other 3M news, EVP Zoe L. Dickson sold 7,915 shares of the stock in a transaction on 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 owns 6,127 shares in the company, valued at $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 is available through this link. Also, EVP John Patrick Banovetz sold 7,759 shares of the stock in a transaction on Friday, May 23rd. The shares were 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 owns 31,372 shares of the company's stock, valued at approximately $4,654,663.64. This represents a 19.83% decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by corporate insiders.

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.