AGP Franklin LLC Invests $1.58 Million in 3M Company (NYSE:MMM)

Key Points

• AGP Franklin LLC has acquired a new stake in 3M Company, purchasing 11,677 shares valued at approximately $1,579,000.
• Insider selling has been noted, with EVP John Patrick Banovetz selling 7,759 shares and Zoe L. Dickson selling 7,915 shares, representing significant decreases in their holdings.
• Analysts have set a consensus price target of $156.33 for 3M shares, with Barclays recommending a target of $170.00 and others maintaining an "overweight" rating.

AGP Franklin LLC acquired a new position in shares of 3M Company (NYSE:MMM - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 11,677 shares of the conglomerate's stock, valued at approximately $1,579,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Norden Group LLC lifted its position in 3M by 72.7% in the 1st quarter. Norden Group LLC now owns 5,389 shares of the conglomerate's stock worth $792,000 after buying an additional 2,268 shares during the last quarter. Mackenzie Financial Corp lifted its position in 3M by 11.8% in the 1st quarter. Mackenzie Financial Corp now owns 83,998 shares of the conglomerate's stock worth $12,336,000 after buying an additional 8,898 shares during the last quarter. Eagle Bluffs Wealth Management LLC lifted its position in 3M by 2.2% in the 1st quarter. Eagle Bluffs Wealth Management LLC now owns 13,593 shares of the conglomerate's stock worth $1,996,000 after buying an additional 290 shares during the last quarter. Nkcfo LLC bought a new stake in 3M in the 1st quarter worth approximately $141,000. Finally, LPL Financial LLC lifted its position in 3M by 5.0% in the 1st quarter. LPL Financial LLC now owns 844,974 shares of the conglomerate's stock worth $124,093,000 after buying an additional 40,058 shares during the last quarter. Hedge funds and other 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 stock in a transaction on 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 directly owned 6,127 shares of the company's stock, valued at approximately $913,045.54. This represents a 56.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP John Patrick Banovetz sold 7,759 shares of the stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $148.37, for a total value of $1,151,202.83. Following the completion of the sale, the executive vice president directly owned 31,372 shares in the company, valued at approximately $4,654,663.64. This represents 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 corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on MMM. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research report on Tuesday. Citigroup boosted their price objective on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research report on Friday, May 30th. JPMorgan Chase & Co. set a $167.00 price objective on 3M in a research report on Friday, July 18th. Wells Fargo & Company reiterated an "overweight" rating on shares of 3M in a research report on Friday, July 18th. Finally, Royal Bank Of Canada boosted their price objective on 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research report on Wednesday, April 23rd. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $158.10.

3M Stock Up 1.9%

MMM traded up $2.77 during trading on Thursday, reaching $149.39. The stock had a trading volume of 1,953,982 shares, compared to its average volume of 3,888,001. The stock's 50 day moving average is $149.86 and its two-hundred day moving average is $146.50. The company has a current ratio of 1.72, a quick ratio of 1.20 and a debt-to-equity ratio of 2.87. The company has a market capitalization of $79.57 billion, a price-to-earnings ratio of 20.77, a P/E/G ratio of 2.94 and a beta of 1.02. 3M Company has a one year low of $119.31 and a one year high of $164.15.

3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings data on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.01 by $0.15. The business had revenue of $6.16 billion during the quarter, compared to the consensus estimate of $6.09 billion. 3M had a return on equity of 96.48% and a net margin of 16.01%. The firm's quarterly revenue was up 1.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.93 earnings per share. As a group, analysts expect that 3M Company will post 7.8 earnings per share for the current year.

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 1.95%. 3M's dividend payout ratio (DPR) is 40.61%.

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.