AlphaCore Capital LLC Makes New $498,000 Investment in 3M (NYSE:MMM)

AlphaCore Capital LLC purchased a new position in 3M (NYSE:MMM - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,856 shares of the conglomerate's stock, valued at approximately $498,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of MMM. Norges Bank purchased a new stake in shares of 3M during the fourth quarter worth about $636,767,000. Invesco Ltd. grew its holdings in 3M by 51.6% during the 4th quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate's stock valued at $576,845,000 after buying an additional 1,520,619 shares in the last quarter. D1 Capital Partners L.P. purchased a new stake in shares of 3M during the 4th quarter worth approximately $175,110,000. Capital World Investors raised its holdings 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 worth $794,410,000 after acquiring an additional 1,248,093 shares in the last quarter. Finally, Amundi grew its holdings in shares of 3M by 55.7% in the fourth quarter. Amundi now owns 2,511,095 shares of the conglomerate's stock valued at $337,815,000 after purchasing an additional 898,244 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company's stock.

3M Stock Up 1.2%

Shares of NYSE:MMM traded up $1.84 on Tuesday, reaching $149.46. The company had a trading volume of 2,556,199 shares, compared to its average volume of 3,978,638. 3M has a 52-week low of $96.76 and a 52-week high of $156.35. The firm's 50 day simple moving average is $141.58 and its 200-day simple moving average is $140.33. The firm has a market capitalization of $80.44 billion, a PE ratio of 19.80, 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.

3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings data 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 return on equity of 100.77% and a net margin of 15.71%. The firm had revenue of $5.80 billion during the quarter, compared to analysts' expectations of $5.78 billion. As a group, analysts expect that 3M will post 7.8 earnings per share for the current fiscal year.

3M Announces Dividend

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

Insider Transactions at 3M

In other 3M news, EVP John Patrick Banovetz sold 7,759 shares of 3M 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 in the company, valued at approximately $4,654,663.64. This trade represents a 19.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Zoe L. Dickson sold 7,915 shares of 3M 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 transaction, the executive vice president now 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 disclosure for this sale can be found here. Insiders own 0.34% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have commented on MMM shares. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research report on Saturday. JPMorgan Chase & Co. lifted their price objective on shares of 3M from $140.00 to $167.00 and gave the stock an "overweight" rating in a research note on Friday, May 16th. Citigroup dropped their price objective 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 lifted their price objective on shares of 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a research note on Thursday, March 6th. Finally, 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. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $152.08.

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.