Armis Advisers LLC Acquires Shares of 7,283 3M (NYSE:MMM)

Armis Advisers LLC purchased a new position in 3M (NYSE:MMM - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 7,283 shares of the conglomerate's stock, valued at approximately $940,000.

Other institutional investors also recently made changes to their positions in the company. Financial Life Planners purchased a new stake in shares of 3M in the 4th quarter valued at $25,000. Proficio Capital Partners LLC purchased a new stake in shares of 3M in the 4th quarter valued at $26,000. Hazlett Burt & Watson Inc. purchased a new stake in shares of 3M in the 4th quarter valued at $27,000. Pinney & Scofield Inc. purchased a new stake in shares of 3M in the 4th quarter valued at $28,000. Finally, Daymark Wealth Partners LLC boosted its stake in shares of 3M by 9.0% in the 4th quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate's stock valued at $31,000 after purchasing an additional 19,552 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company's stock.

3M Trading Up 0.7%

Shares of NYSE:MMM traded up $1.02 on Thursday, hitting $149.68. The company had a trading volume of 2,413,321 shares, compared to its average volume of 3,965,009. The firm's 50-day simple moving average is $141.51 and its two-hundred day simple moving average is $140.45. 3M has a 1 year low of $96.76 and a 1 year high of $156.35. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. The firm has a market capitalization of $80.55 billion, a price-to-earnings ratio of 19.83, a P/E/G ratio of 3.30 and a beta of 1.02.

3M (NYSE:MMM - Get Free Report) last posted 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 firm had revenue of $5.80 billion during the quarter, compared to analysts' expectations of $5.78 billion. Equities analysts anticipate that 3M will post 7.8 earnings per share for the current fiscal year.

3M Dividend Announcement

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

Wall Street Analysts Forecast Growth

MMM has been the subject of several analyst reports. JPMorgan Chase & Co. increased their price target on shares of 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 price target on shares of 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research report on Wednesday, April 23rd. Citigroup dropped their price target on shares of 3M from $152.00 to $142.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research report on Saturday, May 24th. Finally, Bank of America increased their price target on shares of 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 issued a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $152.08.

Insider Buying and Selling

In related news, EVP Zoe L. Dickson sold 7,915 shares of the 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 directly owns 6,127 shares in the company, valued at $913,045.54. This trade represents a 56.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 owned by company insiders.

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.