Cadent Capital Advisors LLC Takes $968,000 Position in 3M Company (NYSE:MMM)

Cadent Capital Advisors LLC acquired a new position in 3M Company (NYSE:MMM - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,592 shares of the conglomerate's stock, valued at approximately $968,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in 3M in the fourth quarter worth approximately $636,767,000. Invesco Ltd. boosted its holdings in 3M by 51.6% in the fourth quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate's stock worth $576,845,000 after purchasing an additional 1,520,619 shares in the last quarter. D1 Capital Partners L.P. bought a new stake in 3M in the fourth quarter worth $175,110,000. Capital World Investors increased its position in 3M by 25.4% during the fourth quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock worth $794,410,000 after buying an additional 1,248,093 shares during the last quarter. Finally, Amundi raised its holdings in 3M by 55.7% during the fourth quarter. Amundi now owns 2,511,095 shares of the conglomerate's stock valued at $337,815,000 after buying an additional 898,244 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on MMM shares. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research note on Wednesday, June 11th. Citigroup increased their price target on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a report on Friday, May 30th. Barclays boosted their price objective on shares of 3M from $160.00 to $164.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 23rd. Royal Bank Of Canada upped their price objective on shares of 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a report on Wednesday, April 23rd. Finally, Bank of America lifted their target price on shares of 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a report on Thursday, March 6th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, 3M currently has an average rating of "Moderate Buy" and an average price target of $155.83.

3M Stock Down 2.0%

Shares of MMM opened at $142.18 on Wednesday. The company has a debt-to-equity ratio of 2.72, a quick ratio of 1.25 and a current ratio of 1.66. The company has a 50-day simple moving average of $142.68 and a 200-day simple moving average of $141.98. 3M Company has a 52 week low of $98.26 and a 52 week high of $156.35. The firm has a market capitalization of $76.52 billion, a P/E ratio of 17.95, a P/E/G ratio of 3.01 and a beta of 1.03.

3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, beating the consensus estimate of $1.77 by $0.11. 3M had a return on equity of 96.19% and a net margin of 17.79%. The firm had revenue of $5.80 billion during the quarter, compared to analysts' expectations of $5.78 billion. On average, equities research analysts expect that 3M Company will post 7.8 earnings per share for the current year.

3M Dividend Announcement

The firm also recently declared 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 annualized dividend and a yield of 2.05%. 3M's dividend payout ratio (DPR) is presently 36.87%.

Insider Buying and Selling at 3M

In other news, EVP John Patrick Banovetz sold 7,759 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now directly 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Zoe L. Dickson sold 7,915 shares of the firm's stock in a transaction that occurred 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 transaction, the executive vice president now owns 6,127 shares of the company's stock, valued at $913,045.54. This trade represents a 56.37% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.48% of the company's stock.

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.

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