Cambridge Investment Research Advisors Inc. Buys 17,824 Shares of 3M Company (NYSE:MMM)

Cambridge Investment Research Advisors Inc. grew its stake in 3M Company (NYSE:MMM - Free Report) by 11.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 168,409 shares of the conglomerate's stock after acquiring an additional 17,824 shares during the quarter. Cambridge Investment Research Advisors Inc.'s holdings in 3M were worth $24,733,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Wayfinding Financial LLC bought a new stake in 3M in the fourth quarter worth $851,000. Ensign Peak Advisors Inc lifted its holdings in shares of 3M by 29.2% during the fourth quarter. Ensign Peak Advisors Inc now owns 642,354 shares of the conglomerate's stock valued at $82,921,000 after purchasing an additional 145,146 shares in the last quarter. Asahi Life Asset Management CO. LTD. lifted its holdings in shares of 3M by 34.0% during the fourth quarter. Asahi Life Asset Management CO. LTD. now owns 12,516 shares of the conglomerate's stock valued at $1,616,000 after purchasing an additional 3,173 shares in the last quarter. Allstate Corp bought a new position in shares of 3M during the fourth quarter valued at $2,101,000. Finally, Teacher Retirement System of Texas lifted its holdings in shares of 3M by 59.8% during the fourth quarter. Teacher Retirement System of Texas now owns 747,954 shares of the conglomerate's stock valued at $96,553,000 after purchasing an additional 280,015 shares in the last quarter. 65.25% of the stock is owned by institutional investors.

3M Price Performance

NYSE:MMM opened at $147.71 on Tuesday. 3M Company has a one year low of $98.26 and a one year high of $156.35. 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 stock has a market cap of $79.49 billion, a PE ratio of 18.65, a P/E/G ratio of 2.99 and a beta of 1.03. The stock has a 50 day moving average price of $143.34 and a 200 day moving average price of $142.39.

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. The firm had revenue of $5.80 billion during the quarter, compared to analysts' expectations of $5.78 billion. 3M had a return on equity of 96.19% and a net margin of 17.79%. Equities research analysts expect that 3M Company will post 7.8 EPS for the current fiscal year.

3M Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 23rd were issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.98%. 3M's dividend payout ratio is currently 36.87%.

Insider Buying and Selling

In related news, 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 transaction, the executive vice president now directly owns 31,372 shares of the company's stock, valued at approximately $4,654,663.64. This trade represents a 19.83% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, 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 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 ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.48% of the company's stock.

Analyst Upgrades and Downgrades

MMM has been the topic of a number of recent research reports. Barclays increased their target price on 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a report on Wednesday, April 23rd. JPMorgan Chase & Co. increased their target price on 3M from $140.00 to $167.00 and gave the company an "overweight" rating in a report on Friday, May 16th. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a report on Wednesday, June 11th. Royal Bank Of Canada increased their target price on 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a report on Wednesday, April 23rd. Finally, Bank of America upped their price target on 3M from $175.00 to $179.00 and gave the stock 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 nine have assigned a buy rating to the company. According to MarketBeat.com, 3M currently has an average rating of "Moderate Buy" and an average price target of $155.83.

About 3M

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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