Carnegie Investment Counsel Has $1.70 Million Stock Holdings in 3M Company (NYSE:MMM)

Key Points

• Carnegie Investment Counsel increased its holdings in 3M Company by 259.4% in the first quarter, now holding 11,980 shares valued at approximately $1.70 million.
• A recent report indicates that analysts have mixed ratings on 3M stock, with a consensus rating of "Moderate Buy" and a price target of $156.33.
• 3M recently announced a $0.73 quarterly dividend, resulting in an annualized dividend yield of 1.93%, with a payout ratio of 40.61%.

Carnegie Investment Counsel increased its position in shares of 3M Company (NYSE:MMM - Free Report) by 259.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,980 shares of the conglomerate's stock after acquiring an additional 8,647 shares during the quarter. Carnegie Investment Counsel's holdings in 3M were worth $1,703,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in MMM. REAP Financial Group LLC lifted its holdings in shares of 3M by 88.7% during the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock valued at $26,000 after purchasing an additional 94 shares in the last quarter. Hazlett Burt & Watson Inc. bought a new position in shares of 3M during the 4th quarter valued at about $27,000. Pinney & Scofield Inc. bought a new position in shares of 3M during the 4th quarter valued at about $28,000. Curat Global LLC bought a new position in shares of 3M during the 1st quarter valued at about $29,000. Finally, Meeder Asset Management Inc. lifted its holdings in shares of 3M by 230.1% during the 4th quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate's stock valued at $40,000 after purchasing an additional 214 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research report on Saturday, July 12th. JPMorgan Chase & Co. set a $167.00 target price on 3M in a research report on Friday, July 18th. Wells Fargo & Company reissued an "overweight" rating on shares of 3M in a research report on Friday, July 18th. Royal Bank Of Canada lifted their target price on 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research report on Wednesday, April 23rd. Finally, Barclays set a $170.00 target price on 3M in a research report on Friday, July 18th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $156.33.

Insider Buying and Selling at 3M

In related news, EVP John Patrick Banovetz sold 7,759 shares of the business's 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 $4,654,663.64. The trade was a 19.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Zoe L. Dickson sold 7,915 shares of the business's stock in a transaction on 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 sale, the executive vice president owned 6,127 shares of the company's stock, 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 0.34% of the company's stock.

3M Stock Performance

Shares of NYSE MMM opened at $151.27 on Friday. The company has a current ratio of 1.72, a quick ratio of 1.20 and a debt-to-equity ratio of 2.87. 3M Company has a 12 month low of $112.68 and a 12 month high of $164.15. The stock has a 50 day moving average of $149.99 and a 200-day moving average of $146.15. The company has a market capitalization of $80.57 billion, a P/E ratio of 21.04, a P/E/G ratio of 3.01 and a beta of 1.02.

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

3M Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 23rd were paid a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 1.93%. 3M's dividend payout ratio (DPR) is presently 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.

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