Cetera Investment Advisers Buys 20,434 Shares of 3M Company (NYSE:MMM)

Key Points

• Cetera Investment Advisers increased its stake in 3M Company by 11.2% during the first quarter, owning a total of 202,816 shares valued at approximately $29.8 million.
• 3M reported **earnings per share** of $2.16 for the last quarter, exceeding analysts' projection of $2.01, with a revenue of $6.16 billion.
• The company also declared a quarterly dividend of $0.73 per share, resulting in an annualized dividend yield of 1.93%.

Cetera Investment Advisers grew its stake in 3M Company (NYSE:MMM - Free Report) by 11.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 202,816 shares of the conglomerate's stock after purchasing an additional 20,434 shares during the quarter. Cetera Investment Advisers' holdings in 3M were worth $29,786,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of MMM. REAP Financial Group LLC grew its position in 3M by 88.7% in the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock worth $26,000 after purchasing an additional 94 shares during the last quarter. Hazlett Burt & Watson Inc. bought a new position in 3M in the 4th quarter worth about $27,000. Pinney & Scofield Inc. bought a new position in 3M in the 4th quarter worth about $28,000. Curat Global LLC bought a new position in shares of 3M in the first quarter valued at approximately $29,000. Finally, Meeder Asset Management Inc. boosted its holdings in shares of 3M by 230.1% in the fourth quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate's stock valued at $40,000 after acquiring an additional 214 shares in the last quarter. Institutional investors own 65.25% of the company's stock.

3M Stock Down 0.6%

Shares of MMM traded down $0.89 during mid-day trading on Wednesday, hitting $150.90. 507,550 shares of the company's stock were exchanged, compared to its average volume of 3,880,384. The firm has a fifty day moving average of $149.91 and a two-hundred day moving average of $146.50. 3M Company has a twelve month low of $119.31 and a twelve month high of $164.15. The stock has a market cap of $80.38 billion, a price-to-earnings ratio of 21.00, a P/E/G ratio of 3.06 and a beta of 1.02. The company has a quick ratio of 1.20, a current ratio of 1.72 and a debt-to-equity ratio of 2.87.

3M (NYSE:MMM - Get Free Report) last posted its earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.01 by $0.15. The business had revenue of $6.16 billion for the quarter, compared to analyst estimates of $6.09 billion. 3M had a net margin of 16.01% and a return on equity of 96.48%. 3M's revenue was up 1.4% compared to the same quarter last year. During the same period last year, the business posted $1.93 EPS. On average, sell-side analysts forecast that 3M Company will post 7.8 earnings per share for the current year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 23rd were issued a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 1.94%. 3M's payout ratio is 40.61%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. JPMorgan Chase & Co. set a $167.00 price objective on shares of 3M in a report on Friday, July 18th. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research note on Tuesday. Citigroup increased their target price on shares of 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research note on Friday, May 30th. Wells Fargo & Company reissued an "overweight" rating on shares of 3M in a research note on Friday, July 18th. Finally, Royal Bank Of Canada increased their target price on shares of 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research note on Wednesday, April 23rd. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $156.91.

Insider Buying and Selling at 3M

In other 3M news, EVP Zoe L. Dickson sold 7,915 shares of the 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 in the company, valued at $913,045.54. This trade represents a 56.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP John Patrick Banovetz sold 7,759 shares of the stock in a transaction dated Friday, May 23rd. The shares were 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 directly owned 31,372 shares in the company, valued at $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. Corporate 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.