Convergence Investment Partners LLC Buys New Position in 3M Company (NYSE:MMM)

Convergence Investment Partners LLC bought a new stake in 3M Company (NYSE:MMM - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 7,466 shares of the conglomerate's stock, valued at approximately $1,097,000.

Other institutional investors also recently bought and sold shares of the company. REAP Financial Group LLC lifted its position 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 buying an additional 94 shares in the last quarter. Hazlett Burt & Watson Inc. purchased a new position in shares of 3M during the 4th quarter valued at about $27,000. Pinney & Scofield Inc. purchased a new position in shares of 3M during the 4th quarter valued at about $28,000. Curat Global LLC purchased a new position in shares of 3M during the 1st quarter valued at about $29,000. Finally, Meeder Asset Management Inc. lifted its position 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 buying an additional 214 shares in the last quarter. Institutional investors own 65.25% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on MMM shares. Wells Fargo & Company reaffirmed an "overweight" rating on shares of 3M in a research report on Friday, July 18th. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research note on Saturday, July 12th. 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 note on Wednesday, April 23rd. Barclays set a $170.00 target price on 3M in a research note on Friday, July 18th. Finally, Citigroup lifted their target price on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research note on Friday, May 30th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $156.33.

3M Price Performance

NYSE:MMM traded up $1.97 during trading hours on Friday, reaching $151.27. The stock had a trading volume of 2,779,195 shares, compared to its average volume of 3,903,910. The company has a debt-to-equity ratio of 2.87, a quick ratio of 1.20 and a current ratio of 1.72. 3M Company has a 52 week low of $112.68 and a 52 week high of $164.15. The company has a 50 day moving average price of $150.03 and a two-hundred day moving average price of $146.02. The stock has a market capitalization of $80.57 billion, a PE ratio of 21.04, a PEG ratio of 3.04 and a beta of 1.02.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings data on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.01 by $0.15. 3M had a return on equity of 96.48% and a net margin of 16.01%. The business had revenue of $6.16 billion for the quarter, compared to the consensus estimate of $6.09 billion. During the same quarter in the previous year, the company posted $1.93 EPS. The company's revenue was up 1.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Stockholders 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 1.93%. 3M's dividend payout ratio (DPR) is 40.61%.

Insider Buying and Selling

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 transaction of $1,151,202.83. Following the completion of the transaction, the executive vice president 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 transaction, the executive vice president owned 6,127 shares of the company's stock, valued at approximately $913,045.54. The trade was a 56.37% decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by insiders.

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.