3M (NYSE:MMM) Stake Boosted by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC boosted its stake in shares of 3M (NYSE:MMM - Free Report) by 13.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 85,847 shares of the conglomerate's stock after acquiring an additional 10,268 shares during the quarter. Exchange Traded Concepts LLC's holdings in 3M were worth $12,607,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in MMM. Proficio Capital Partners LLC acquired a new stake in shares of 3M in the 4th quarter valued at approximately $26,000. REAP Financial Group LLC lifted its holdings in shares of 3M by 88.7% in 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 during the period. Hazlett Burt & Watson Inc. acquired a new stake in shares of 3M in the 4th quarter valued at approximately $27,000. Pinney & Scofield Inc. acquired a new stake in shares of 3M in the 4th quarter valued at approximately $28,000. Finally, Curat Global LLC acquired a new stake in shares of 3M in the 1st quarter valued at approximately $29,000. 65.25% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other 3M news, EVP John Patrick Banovetz sold 7,759 shares of the company's stock in a transaction that occurred 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 sale, the executive vice president now owns 31,372 shares in the company, valued at $4,654,663.64. This represents a 19.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Zoe L. Dickson sold 7,915 shares of the company's stock in a transaction that occurred 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 sale, the executive vice president now owns 6,127 shares in the company, valued at $913,045.54. The trade was 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.

Analyst Upgrades and Downgrades

MMM has been the subject of several research reports. Bank of America lifted their price objective on 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a report on Thursday, March 6th. Royal Bank of Canada lifted their price objective on 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a report on Wednesday, April 23rd. Citigroup lifted their price objective on 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a report on Friday, May 30th. Barclays raised their price target on 3M from $160.00 to $164.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 23rd. Finally, Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research report on Wednesday. Two research 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's stock. According to data from MarketBeat.com, 3M presently has an average rating of "Moderate Buy" and a consensus target price of $155.83.

3M Stock Down 1.8%

Shares of MMM traded down $2.60 during midday trading on Friday, reaching $142.17. 2,450,353 shares of the company were exchanged, compared to its average volume of 3,848,483. The stock has a 50-day moving average price of $142.25 and a 200-day moving average price of $141.84. The company has a market cap of $76.51 billion, a price-to-earnings ratio of 18.83, a P/E/G ratio of 3.30 and a beta of 1.03. 3M has a 1-year low of $98.26 and a 1-year high of $156.35. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, topping analysts' consensus estimates of $1.77 by $0.11. The company had revenue of $5.80 billion for the quarter, compared to analysts' expectations of $5.78 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. Research analysts expect that 3M will post 7.8 earnings per share for the current year.

3M Announces Dividend

The firm 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 dividend yield of 2.05%. 3M's dividend payout ratio (DPR) is 36.87%.

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.