Fairvoy Private Wealth LLC Increases Stock Position in 3M (NYSE:MMM)

Fairvoy Private Wealth LLC lifted its position in 3M (NYSE:MMM - Free Report) by 35.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,811 shares of the conglomerate's stock after purchasing an additional 2,047 shares during the quarter. Fairvoy Private Wealth LLC's holdings in 3M were worth $1,147,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of MMM. Brighton Jones LLC grew its holdings in shares of 3M by 26.6% in the fourth quarter. Brighton Jones LLC now owns 8,898 shares of the conglomerate's stock valued at $1,149,000 after purchasing an additional 1,872 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in shares of 3M by 14.1% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 209,848 shares of the conglomerate's stock valued at $27,214,000 after purchasing an additional 25,895 shares during the period. Van ECK Associates Corp lifted its position in 3M by 5.7% in the fourth quarter. Van ECK Associates Corp now owns 93,938 shares of the conglomerate's stock valued at $12,126,000 after buying an additional 5,026 shares during the last quarter. Avestar Capital LLC lifted its position in 3M by 7.6% in the fourth quarter. Avestar Capital LLC now owns 2,998 shares of the conglomerate's stock valued at $387,000 after buying an additional 211 shares during the last quarter. Finally, Catalyst Financial Partners LLC lifted its position in 3M by 29.2% in the fourth quarter. Catalyst Financial Partners LLC now owns 2,361 shares of the conglomerate's stock valued at $305,000 after buying an additional 533 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company's stock.

3M Stock Down 1.8%

Shares of MMM traded down $2.60 during mid-day trading on Friday, hitting $142.17. 2,450,353 shares of the company's stock were exchanged, compared to its average volume of 3,848,483. 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 fifty-two week low of $98.26 and a fifty-two week high of $156.35. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. The stock's 50-day moving average is $142.25 and its 200-day moving average is $141.84.

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

3M Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 23rd were paid a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.05%. 3M's payout ratio is 36.87%.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a research report on Wednesday. Citigroup upped their target price on shares of 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research report on Friday, May 30th. Royal Bank of Canada upped their target price on shares of 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research report on Wednesday, April 23rd. JPMorgan Chase & Co. upped their target price on shares of 3M from $140.00 to $167.00 and gave the company an "overweight" rating in a research report on Friday, May 16th. Finally, Barclays upped their target price on shares of 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a research report on Wednesday, April 23rd. Two investment 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's stock. According to MarketBeat, 3M presently has a consensus rating of "Moderate Buy" and an average price target of $155.83.

Insider Buying and Selling

In other 3M news, EVP John Patrick Banovetz sold 7,759 shares of the stock in a transaction that occurred on Friday, May 23rd. The shares were 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 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 document filed with the SEC, which is available at this hyperlink. Also, EVP Zoe L. Dickson sold 7,915 shares of the stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the completion of the transaction, the executive vice president now owns 6,127 shares in the company, valued at $913,045.54. This 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.

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.