Financial Gravity Asset Management Inc. Invests $2.51 Million in 3M Company (NYSE:MMM)

Financial Gravity Asset Management Inc. acquired a new stake in 3M Company (NYSE:MMM - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 17,062 shares of the conglomerate's stock, valued at approximately $2,506,000.

A number of other hedge funds also recently made changes to their positions in the business. Norges Bank bought a new position in 3M during the fourth quarter worth about $636,767,000. Invesco Ltd. lifted its stake in shares of 3M by 51.6% during the 4th quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate's stock valued at $576,845,000 after buying an additional 1,520,619 shares in the last quarter. D1 Capital Partners L.P. bought a new position in 3M in the 4th quarter worth approximately $175,110,000. Capital World Investors grew its stake in 3M by 25.4% in the 4th quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock valued at $794,410,000 after buying an additional 1,248,093 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its holdings in 3M by 321.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,097,747 shares of the conglomerate's stock valued at $141,708,000 after acquiring an additional 837,226 shares during the period. 65.25% of the stock is currently owned by institutional investors.

3M Trading Down 1.0%

NYSE MMM traded down $1.53 during trading on Friday, hitting $155.79. 1,382,569 shares of the company's stock traded hands, compared to its average volume of 3,800,643. The firm has a market cap of $83.84 billion, a P/E ratio of 19.69, a PEG ratio of 3.05 and a beta of 1.02. The stock has a fifty day moving average of $147.95 and a two-hundred day moving average of $144.32. The company has a debt-to-equity ratio of 2.72, a current ratio of 1.66 and a quick ratio of 1.25. 3M Company has a 12-month low of $100.87 and a 12-month high of $159.47.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.77 by $0.11. 3M had a net margin of 17.79% and a return on equity of 96.19%. The firm had revenue of $5.80 billion for the quarter, compared to analysts' expectations of $5.78 billion. As a group, sell-side analysts expect that 3M Company will post 7.8 EPS for the current year.

3M Dividend Announcement

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 dividend on an annualized basis and a dividend yield of 1.87%. 3M's dividend payout ratio is presently 36.87%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on MMM. JPMorgan Chase & Co. lifted their price target on 3M from $140.00 to $167.00 and gave the company an "overweight" rating in a research report on Friday, May 16th. Wells Fargo & Company boosted their price objective on shares of 3M from $150.00 to $170.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Royal Bank Of Canada increased their target price on shares of 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a research note on Wednesday, April 23rd. Barclays boosted their price target on shares of 3M from $164.00 to $170.00 and gave the company an "overweight" rating in a research report on Wednesday. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research report on Friday, June 27th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, 3M currently has a consensus rating of "Moderate Buy" and a consensus target price of $156.33.

Insiders Place Their Bets

In other 3M news, EVP John Patrick Banovetz sold 7,759 shares of the business's stock in a transaction on 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 transaction, the executive vice president directly owned 31,372 shares of the company's stock, valued at approximately $4,654,663.64. The trade was a 19.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Zoe L. Dickson sold 7,915 shares of the business's stock in a transaction dated 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 transaction, the executive vice president owned 6,127 shares in the company, valued at $913,045.54. This represents a 56.37% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.34% of the company's stock.

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.