Financial Gravity Asset Management Inc. Acquires New Holdings in 3M Company (NYSE:MMM)

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

A number of other institutional investors also recently bought and sold shares of the stock. Proficio Capital Partners LLC purchased a new position in 3M during the 4th quarter worth approximately $26,000. REAP Financial Group LLC raised its position in 3M by 88.7% during the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock worth $26,000 after buying an additional 94 shares during the last quarter. Hazlett Burt & Watson Inc. purchased a new position in 3M during the 4th quarter worth approximately $27,000. Pinney & Scofield Inc. purchased a new position in 3M during the 4th quarter worth approximately $28,000. Finally, Curat Global LLC purchased a new position in 3M during the 1st quarter worth approximately $29,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Barclays raised their price target on shares of 3M from $164.00 to $170.00 and gave the stock an "overweight" rating in a research report on Wednesday. JPMorgan Chase & Co. lifted their target price on shares of 3M from $140.00 to $167.00 and gave the company an "overweight" rating in a report on Friday, May 16th. Wells Fargo & Company lifted their target price on shares of 3M from $150.00 to $170.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Royal Bank Of Canada lifted their target price on shares of 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a report on Wednesday, April 23rd. Finally, Citigroup lifted their target price on shares of 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a report on Friday, May 30th. Two equities 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. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $156.33.

Insider Activity

In other news, 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 of the company's stock, valued at approximately $913,045.54. The trade was a 56.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP John Patrick Banovetz sold 7,759 shares of the business's 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 transaction, the executive vice president directly owned 31,372 shares in the company, valued at approximately $4,654,663.64. The trade was a 19.83% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.34% of the company's stock.

3M Price Performance

MMM traded up $1.34 on Thursday, hitting $157.32. 4,043,356 shares of the company's stock were exchanged, compared to its average volume of 3,809,914. 3M Company has a fifty-two week low of $100.87 and a fifty-two week high of $159.42. The company has a current ratio of 1.66, a quick ratio of 1.25 and a debt-to-equity ratio of 2.72. The firm has a 50-day moving average price of $147.56 and a 200-day moving average price of $144.12. The stock has a market cap of $84.66 billion, a price-to-earnings ratio of 19.86, a P/E/G ratio of 3.05 and a beta of 1.02.

3M (NYSE:MMM - Get Free Report) last announced its 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 17.79% and a return on equity of 96.19%. The company had revenue of $5.80 billion for the quarter, compared to analysts' expectations of $5.78 billion. As a group, equities analysts anticipate that 3M Company will post 7.8 earnings per share for the current year.

3M Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 1.86%. 3M's payout ratio 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.