Grove Street Fiduciary LLC Takes Position in 3M Company (NYSE:MMM)

Grove Street Fiduciary LLC purchased a new stake in 3M Company (NYSE:MMM - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,070 shares of the conglomerate's stock, valued at approximately $304,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of MMM. REAP Financial Group LLC raised 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 worth $26,000 after purchasing an additional 94 shares during the period. Hazlett Burt & Watson Inc. acquired a new stake in shares of 3M during the 4th quarter worth approximately $27,000. Pinney & Scofield Inc. acquired a new stake in shares of 3M during the 4th quarter worth approximately $28,000. Curat Global LLC acquired a new stake in shares of 3M during the 1st quarter worth approximately $29,000. Finally, Meeder Asset Management Inc. raised 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 worth $40,000 after purchasing an additional 214 shares during the period. Hedge funds and other institutional investors own 65.25% of the company's stock.

Insider Buying and Selling at 3M

In related news, EVP John Patrick Banovetz sold 7,759 shares of the 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 sale, the executive vice president directly owned 31,372 shares in the company, valued at approximately $4,654,663.64. This trade represents a 19.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Zoe L. Dickson sold 7,915 shares of the firm's stock in a transaction dated 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 in the company, valued at approximately $913,045.54. This trade represents a 56.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by company insiders.

3M Stock Up 1.3%

Shares of 3M stock traded up $1.97 during midday trading on Friday, hitting $151.27. The company's stock had a trading volume of 2,779,195 shares, compared to its average volume of 3,920,118. The firm has a market capitalization of $80.57 billion, a P/E ratio of 21.04, a PEG ratio of 3.01 and a beta of 1.02. The stock has a 50-day simple moving average of $149.99 and a 200-day simple moving average of $146.15. The company has a quick ratio of 1.20, a current ratio of 1.72 and a debt-to-equity ratio of 2.87. 3M Company has a 1-year low of $112.68 and a 1-year high of $164.15.

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

3M Dividend Announcement

The company also recently disclosed 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 annualized dividend and a dividend yield of 1.93%. 3M's dividend payout ratio is 40.61%.

Analyst Upgrades and Downgrades

Several research firms recently commented on MMM. Citigroup raised their target price on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research report on Friday, May 30th. Wells Fargo & Company restated an "overweight" rating on shares of 3M in a research report on Friday, July 18th. Royal Bank Of Canada increased their price target 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 price target on 3M in a research note on Friday, July 18th. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a research note on Saturday, July 12th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $156.33.

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.