Hall Capital Management Co. Inc. Buys Shares of 2,200 3M (NYSE:MMM)

Hall Capital Management Co. Inc. bought a new position in shares of 3M (NYSE:MMM - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 2,200 shares of the conglomerate's stock, valued at approximately $284,000.

Several other large investors have also added to or reduced their stakes in MMM. Geode Capital Management LLC raised its position in shares of 3M by 2.5% during the 4th quarter. Geode Capital Management LLC now owns 11,574,414 shares of the conglomerate's stock valued at $1,493,655,000 after purchasing an additional 280,048 shares during the period. Northern Trust Corp raised its holdings in 3M by 12.6% during the fourth quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate's stock valued at $871,738,000 after acquiring an additional 755,155 shares during the period. Capital World Investors lifted its position in shares of 3M by 25.4% in the fourth quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock valued at $794,410,000 after acquiring an additional 1,248,093 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of 3M by 9.2% in the fourth quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate's stock valued at $734,456,000 after acquiring an additional 479,621 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of 3M during the fourth quarter worth about $636,767,000. Hedge funds and other institutional investors own 65.25% of the company's stock.

3M Trading Down 0.7%

NYSE:MMM traded down $1.00 during midday trading on Friday, hitting $148.64. 1,114,525 shares of the company traded hands, compared to its average volume of 3,950,497. The firm has a market capitalization of $79.99 billion, a P/E ratio of 19.70, a P/E/G ratio of 3.30 and a beta of 1.02. The firm's fifty day moving average is $141.44 and its 200-day moving average is $140.56. 3M has a 12-month low of $96.89 and a 12-month 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 posted its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, beating analysts' consensus estimates of $1.77 by $0.11. The business had revenue of $5.80 billion for the quarter, compared to analysts' expectations of $5.78 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. On average, sell-side analysts predict that 3M will post 7.8 EPS for the current year.

3M Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Friday, May 23rd will be given a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 1.96%. 3M's dividend payout ratio (DPR) is currently 36.87%.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Citigroup lifted their price target on shares of 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a report on Friday. Barclays lifted their target price on 3M from $160.00 to $164.00 and gave the stock an "overweight" rating in a report on Wednesday, April 23rd. Bank of America lifted their target price on 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a report on Thursday, March 6th. JPMorgan Chase & Co. increased their price target on 3M from $140.00 to $167.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. Finally, 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 research note on Wednesday, April 23rd. Two research analysts have rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $153.46.

Insiders Place Their Bets

In other news, EVP Zoe L. Dickson sold 7,915 shares of the company'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 now directly owns 6,127 shares in the company, valued at approximately $913,045.54. This represents a 56.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP John Patrick Banovetz sold 7,759 shares of the firm's stock in a transaction dated 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 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 position. The disclosure for this sale can be found here. 0.34% of the stock is owned by insiders.

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.