3M Company (NYSE:MMM) Shares Acquired by J.P. Marvel Investment Advisors LLC

Key Points

• J.P. Marvel Investment Advisors LLC increased its holdings in 3M Company by 5.4%, acquiring an additional 3,573 shares, bringing its total ownership to 70,044 shares worth approximately $10,287,000.
• Insider trading activity includes sales by executives Zoe L. Dickson and John Patrick Banovetz, with Dickson reducing her position by 56.37% and Banovetz by 19.83%.
• Research analysts maintain a generally positive outlook on 3M, with an average rating of "Moderate Buy" and a price target averaging $156.33 amid increased institutional investment interest.

J.P. Marvel Investment Advisors LLC raised its stake in 3M Company (NYSE:MMM - Free Report) by 5.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 70,044 shares of the conglomerate's stock after purchasing an additional 3,573 shares during the period. 3M accounts for about 1.8% of J.P. Marvel Investment Advisors LLC's holdings, making the stock its 18th biggest position. J.P. Marvel Investment Advisors LLC's holdings in 3M were worth $10,287,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its position in 3M by 2.5% in 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 acquiring an additional 280,048 shares during the period. Northern Trust Corp raised its stake in shares of 3M by 12.6% during the fourth quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate's stock worth $871,738,000 after purchasing an additional 755,155 shares during the last quarter. Capital World Investors lifted its holdings in shares of 3M by 25.4% during the fourth quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock worth $794,410,000 after purchasing an additional 1,248,093 shares during the period. Norges Bank acquired a new stake in shares of 3M during the fourth quarter worth $636,767,000. Finally, Invesco Ltd. grew its position in 3M by 51.6% in 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 during the last quarter. Institutional investors and hedge funds own 65.25% of the company's stock.

Insider Activity at 3M

In related 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 transaction of $1,179,493.30. Following the completion of the sale, the executive vice president owned 6,127 shares of the company's stock, valued at approximately $913,045.54. This represents a 56.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP John Patrick Banovetz sold 7,759 shares of 3M 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 transaction, the executive vice president directly owned 31,372 shares in the company, valued at $4,654,663.64. This trade represents a 19.83% 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 corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have commented on MMM shares. Royal Bank Of Canada upped their price objective on shares of 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a research report on Wednesday, April 23rd. JPMorgan Chase & Co. set a $167.00 price objective on shares of 3M in a research report on Friday, July 18th. Barclays set a $170.00 target price on 3M in a research report on Friday, July 18th. Wells Fargo & Company reissued an "overweight" rating on shares of 3M in a report on Friday, July 18th. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research report on Saturday, July 12th. Two 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's stock. According to data from MarketBeat.com, 3M presently has a consensus rating of "Moderate Buy" and a consensus target price of $156.33.

3M Stock Performance

NYSE:MMM traded up $1.97 during mid-day trading on Friday, hitting $151.27. 2,779,195 shares of the stock were exchanged, compared to its average volume of 3,920,118. 3M Company has a fifty-two week low of $112.68 and a fifty-two week high of $164.15. The firm's 50-day simple moving average is $149.99 and its 200 day simple moving average is $146.23. The company has a debt-to-equity ratio of 2.87, a quick ratio of 1.20 and a current ratio of 1.72. The stock has a market capitalization of $80.57 billion, a price-to-earnings ratio of 21.04, a price-to-earnings-growth ratio of 3.05 and a beta of 1.02.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings data on Friday, July 18th. The conglomerate reported $2.16 earnings per share for the quarter, beating analysts' consensus estimates of $2.01 by $0.15. The business had revenue of $6.16 billion during the quarter, compared to analyst estimates of $6.09 billion. 3M had a net margin of 16.01% and a return on equity of 96.48%. 3M's revenue was up 1.4% compared to the same quarter last year. During the same period in the previous year, the business earned $1.93 EPS. As a group, equities analysts anticipate that 3M Company will post 7.8 EPS for the current fiscal year.

3M Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Stockholders 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 1.93%. 3M's dividend payout ratio is currently 40.61%.

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.