J.P. Marvel Investment Advisors LLC Buys 3,573 Shares of 3M Company (NYSE:MMM)

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 lifted its stake in shares of 3M Company (NYSE:MMM - Free Report) by 5.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 70,044 shares of the conglomerate's stock after acquiring an additional 3,573 shares during the quarter. 3M makes up 1.8% of J.P. Marvel Investment Advisors LLC's holdings, making the stock its 18th biggest holding. J.P. Marvel Investment Advisors LLC's holdings in 3M were worth $10,287,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the stock. REAP Financial Group LLC increased its holdings in 3M by 88.7% in the fourth quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock worth $26,000 after purchasing an additional 94 shares in the last quarter. Hazlett Burt & Watson Inc. bought a new stake in 3M in the fourth quarter worth approximately $27,000. Pinney & Scofield Inc. bought a new stake in 3M in the fourth quarter worth approximately $28,000. Curat Global LLC bought a new stake in 3M in the first quarter worth approximately $29,000. Finally, Meeder Asset Management Inc. increased its holdings in 3M by 230.1% in the fourth quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate's stock worth $40,000 after purchasing an additional 214 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors.

3M Stock Up 0.2%

Shares of NYSE:MMM traded up $0.26 during mid-day trading on Tuesday, hitting $152.31. 1,654,636 shares of the company traded hands, compared to its average volume of 3,888,018. The stock has a market cap of $81.12 billion, a P/E ratio of 21.20, a P/E/G ratio of 3.05 and a beta of 1.02. The company has a current ratio of 1.72, a quick ratio of 1.20 and a debt-to-equity ratio of 2.87. 3M Company has a 12-month low of $119.31 and a 12-month high of $164.15. The stock has a 50-day moving average price of $149.95 and a two-hundred day moving average price of $146.46.

3M (NYSE:MMM - Get Free Report) last announced its earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.01 by $0.15. The company had revenue of $6.16 billion for 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 quarterly revenue was up 1.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.93 earnings per share. On average, equities research analysts forecast that 3M Company will post 7.8 earnings per share for the current year.

3M Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were given a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 1.92%. 3M's dividend payout ratio is currently 40.61%.

Insider Buying and Selling at 3M

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 stock was sold at an average price of $148.37, for a total value of $1,151,202.83. Following the transaction, the executive vice president 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Zoe L. Dickson sold 7,915 shares of the business's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total value of $1,179,493.30. Following the completion of the transaction, the executive vice president directly owned 6,127 shares in the company, valued at approximately $913,045.54. This represents a 56.37% decrease in their position. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on MMM shares. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a report on Saturday, July 12th. JPMorgan Chase & Co. set a $167.00 target price on 3M in a report on Friday, July 18th. Wells Fargo & Company restated an "overweight" rating on shares of 3M in a report on Friday, July 18th. Citigroup boosted their price objective on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a report on Friday, May 30th. Finally, Royal Bank Of Canada boosted their price objective on 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a report on Wednesday, April 23rd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $156.33.

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.