Kure Advisory LLC Invests $371,000 in 3M (NYSE:MMM)

Kure Advisory LLC acquired a new position in 3M (NYSE:MMM - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 2,529 shares of the conglomerate's stock, valued at approximately $371,000. 3M makes up about 0.3% of Kure Advisory LLC's investment portfolio, making the stock its 28th largest holding.

A number of other hedge funds and other institutional investors have also made changes to their positions in MMM. Wayfinding Financial LLC purchased a new stake in 3M during the 4th quarter worth approximately $851,000. Ensign Peak Advisors Inc boosted its stake in 3M by 29.2% during the 4th quarter. Ensign Peak Advisors Inc now owns 642,354 shares of the conglomerate's stock worth $82,921,000 after purchasing an additional 145,146 shares during the last quarter. Braun Stacey Associates Inc. lifted its stake in shares of 3M by 18.4% in the fourth quarter. Braun Stacey Associates Inc. now owns 142,596 shares of the conglomerate's stock worth $18,408,000 after buying an additional 22,203 shares in the last quarter. Asahi Life Asset Management CO. LTD. grew its position in shares of 3M by 34.0% in the fourth quarter. Asahi Life Asset Management CO. LTD. now owns 12,516 shares of the conglomerate's stock valued at $1,616,000 after purchasing an additional 3,173 shares in the last quarter. Finally, Savant Capital LLC boosted its stake in 3M by 4.1% during the fourth quarter. Savant Capital LLC now owns 74,518 shares of the conglomerate's stock worth $9,620,000 after buying an additional 2,907 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company's stock.

Analyst Ratings Changes

MMM has been the subject of several analyst reports. Barclays increased their price target on shares of 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a research note on Wednesday, April 23rd. Bank of America boosted their price objective on shares of 3M from $175.00 to $179.00 and gave the company a "buy" rating in a report on Thursday, March 6th. Royal Bank of Canada lifted their price target on shares of 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research report on Wednesday, April 23rd. 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. Finally, JPMorgan Chase & Co. raised their target price on 3M from $140.00 to $167.00 and gave the company an "overweight" rating in a report on Friday, May 16th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $153.46.

Insider Activity

In other news, 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 value of $1,151,202.83. Following the transaction, the executive vice president now directly owns 31,372 shares in the company, valued at $4,654,663.64. This trade represents a 19.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Zoe L. Dickson sold 7,915 shares of the business's stock in a transaction dated 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 transaction, the executive vice president now owns 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. Company insiders own 0.34% of the company's stock.

3M Price Performance

Shares of NYSE:MMM traded down $1.25 on Wednesday, reaching $146.88. 2,346,908 shares of the company were exchanged, compared to its average volume of 3,874,359. The company has a 50-day moving average of $141.20 and a 200-day moving average of $140.98. 3M has a 1-year low of $97.68 and a 1-year 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. The firm has a market cap of $79.05 billion, a price-to-earnings ratio of 19.45, a price-to-earnings-growth ratio of 3.30 and a beta of 1.02.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, beating analysts' consensus estimates of $1.77 by $0.11. The firm 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%. Equities analysts forecast that 3M will post 7.8 earnings per share for the current fiscal 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 paid a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 1.99%. 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.