Legacy Private Trust Co. Has $2.17 Million Stock Holdings in 3M (NYSE:MMM)

Legacy Private Trust Co. raised its stake in shares of 3M (NYSE:MMM - Free Report) by 379.5% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 14,758 shares of the conglomerate's stock after buying an additional 11,680 shares during the quarter. Legacy Private Trust Co.'s holdings in 3M were worth $2,167,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in MMM. Investors Asset Management of Georgia Inc. GA ADV raised its position in shares of 3M by 1.3% during the 4th quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 5,377 shares of the conglomerate's stock worth $694,000 after purchasing an additional 67 shares during the last quarter. Parkside Financial Bank & Trust increased its holdings in 3M by 1.4% in the fourth quarter. Parkside Financial Bank & Trust now owns 5,153 shares of the conglomerate's stock valued at $665,000 after buying an additional 70 shares during the last quarter. LaSalle St. Investment Advisors LLC grew its holdings in shares of 3M by 2.5% during the fourth quarter. LaSalle St. Investment Advisors LLC now owns 2,951 shares of the conglomerate's stock valued at $381,000 after purchasing an additional 71 shares during the last quarter. Gilbert & Cook Inc. boosted its position in shares of 3M by 1.5% during the fourth quarter. Gilbert & Cook Inc. now owns 5,106 shares of the conglomerate's stock worth $659,000 after buying an additional 73 shares during the period. Finally, Childress Capital Advisors LLC lifted its position in 3M by 5.1% in the fourth quarter. Childress Capital Advisors LLC now owns 1,573 shares of the conglomerate's stock worth $203,000 after purchasing an additional 76 shares during the period. Hedge funds and other institutional investors own 65.25% of the company's stock.

Analyst Upgrades and Downgrades

MMM has been the subject of several recent research reports. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a report on Saturday, May 24th. Citigroup lifted their target price on shares of 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research note on Friday. JPMorgan Chase & Co. lifted their target price on shares of 3M from $140.00 to $167.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. Barclays upped their target price on shares of 3M from $160.00 to $164.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 23rd. Finally, Royal Bank of Canada increased their price objective on shares of 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a research note on Wednesday, April 23rd. Two analysts have rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $153.46.

3M Stock Performance

Shares of NYSE:MMM traded up $1.37 during trading on Tuesday, hitting $147.77. 683,931 shares of the stock traded hands, compared to its average volume of 3,876,536. The company has a market cap of $79.53 billion, a price-to-earnings ratio of 19.57, a P/E/G ratio of 3.30 and a beta of 1.02. The company has a fifty day moving average price of $141.20 and a two-hundred day moving average price of $140.92. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. 3M has a 52-week low of $97.68 and a 52-week high of $156.35.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, beating the consensus estimate of $1.77 by $0.11. 3M had a net margin of 15.71% and a return on equity of 100.77%. The company had revenue of $5.80 billion for the quarter, compared to analyst estimates of $5.78 billion. As a group, equities 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. Stockholders of record on Friday, May 23rd will be paid a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 1.98%. 3M's dividend payout ratio is currently 36.87%.

Insider Buying and Selling

In other news, EVP John Patrick Banovetz sold 7,759 shares of the company's 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 now directly owns 31,372 shares of the company's stock, valued at $4,654,663.64. This represents a 19.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Zoe L. Dickson sold 7,915 shares of the stock in a transaction that occurred on 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 sale, the executive vice president now owns 6,127 shares of the company's stock, valued at approximately $913,045.54. The trade was a 56.37% decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by corporate insiders.

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.