Merit Financial Group LLC Has $3.80 Million Stake in 3M (NYSE:MMM)

Merit Financial Group LLC increased its position in 3M (NYSE:MMM - Free Report) by 43.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 25,887 shares of the conglomerate's stock after purchasing an additional 7,883 shares during the quarter. Merit Financial Group LLC's holdings in 3M were worth $3,802,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Wayfinding Financial LLC acquired a new stake in 3M in the fourth quarter worth about $851,000. Ensign Peak Advisors Inc increased its position in 3M by 29.2% in the fourth 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 period. Braun Stacey Associates Inc. increased its position in 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 purchasing an additional 22,203 shares during the period. Asahi Life Asset Management CO. LTD. increased its position in 3M by 34.0% in the fourth quarter. Asahi Life Asset Management CO. LTD. now owns 12,516 shares of the conglomerate's stock worth $1,616,000 after purchasing an additional 3,173 shares during the period. Finally, Savant Capital LLC increased its position in 3M by 4.1% in the fourth quarter. Savant Capital LLC now owns 74,518 shares of the conglomerate's stock worth $9,620,000 after purchasing an additional 2,907 shares during the period. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at 3M

In related news, EVP John Patrick Banovetz sold 7,759 shares of the stock in a transaction on Friday, May 23rd. The shares were 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 owns 31,372 shares in the company, valued at approximately $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 can be accessed through this hyperlink. Also, EVP Zoe L. Dickson sold 7,915 shares of the stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the transaction, the executive vice president now owns 6,127 shares of the company's stock, valued at $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 owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on MMM. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research report on Saturday, May 24th. Citigroup raised their target price on 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a report on Friday, May 30th. Barclays raised 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. JPMorgan Chase & Co. raised their target price on 3M from $140.00 to $167.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. Finally, Royal Bank of Canada raised their target price on 3M from $98.00 to $100.00 and gave the stock 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 ten have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $153.46.

3M Stock Down 0.5%

Shares of MMM traded down $0.68 on Friday, hitting $145.58. The company's stock had a trading volume of 2,297,079 shares, compared to its average volume of 3,863,773. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. The firm's fifty day moving average price is $141.18 and its 200-day moving average price is $141.44. 3M has a fifty-two week low of $98.26 and a fifty-two week high of $156.35. The firm has a market capitalization of $78.35 billion, a price-to-earnings ratio of 19.28, a P/E/G ratio of 3.30 and a beta of 1.03.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.77 by $0.11. 3M had a return on equity of 100.77% and a net margin of 15.71%. The business had revenue of $5.80 billion during the quarter, compared to analyst estimates of $5.78 billion. On average, equities research analysts expect that 3M will post 7.8 EPS for the current year.

3M Dividend Announcement

The firm 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 annualized dividend and a dividend yield of 2.01%. 3M's dividend payout ratio is presently 36.87%.

3M Company 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.