Milestone Asset Management LLC Buys New Shares in 3M (NYSE:MMM)

Milestone Asset Management LLC bought a new position in shares of 3M (NYSE:MMM - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 21,844 shares of the conglomerate's stock, valued at approximately $3,208,000.

Other large investors have also recently made changes to their positions in the company. Financial Life Planners purchased a new stake in 3M during the 4th quarter worth about $25,000. REAP Financial Group LLC raised its position in shares of 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 buying an additional 94 shares in the last quarter. Hazlett Burt & Watson Inc. bought a new stake in 3M during the fourth quarter valued at $27,000. Pinney & Scofield Inc. purchased a new position in 3M during the fourth quarter worth about $28,000. Finally, Meeder Asset Management Inc. increased its stake in 3M by 230.1% in the 4th quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate's stock worth $40,000 after acquiring an additional 214 shares during the last quarter. 65.25% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on MMM shares. JPMorgan Chase & Co. lifted their price target on 3M from $140.00 to $167.00 and gave the company an "overweight" rating in a research report on Friday, May 16th. Citigroup increased their price target on shares of 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a report on Friday, May 30th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a report on Saturday, May 24th. Royal Bank of Canada increased their target price on 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research note on Wednesday, April 23rd. Finally, Bank of America raised their price target on 3M from $175.00 to $179.00 and gave the company a "buy" rating in a research report on Thursday, March 6th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $153.46.

Insider Activity

In related news, 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 transaction of $1,179,493.30. Following the transaction, the executive vice president now owns 6,127 shares in the company, valued at $913,045.54. This represents a 56.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John Patrick Banovetz sold 7,759 shares of the stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $148.37, for a total value of $1,151,202.83. Following the completion of the transaction, the executive vice president now directly owns 31,372 shares in the company, valued at approximately $4,654,663.64. This represents a 19.83% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company's stock.

3M Stock Down 0.8%

Shares of NYSE:MMM traded down $1.25 during trading on Wednesday, hitting $146.88. The stock had a trading volume of 2,346,892 shares, compared to its average volume of 3,874,359. The company has a market capitalization of $79.05 billion, a PE ratio of 19.45, a PEG ratio of 3.30 and a beta of 1.02. 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 is $141.20 and its 200 day moving average is $140.98. 3M has a 12 month low of $97.68 and a 12 month high of $156.35.

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

3M Dividend Announcement

The firm also recently declared 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 1.99%. 3M's dividend payout ratio is currently 36.87%.

3M 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.