Mirae Asset Global Investments Co. Ltd. Boosts Holdings in 3M Company (NYSE:MMM)

Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of 3M Company (NYSE:MMM - Free Report) by 7.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 127,314 shares of the conglomerate's stock after acquiring an additional 9,026 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in 3M were worth $18,447,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Brighton Jones LLC grew its stake in 3M by 26.6% in the fourth quarter. Brighton Jones LLC now owns 8,898 shares of the conglomerate's stock worth $1,149,000 after purchasing an additional 1,872 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of 3M during the 4th quarter valued at $352,000. Proficio Capital Partners LLC bought a new stake in 3M in the fourth quarter worth about $26,000. SVB Wealth LLC bought a new stake in shares of 3M in the 4th quarter worth approximately $2,510,000. Finally, Metis Global Partners LLC increased its holdings in shares of 3M by 2.0% in the fourth quarter. Metis Global Partners LLC now owns 26,317 shares of the conglomerate's stock valued at $3,397,000 after buying an additional 506 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company's stock.

3M Price Performance

NYSE MMM opened at $152.19 on Monday. The stock has a 50-day simple moving average of $144.83 and a 200 day simple moving average of $142.95. 3M Company has a twelve month low of $98.26 and a twelve month high of $156.35. The stock has a market capitalization of $81.90 billion, a PE ratio of 19.22, a P/E/G ratio of 3.15 and a beta of 1.03. The company has a debt-to-equity ratio of 2.72, a quick ratio of 1.25 and a current ratio of 1.66.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, topping analysts' consensus estimates of $1.77 by $0.11. The company had revenue of $5.80 billion during the quarter, compared to analyst estimates of $5.78 billion. 3M had a return on equity of 96.19% and a net margin of 17.79%. Research analysts anticipate that 3M Company will post 7.8 EPS for the current year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Investors 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 (DPR) is currently 36.87%.

Insider Buying and Selling

In other news, EVP John Patrick Banovetz sold 7,759 shares of the stock in a transaction that occurred 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 completion of the transaction, the executive vice president now directly owns 31,372 shares of the company's stock, valued at approximately $4,654,663.64. This represents a 19.83% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Zoe L. Dickson sold 7,915 shares of the business's stock in a transaction 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 completion of the sale, the executive vice president now directly 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. 0.48% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a research report on Friday. Bank of America boosted their price target on 3M from $175.00 to $179.00 and gave the company a "buy" rating in a research note on Thursday, March 6th. JPMorgan Chase & Co. lifted their target price on shares of 3M from $140.00 to $167.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. Barclays boosted their target price on shares of 3M from $160.00 to $164.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 23rd. Finally, Citigroup raised their price target on shares of 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a report on Friday, May 30th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $155.83.

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.

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