Oppenheimer & Co. Inc. Has $4.18 Million Stock Position in 3M Company (NYSE:MMM)

Oppenheimer & Co. Inc. trimmed its stake in 3M Company (NYSE:MMM - Free Report) by 8.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 28,480 shares of the conglomerate's stock after selling 2,517 shares during the period. Oppenheimer & Co. Inc.'s holdings in 3M were worth $4,183,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Brown Lisle Cummings Inc. grew its position in 3M by 8.9% during the first quarter. Brown Lisle Cummings Inc. now owns 8,763 shares of the conglomerate's stock worth $1,287,000 after buying an additional 713 shares in the last quarter. Brueske Advisory Services LLC acquired a new stake in shares of 3M during the 1st quarter worth approximately $216,000. Palumbo Wealth Management LLC acquired a new stake in shares of 3M during the 1st quarter worth approximately $239,000. First Bancorp Inc ME grew its holdings in shares of 3M by 16.6% during the 1st quarter. First Bancorp Inc ME now owns 1,866 shares of the conglomerate's stock worth $274,000 after purchasing an additional 266 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. boosted its stake in 3M by 11.8% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 168,409 shares of the conglomerate's stock worth $24,733,000 after buying an additional 17,824 shares in the last quarter. Institutional investors own 65.25% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Royal Bank Of Canada lifted their price target 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. Bank of America lifted their target price on shares of 3M from $175.00 to $179.00 and gave the company a "buy" rating in a research report on Thursday, March 6th. JPMorgan Chase & Co. lifted their price objective on 3M from $140.00 to $167.00 and gave the company an "overweight" rating in a report on Friday, May 16th. Citigroup lifted their price objective on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a report on Friday, May 30th. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a report on Wednesday, June 11th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $155.83.

3M Stock Up 1.6%

Shares of MMM opened at $149.92 on Wednesday. The company has a debt-to-equity ratio of 2.72, a current ratio of 1.66 and a quick ratio of 1.25. The company has a market capitalization of $80.68 billion, a P/E ratio of 18.93, a PEG ratio of 3.06 and a beta of 1.03. The business's 50 day simple moving average is $143.64 and its 200-day simple moving average is $142.44. 3M Company has a one year low of $98.26 and a one year high of $156.35.

3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings data 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 for 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%. As a group, sell-side analysts predict that 3M Company will post 7.8 EPS for the current fiscal year.

3M Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.95%. 3M's payout ratio is 36.87%.

Insider Transactions at 3M

In other 3M news, EVP John Patrick Banovetz sold 7,759 shares of the company's stock in a transaction dated 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 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Zoe L. Dickson sold 7,915 shares of the 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 transaction, the executive vice president now directly owns 6,127 shares in the company, valued at approximately $913,045.54. This trade 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.

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.

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