Optimist Retirement Group LLC Has $2.55 Million Stake in 3M Company (NYSE:MMM)

Optimist Retirement Group LLC decreased its position in shares of 3M Company (NYSE:MMM - Free Report) by 9.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 17,354 shares of the conglomerate's stock after selling 1,749 shares during the period. 3M comprises 1.3% of Optimist Retirement Group LLC's portfolio, making the stock its 15th biggest position. Optimist Retirement Group LLC's holdings in 3M were worth $2,549,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Ensign Peak Advisors Inc boosted its position in shares of 3M by 29.2% during 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 in the last quarter. Financial Gravity Asset Management Inc. bought a new position in shares of 3M during the first quarter worth $2,506,000. Allstate Corp bought a new position in shares of 3M during the fourth quarter worth $2,101,000. Synergy Asset Management LLC boosted its position in shares of 3M by 122.7% during the first quarter. Synergy Asset Management LLC now owns 4,512 shares of the conglomerate's stock worth $663,000 after purchasing an additional 2,486 shares in the last quarter. Finally, Northstar Group Inc. bought a new position in shares of 3M during the first quarter worth $262,000. Institutional investors and hedge funds own 65.25% of the company's stock.

Insider Buying and Selling

In other news, EVP Zoe L. Dickson sold 7,915 shares of the company'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 owned 6,127 shares of the company's stock, valued at approximately $913,045.54. This represents a 56.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP John Patrick Banovetz sold 7,759 shares of the company's 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 sale, the executive vice president owned 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 disclosure for this sale can be found here. 0.34% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on MMM shares. Wells Fargo & Company reiterated an "overweight" rating on shares of 3M in a research note on Friday. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research note on Saturday, July 12th. JPMorgan Chase & Co. set a $167.00 price objective on shares of 3M in a research note on Friday. Citigroup boosted their price objective on shares of 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research note on Friday, May 30th. Finally, Barclays set a $170.00 price objective on shares of 3M in a research note on Friday. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $156.33.

3M Stock Performance

Shares of MMM stock opened at $153.81 on Friday. The firm's 50-day simple moving average is $149.91 and its two-hundred day simple moving average is $145.54. 3M Company has a 52 week low of $101.77 and a 52 week high of $164.15. The company has a debt-to-equity ratio of 2.72, a quick ratio of 1.25 and a current ratio of 1.66. The firm has a market cap of $82.78 billion, a price-to-earnings ratio of 21.39, a P/E/G ratio of 2.98 and a beta of 1.02.

3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.01 by $0.15. The company had revenue of $6.16 billion for the quarter, compared to analyst estimates of $6.09 billion. 3M had a net margin of 17.79% and a return on equity of 96.19%. The company's quarterly revenue was up 1.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.93 earnings per share. As a group, equities analysts forecast that 3M Company will post 7.8 earnings per share for the current year.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were paid a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 1.90%. 3M's dividend payout ratio is presently 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.

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