3M (NYSE:MMM) Shares Purchased by Pallas Capital Advisors LLC

Pallas Capital Advisors LLC raised its stake in shares of 3M (NYSE:MMM - Free Report) by 68.0% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 16,259 shares of the conglomerate's stock after buying an additional 6,581 shares during the period. Pallas Capital Advisors LLC's holdings in 3M were worth $2,388,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Brighton Jones LLC lifted its stake in shares of 3M by 26.6% in the 4th quarter. Brighton Jones LLC now owns 8,898 shares of the conglomerate's stock valued at $1,149,000 after purchasing an additional 1,872 shares during the period. Apollon Wealth Management LLC lifted its stake in shares of 3M by 7.0% in the 4th quarter. Apollon Wealth Management LLC now owns 21,037 shares of the conglomerate's stock valued at $2,716,000 after purchasing an additional 1,379 shares during the period. Empowered Funds LLC boosted its position in 3M by 4.9% during the fourth quarter. Empowered Funds LLC now owns 55,389 shares of the conglomerate's stock worth $7,150,000 after purchasing an additional 2,599 shares in the last quarter. Quotient Wealth Partners LLC boosted its position in 3M by 7.5% during the fourth quarter. Quotient Wealth Partners LLC now owns 3,737 shares of the conglomerate's stock worth $482,000 after purchasing an additional 262 shares in the last quarter. Finally, Angeles Wealth Management LLC boosted its position in 3M by 47.8% during the fourth quarter. Angeles Wealth Management LLC now owns 2,780 shares of the conglomerate's stock worth $359,000 after purchasing an additional 899 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company's stock.

Insider Buying and Selling at 3M

In other news, EVP John Patrick Banovetz sold 7,759 shares of the firm's 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 sale, the executive vice president now directly owns 31,372 shares of the company's stock, valued at $4,654,663.64. This trade represents a 19.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Zoe L. Dickson sold 7,915 shares of the business's stock in a transaction dated 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 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 currently owned by insiders.

3M Price Performance

MMM stock traded up $2.12 during mid-day trading on Wednesday, reaching $147.18. The company's stock had a trading volume of 2,903,354 shares, compared to its average volume of 3,860,704. The stock has a market cap of $79.21 billion, a PE ratio of 19.49, a P/E/G ratio of 3.30 and a beta of 1.03. 3M has a fifty-two week low of $98.26 and a fifty-two week high of $156.35. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. The company's 50 day moving average is $141.21 and its two-hundred day moving average is $141.57.

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

3M Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Friday, May 23rd will be paid a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 1.98%. 3M's payout ratio is 36.87%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on MMM shares. Royal Bank of Canada increased their price target on 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a research report on Wednesday, April 23rd. Barclays lifted their target price on shares of 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a research report on Wednesday, April 23rd. Citigroup lifted their target price on shares of 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research report on Friday, May 30th. 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 report on Friday, May 16th. Finally, Bank of America boosted their price target on 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a research report on Thursday, March 6th. Two 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 stock has an average rating of "Moderate Buy" and a consensus price target of $153.46.

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.