Park Avenue Securities LLC Acquires 6,510 Shares of 3M (NYSE:MMM)

Park Avenue Securities LLC increased its holdings in shares of 3M (NYSE:MMM - Free Report) by 39.8% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 22,866 shares of the conglomerate's stock after acquiring an additional 6,510 shares during the period. Park Avenue Securities LLC's holdings in 3M were worth $3,358,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. REAP Financial Group LLC boosted its position in 3M by 88.7% in the fourth quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock valued at $26,000 after buying an additional 94 shares in the last quarter. Curat Global LLC acquired a new position in 3M in the first quarter valued at about $29,000. Hazlett Burt & Watson Inc. acquired a new position in 3M in the fourth quarter valued at about $27,000. Pinney & Scofield Inc. acquired a new position in 3M in the fourth quarter valued at about $28,000. Finally, Meeder Asset Management Inc. boosted its position in 3M by 230.1% in the fourth quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate's stock valued at $40,000 after buying an additional 214 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have commented on MMM shares. Citigroup boosted their price target 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. 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 note on Wednesday, April 23rd. Bank of America boosted their target price on shares of 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a research note on Thursday, March 6th. Royal Bank of Canada boosted their target price 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. Finally, JPMorgan Chase & Co. boosted their target price on shares of 3M from $140.00 to $167.00 and gave the stock an "overweight" rating in a research note on Friday, May 16th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat.com, 3M has a consensus rating of "Moderate Buy" and a consensus target price of $153.46.

3M Trading Down 1.8%

Shares of MMM traded down $2.60 on Friday, reaching $142.17. 2,450,353 shares of the company's stock were exchanged, compared to its average volume of 3,843,825. 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 stock has a market capitalization of $76.51 billion, a P/E ratio of 18.83, a price-to-earnings-growth ratio of 3.30 and a beta of 1.03. The business has a 50 day moving average price of $141.94 and a two-hundred day moving average price of $141.71. 3M has a 12 month low of $98.26 and a 12 month high of $156.35.

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

3M Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were issued a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 2.05%. 3M's dividend payout ratio (DPR) is 36.87%.

Insider Activity

In related news, EVP Zoe L. Dickson sold 7,915 shares of the firm's stock in a transaction 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 sale, the executive vice president now directly owns 6,127 shares in the company, valued at $913,045.54. This trade represents a 56.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP John Patrick Banovetz sold 7,759 shares of the company's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $148.37, for a total transaction 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. The trade was a 19.83% decrease in their ownership of the stock. 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.