Parr Mcknight Wealth Management Group LLC Makes New $877,000 Investment in 3M (NYSE:MMM)

Parr Mcknight Wealth Management Group LLC bought a new position in 3M (NYSE:MMM - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 6,792 shares of the conglomerate's stock, valued at approximately $877,000.

Other hedge funds have also modified their holdings of the company. Simon Quick Advisors LLC raised its holdings in 3M by 47.2% in the fourth quarter. Simon Quick Advisors LLC now owns 3,316 shares of the conglomerate's stock valued at $428,000 after buying an additional 1,063 shares during the period. Advisory Alpha LLC purchased a new position in 3M in the fourth quarter valued at approximately $215,000. Daymark Wealth Partners LLC raised its holdings in 3M by 9.0% in the fourth quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate's stock valued at $31,000 after buying an additional 19,552 shares during the period. Secure Asset Management LLC purchased a new position in 3M in the fourth quarter valued at approximately $212,000. Finally, Apeiron RIA LLC raised its holdings in 3M by 9.9% in the fourth quarter. Apeiron RIA LLC now owns 1,717 shares of the conglomerate's stock valued at $222,000 after buying an additional 154 shares during the period. 65.25% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a report on Saturday. Royal Bank of Canada raised their price target on shares of 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a report on Wednesday, April 23rd. Citigroup cut their price target on shares of 3M from $152.00 to $142.00 and set a "neutral" rating on the stock in a report on Monday, April 14th. Barclays lifted their price objective on shares of 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a research note on Wednesday, April 23rd. Finally, Bank of America lifted their price objective on shares of 3M from $175.00 to $179.00 and gave the company a "buy" rating in a research note on Thursday, March 6th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $152.08.

Insider Activity

In other news, EVP John Patrick Banovetz sold 7,759 shares of the business'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 completion of the transaction, the executive vice president now 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 sale was disclosed in a legal filing with the SEC, which can be accessed 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 transaction of $1,179,493.30. Following the transaction, the executive vice president now directly owns 6,127 shares of the company's stock, 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. Corporate insiders own 0.34% of the company's stock.

3M Stock Up 1.2%

Shares of NYSE:MMM traded up $1.84 during midday trading on Tuesday, reaching $149.46. The company had a trading volume of 2,556,199 shares, compared to its average volume of 3,978,638. The stock has a market capitalization of $80.44 billion, a P/E ratio of 19.80, a PEG ratio of 3.30 and a beta of 1.02. The stock's fifty day moving average price is $141.58 and its 200-day moving average price is $140.33. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. 3M has a one year low of $96.76 and a one year high of $156.35.

3M (NYSE:MMM - Get Free Report) last released 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 firm 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%. Equities research analysts expect that 3M will post 7.8 earnings per share for the current fiscal year.

3M Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd will be issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 1.95%. 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.