Procyon Advisors LLC Invests $266,000 in 3M (NYSE:MMM)

Procyon Advisors LLC purchased a new stake in shares of 3M (NYSE:MMM - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 1,811 shares of the conglomerate's stock, valued at approximately $266,000.

A number of other hedge funds have also bought and sold shares of the business. Insight Advisors LLC PA bought a new stake in 3M in the 1st quarter valued at about $214,000. Curat Global LLC purchased a new position in shares of 3M during the first quarter worth about $29,000. Generali Investments Management Co LLC increased its holdings in shares of 3M by 1,099.0% in the 1st quarter. Generali Investments Management Co LLC now owns 7,002 shares of the conglomerate's stock worth $1,028,000 after buying an additional 6,418 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. grew its position in 3M by 4.7% in the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 4,950 shares of the conglomerate's stock worth $727,000 after acquiring an additional 222 shares in the last quarter. Finally, Lmcg Investments LLC increased its stake in 3M by 15.6% in the first quarter. Lmcg Investments LLC now owns 2,597 shares of the conglomerate's stock valued at $381,000 after acquiring an additional 351 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other 3M news, EVP John Patrick Banovetz sold 7,759 shares of the stock in a transaction 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 transaction, the executive vice president now owns 31,372 shares in the company, valued at approximately $4,654,663.64. This represents a 19.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Zoe L. Dickson sold 7,915 shares of the company'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 completion of the sale, the executive vice president now directly owns 6,127 shares in the company, valued at $913,045.54. This represents a 56.37% 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 Analyst Weigh In

A number of equities analysts have recently issued reports on MMM shares. JPMorgan Chase & Co. upped their price objective on 3M from $140.00 to $167.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. Citigroup increased 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. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a report on Saturday, May 24th. Bank of America lifted their target price on shares of 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a research report on Thursday, March 6th. Finally, Barclays upped their price target 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. 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 MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $153.46.

3M Trading Up 0.5%

NYSE MMM traded up $0.78 on Tuesday, hitting $145.01. The company's stock had a trading volume of 3,042,967 shares, compared to its average volume of 3,992,234. The firm has a market cap of $78.04 billion, a P/E ratio of 19.21, a PEG ratio of 3.30 and a beta of 1.03. 3M has a 52-week low of $98.26 and a 52-week high of $156.35. The company's 50-day simple moving average is $141.11 and its 200 day simple moving average is $141.55. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings results 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 during the quarter, compared to analyst estimates of $5.78 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. Research analysts predict that 3M will post 7.8 EPS for the current fiscal year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Friday, May 23rd will be given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 2.01%. 3M's dividend payout ratio is currently 36.87%.

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.