RFG Advisory LLC Grows Stock Holdings in 3M (NYSE:MMM)

RFG Advisory LLC grew its holdings in shares of 3M (NYSE:MMM - Free Report) by 177.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,324 shares of the conglomerate's stock after buying an additional 5,326 shares during the quarter. RFG Advisory LLC's holdings in 3M were worth $1,223,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Geode Capital Management LLC boosted its holdings in 3M by 2.5% during the fourth quarter. Geode Capital Management LLC now owns 11,574,414 shares of the conglomerate's stock worth $1,493,655,000 after purchasing an additional 280,048 shares during the last quarter. Northern Trust Corp raised its position in shares of 3M by 12.6% in the fourth quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate's stock valued at $871,738,000 after purchasing an additional 755,155 shares during the period. Capital World Investors increased its holdings in 3M by 25.4% during the 4th quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock worth $794,410,000 after acquiring an additional 1,248,093 shares during the period. Bank of New York Mellon Corp increased its holdings in 3M by 9.2% during the 4th quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate's stock worth $734,456,000 after acquiring an additional 479,621 shares during the period. Finally, Norges Bank bought a new stake in 3M during the 4th quarter worth approximately $636,767,000. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on MMM shares. Bank of America boosted their price target 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. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a research note on Saturday, May 24th. JPMorgan Chase & Co. upped their price objective on shares of 3M from $140.00 to $167.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. Citigroup upped their price objective on shares of 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research note on Friday, May 30th. Finally, Barclays upped 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. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $153.46.

3M Stock Down 0.9%

NYSE MMM traded down $1.26 during trading hours on Monday, reaching $144.24. 3,401,853 shares of the company's stock traded hands, compared to its average volume of 3,861,927. 3M has a 52-week low of $98.26 and a 52-week high of $156.35. The firm has a market cap of $77.63 billion, a PE ratio of 19.10, a PEG ratio of 3.30 and a beta of 1.03. The firm has a 50-day simple moving average of $141.18 and a 200 day simple moving average of $141.44. 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 (NYSE:MMM - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.77 by $0.11. The company had revenue of $5.80 billion during the quarter, compared to analysts' expectations of $5.78 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. Sell-side analysts anticipate that 3M will post 7.8 EPS for the current fiscal year.

3M Dividend Announcement

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 given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 2.02%. 3M's dividend payout ratio (DPR) is 36.87%.

Insider Activity at 3M

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 value of $1,151,202.83. Following 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Zoe L. Dickson sold 7,915 shares of the business's stock in a transaction on 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 transaction, 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 position. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by company insiders.

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.