2,279 Shares in 3M Company (NYSE:MMM) Purchased by RKL Wealth Management LLC

RKL Wealth Management LLC purchased a new position in 3M Company (NYSE:MMM - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 2,279 shares of the conglomerate's stock, valued at approximately $335,000.

Other institutional investors have also recently bought and sold shares of the company. Wayfinding Financial LLC purchased a new stake in shares of 3M during the fourth quarter worth $851,000. Ensign Peak Advisors Inc lifted its holdings in shares of 3M by 29.2% during the fourth quarter. Ensign Peak Advisors Inc now owns 642,354 shares of the conglomerate's stock worth $82,921,000 after buying an additional 145,146 shares during the last quarter. Allstate Corp acquired a new stake in 3M in the 4th quarter worth $2,101,000. Synergy Asset Management LLC raised its holdings in 3M by 122.7% in the 1st quarter. Synergy Asset Management LLC now owns 4,512 shares of the conglomerate's stock valued at $663,000 after acquiring an additional 2,486 shares in the last quarter. Finally, Teacher Retirement System of Texas boosted its stake in 3M by 59.8% during the fourth quarter. Teacher Retirement System of Texas now owns 747,954 shares of the conglomerate's stock worth $96,553,000 after buying an additional 280,015 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company's stock.

3M Price Performance

Shares of NYSE MMM traded down $1.75 during midday trading on Friday, reaching $152.23. 3,182,854 shares of the stock traded hands, compared to its average volume of 3,804,709. The company's 50 day moving average is $146.63 and its 200 day moving average is $143.57. The company has a debt-to-equity ratio of 2.72, a current ratio of 1.66 and a quick ratio of 1.25. 3M Company has a one year low of $98.26 and a one year high of $156.35. The stock has a market capitalization of $81.92 billion, a PE ratio of 19.22, a P/E/G ratio of 2.99 and a beta of 1.02.

3M (NYSE:MMM - Get Free Report) last issued its 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. 3M had a net margin of 17.79% and a return on equity of 96.19%. The business had revenue of $5.80 billion for the quarter, compared to the consensus estimate of $5.78 billion. On average, equities research analysts anticipate that 3M Company will post 7.8 earnings per share for the current year.

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 23rd were given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 1.92%. 3M's payout ratio is 36.87%.

Insider Activity

In other news, 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 value of $1,151,202.83. Following the transaction, the executive vice president owned 31,372 shares of the company's stock, valued at $4,654,663.64. This represents a 19.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 value of $1,179,493.30. Following the transaction, the executive vice president directly owned 6,127 shares of the company's stock, valued at approximately $913,045.54. This represents a 56.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.34% of the company's stock.

Analyst Ratings Changes

MMM has been the topic of a number of recent analyst reports. Barclays boosted their price objective on 3M from $160.00 to $164.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 23rd. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research report on Friday, June 27th. JPMorgan Chase & Co. boosted their price target on 3M from $140.00 to $167.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. Wells Fargo & Company increased their price objective on shares of 3M from $150.00 to $170.00 and gave the company an "overweight" rating in a research report on Tuesday. Finally, Citigroup lifted their price target on 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a report on Friday, May 30th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $155.83.

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.