Sequoia Financial Advisors LLC Buys 42,654 Shares of 3M Company (NYSE:MMM)

Sequoia Financial Advisors LLC increased its stake in shares of 3M Company (NYSE:MMM - Free Report) by 105.6% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 83,058 shares of the conglomerate's stock after acquiring an additional 42,654 shares during the period. Sequoia Financial Advisors LLC's holdings in 3M were worth $12,198,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in MMM. Pure Financial Advisors LLC grew its holdings in 3M by 79.8% during the first quarter. Pure Financial Advisors LLC now owns 2,880 shares of the conglomerate's stock valued at $423,000 after purchasing an additional 1,278 shares during the last quarter. Perigon Wealth Management LLC boosted its holdings in shares of 3M by 1.0% during the 1st quarter. Perigon Wealth Management LLC now owns 31,151 shares of the conglomerate's stock worth $4,575,000 after buying an additional 309 shares during the period. New World Advisors LLC grew its stake in 3M by 6.6% in the 1st quarter. New World Advisors LLC now owns 4,064 shares of the conglomerate's stock valued at $597,000 after buying an additional 252 shares during the last quarter. TigerOak Management L.L.C. bought a new position in 3M in the 1st quarter worth $210,000. Finally, Alpine Bank Wealth Management acquired a new position in 3M during the 1st quarter worth $164,000. 65.25% of the stock is owned by institutional investors.

3M Stock Up 2.1%

MMM opened at $150.89 on Friday. The company has a market capitalization of $81.21 billion, a P/E ratio of 19.05, a P/E/G ratio of 3.07 and a beta of 1.03. The company has a debt-to-equity ratio of 2.72, a current ratio of 1.66 and a quick ratio of 1.25. The firm's fifty day moving average price is $144.39 and its two-hundred day moving average price is $142.61. 3M Company has a fifty-two week low of $98.26 and a fifty-two week high of $156.35.

3M (NYSE:MMM - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, beating the consensus estimate 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 analyst estimates of $5.78 billion. On average, analysts anticipate that 3M Company will post 7.8 EPS for the current year.

3M Dividend Announcement

The company also recently announced 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 dividend yield of 1.94%. 3M's dividend payout ratio (DPR) is currently 36.87%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on MMM shares. Barclays lifted 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. Citigroup raised their target price on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a report on Friday, May 30th. JPMorgan Chase & Co. upped their price target on 3M from $140.00 to $167.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. Royal Bank Of Canada raised their price objective 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, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a research report on Wednesday, June 11th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $155.83.

Insider Activity at 3M

In other news, EVP John Patrick Banovetz sold 7,759 shares of the business's stock in a transaction that occurred 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 now directly owns 31,372 shares of the company's stock, valued at $4,654,663.64. The trade was a 19.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Zoe L. Dickson sold 7,915 shares of the stock in a transaction that occurred on 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 sale, the executive vice president now owns 6,127 shares in the company, valued at approximately $913,045.54. This trade 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 currently owned by 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.

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