Stonegate Investment Group LLC Has $39.18 Million Stock Position in 3M Company (NYSE:MMM)

Stonegate Investment Group LLC increased its holdings in shares of 3M Company (NYSE:MMM - Free Report) by 1.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 266,788 shares of the conglomerate's stock after acquiring an additional 5,006 shares during the quarter. Stonegate Investment Group LLC's holdings in 3M were worth $39,180,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Wayfinding Financial LLC bought a new position in 3M during the 4th quarter worth $851,000. Ensign Peak Advisors Inc boosted 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 valued at $82,921,000 after acquiring an additional 145,146 shares during the period. Asahi Life Asset Management CO. LTD. grew its position in shares of 3M by 34.0% during the fourth quarter. Asahi Life Asset Management CO. LTD. now owns 12,516 shares of the conglomerate's stock worth $1,616,000 after acquiring an additional 3,173 shares during the last quarter. Allstate Corp acquired a new stake in shares of 3M in the 4th quarter worth about $2,101,000. Finally, Teacher Retirement System of Texas increased its holdings in shares of 3M by 59.8% in the 4th quarter. Teacher Retirement System of Texas now owns 747,954 shares of the conglomerate's stock worth $96,553,000 after acquiring an additional 280,015 shares during the period. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Price Performance

NYSE MMM traded up $1.34 on Friday, reaching $143.85. The company's stock had a trading volume of 5,562,012 shares, compared to its average volume of 3,821,729. 3M Company has a twelve month low of $98.26 and a twelve month high of $156.35. The company has a debt-to-equity ratio of 2.72, a quick ratio of 1.25 and a current ratio of 1.66. The firm's 50 day moving average is $143.11 and its two-hundred day moving average is $142.22. The stock has a market cap of $77.42 billion, a PE ratio of 18.16, a PEG ratio of 2.99 and a beta of 1.03.

3M (NYSE:MMM - Get Free Report) last released its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, beating the consensus estimate of $1.77 by $0.11. The business had revenue of $5.80 billion during the quarter, compared to analyst estimates of $5.78 billion. 3M had a net margin of 17.79% and a return on equity of 96.19%. As a group, sell-side analysts predict that 3M Company will post 7.8 EPS for the current year.

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were paid a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 2.03%. 3M's dividend payout ratio is presently 36.87%.

Insider Buying and Selling

In related news, EVP Zoe L. Dickson sold 7,915 shares of the company's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $149.02, for a total value of $1,179,493.30. Following the completion of the sale, the executive vice president now owns 6,127 shares in the company, valued at approximately $913,045.54. This represents a 56.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John Patrick Banovetz sold 7,759 shares of the firm'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 transaction of $1,151,202.83. Following the completion of the transaction, the executive vice president now directly owns 31,372 shares of the company's stock, valued at $4,654,663.64. This represents a 19.83% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.34% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on MMM shares. Barclays lifted their price target on 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a report on Wednesday, April 23rd. Bank of America lifted their target price on 3M from $175.00 to $179.00 and gave the company a "buy" rating in a research note on Thursday, March 6th. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research note on Wednesday, June 11th. Royal Bank Of Canada raised their price target on 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a report on Wednesday, April 23rd. Finally, Citigroup lifted 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. Two analysts have rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus 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.