Summit Trail Advisors LLC Boosts Stake in 3M Company (NYSE:MMM)

Summit Trail Advisors LLC lifted its position in 3M Company (NYSE:MMM - Free Report) by 44.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,776 shares of the conglomerate's stock after buying an additional 3,023 shares during the quarter. Summit Trail Advisors LLC's holdings in 3M were worth $1,436,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of MMM. Norges Bank purchased a new stake in shares of 3M during the 4th quarter valued at $636,767,000. Invesco Ltd. grew its position in 3M by 51.6% in the fourth quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate's stock worth $576,845,000 after acquiring an additional 1,520,619 shares in the last quarter. D1 Capital Partners L.P. bought a new position in 3M in the fourth quarter valued at $175,110,000. Capital World Investors raised its position in 3M by 25.4% during the fourth quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock valued at $794,410,000 after purchasing an additional 1,248,093 shares in the last quarter. Finally, Amundi lifted its stake in 3M by 55.7% during the fourth quarter. Amundi now owns 2,511,095 shares of the conglomerate's stock worth $337,815,000 after purchasing an additional 898,244 shares during the last quarter. 65.25% of the stock is owned by institutional investors.

3M Stock Up 1.0%

Shares of MMM traded up $1.58 during trading hours on Tuesday, hitting $153.82. The company had a trading volume of 3,735,092 shares, compared to its average volume of 3,790,267. The stock has a market capitalization of $82.78 billion, a price-to-earnings ratio of 19.42, a P/E/G ratio of 3.15 and a beta of 1.03. The firm has a fifty day moving average price of $145.36 and a 200-day moving average price of $143.10. 3M Company has a 52-week low of $98.26 and a 52-week 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.

3M (NYSE:MMM - Get Free Report) last issued 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. 3M had a return on equity of 96.19% and a net margin of 17.79%. 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 forecast that 3M Company will post 7.8 EPS for the current fiscal year.

3M Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were paid a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 1.90%. 3M's dividend payout ratio (DPR) is presently 36.87%.

Insider Buying and Selling

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 transaction of $1,151,202.83. Following the completion of the sale, the executive vice president owned 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 SEC, which is available at this link. Also, EVP Zoe L. Dickson sold 7,915 shares of 3M stock in a transaction 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 transaction, the executive vice president owned 6,127 shares in the company, valued at $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. Company insiders own 0.48% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Citigroup increased their price objective on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research report on Friday, May 30th. Wells Fargo & Company upped their target price on 3M from $150.00 to $170.00 and gave the stock an "overweight" rating in a research note on Tuesday. JPMorgan Chase & Co. lifted their price target on shares of 3M from $140.00 to $167.00 and gave the stock an "overweight" rating in a research note on Friday, May 16th. Bank of America upped their price objective on shares of 3M from $175.00 to $179.00 and gave the company a "buy" rating in a research note on Thursday, March 6th. Finally, Royal Bank Of Canada increased their target price on shares of 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a report on Wednesday, April 23rd. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $155.83.

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.