Sunbeam Capital Management LLC Invests $250,000 in 3M (NYSE:MMM)

Sunbeam Capital Management LLC acquired a new stake in 3M (NYSE:MMM - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 1,937 shares of the conglomerate's stock, valued at approximately $250,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Simon Quick Advisors LLC lifted its stake in shares of 3M by 47.2% during the 4th quarter. Simon Quick Advisors LLC now owns 3,316 shares of the conglomerate's stock worth $428,000 after acquiring an additional 1,063 shares during the last quarter. Advisory Alpha LLC purchased a new stake in 3M in the fourth quarter worth $215,000. Daymark Wealth Partners LLC lifted its position in shares of 3M by 9.0% during the fourth quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate's stock worth $31,000 after purchasing an additional 19,552 shares during the last quarter. Secure Asset Management LLC bought a new stake in shares of 3M during the fourth quarter worth $212,000. Finally, Apeiron RIA LLC boosted its stake in shares of 3M by 9.9% during the fourth quarter. Apeiron RIA LLC now owns 1,717 shares of the conglomerate's stock valued at $222,000 after purchasing an additional 154 shares during the period. Hedge funds and other institutional investors own 65.25% of the company's stock.

Analysts Set New Price Targets

MMM has been the subject of a number of research analyst reports. JPMorgan Chase & Co. lifted their target price on 3M from $140.00 to $167.00 and gave the company an "overweight" rating in a research report on Friday, May 16th. 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 research note on Wednesday, April 23rd. Citigroup lowered their price objective on shares of 3M from $152.00 to $142.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a report on Saturday. Finally, Barclays boosted their price target on shares of 3M from $160.00 to $164.00 and gave the company an "overweight" 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 ten have given a buy rating to the stock. According to data from MarketBeat, 3M currently has a consensus rating of "Moderate Buy" and an average price target of $152.08.

3M Stock Up 1.2%

Shares of NYSE MMM traded up $1.84 during trading hours on Tuesday, hitting $149.46. 2,556,199 shares of the stock were exchanged, compared to its average volume of 3,978,638. 3M has a 12 month low of $96.76 and a 12 month high of $156.35. The firm has a fifty day moving average price of $141.58 and a 200-day moving average price of $140.33. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. The company has a market cap of $80.44 billion, a PE ratio of 19.80, a PEG ratio of 3.30 and a beta of 1.02.

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, topping analysts' consensus estimates of $1.77 by $0.11. The business had revenue of $5.80 billion for the quarter, compared to the consensus estimate of $5.78 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. On average, sell-side analysts expect that 3M will post 7.8 EPS for the current year.

3M Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd will be paid a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 1.95%. 3M's payout ratio is 36.87%.

Insider Activity at 3M

In related news, EVP Zoe L. Dickson sold 7,915 shares of the business's 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 completion of the sale, the executive vice president now owns 6,127 shares of the company's stock, valued at approximately $913,045.54. The trade was 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 this hyperlink. Also, EVP John Patrick Banovetz sold 7,759 shares of the 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 transaction, the executive vice president now directly owns 31,372 shares in the company, valued at approximately $4,654,663.64. The trade was a 19.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is owned by company insiders.

About 3M

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.