Synergy Asset Management LLC Boosts Stake in 3M Company (NYSE:MMM)

Synergy Asset Management LLC raised its position in 3M Company (NYSE:MMM - Free Report) by 122.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,512 shares of the conglomerate's stock after purchasing an additional 2,486 shares during the quarter. Synergy Asset Management LLC's holdings in 3M were worth $663,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the company. Proficio Capital Partners LLC purchased a new stake in shares of 3M in the 4th quarter valued at $26,000. REAP Financial Group LLC increased its stake in 3M by 88.7% during the fourth quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock worth $26,000 after purchasing an additional 94 shares during the period. Hazlett Burt & Watson Inc. acquired a new stake in shares of 3M during the fourth quarter worth about $27,000. Pinney & Scofield Inc. purchased a new position in shares of 3M in the fourth quarter valued at approximately $28,000. Finally, Curat Global LLC acquired a new position in shares of 3M in the first quarter valued at approximately $29,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at 3M

In other 3M 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 completion of the sale, the executive vice president now 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Zoe L. Dickson sold 7,915 shares of the company'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 directly owns 6,127 shares in the company, valued at $913,045.54. This trade represents a 56.37% decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Royal Bank Of Canada increased their target price on shares of 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a report on Wednesday, April 23rd. Bank of America upped their price objective on 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a research report on Thursday, March 6th. JPMorgan Chase & Co. increased their price objective on 3M from $140.00 to $167.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research note on Wednesday, June 11th. Finally, Barclays upped their price target on 3M from $160.00 to $164.00 and gave the stock an "overweight" rating in a report on Wednesday, April 23rd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $155.83.

3M Trading Up 0.9%

NYSE:MMM opened at $143.85 on Friday. 3M Company has a 1 year low of $98.26 and a 1 year high of $156.35. The stock has a market cap of $77.42 billion, a P/E ratio of 18.16, a P/E/G ratio of 2.99 and a beta of 1.03. 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 stock has a 50-day simple moving average of $143.11 and a 200-day simple moving average of $142.22.

3M (NYSE:MMM - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.77 by $0.11. The firm had revenue of $5.80 billion during the quarter, compared to analysts' expectations of $5.78 billion. 3M had a return on equity of 96.19% and a net margin of 17.79%. As a group, analysts anticipate that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Dividend Announcement

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

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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