Victrix Investment Advisors Takes $3.74 Million Position in 3M (NYSE:MMM)

Victrix Investment Advisors purchased a new stake in shares of 3M (NYSE:MMM - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 28,940 shares of the conglomerate's stock, valued at approximately $3,736,000. 3M makes up approximately 2.7% of Victrix Investment Advisors' holdings, making the stock its 11th biggest holding.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. St. Clair Advisors LLC bought a new position in 3M during the fourth quarter valued at about $655,000. Tidal Investments LLC grew its position in 3M by 233.2% during the 4th quarter. Tidal Investments LLC now owns 242,335 shares of the conglomerate's stock worth $31,283,000 after acquiring an additional 169,602 shares during the last quarter. TrinityPoint Wealth LLC grew its position in 3M by 2.2% during the 4th quarter. TrinityPoint Wealth LLC now owns 15,411 shares of the conglomerate's stock worth $1,989,000 after acquiring an additional 337 shares during the last quarter. True Wealth Design LLC lifted its holdings in 3M by 45.8% during the 4th quarter. True Wealth Design LLC now owns 449 shares of the conglomerate's stock worth $58,000 after buying an additional 141 shares in the last quarter. Finally, Toronto Dominion Bank lifted its holdings in 3M by 0.7% during the 4th quarter. Toronto Dominion Bank now owns 276,937 shares of the conglomerate's stock worth $35,749,000 after buying an additional 1,961 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company's stock.

3M Stock Performance

MMM stock traded down $4.71 during mid-day trading on Wednesday, hitting $149.44. 2,661,780 shares of the company were exchanged, compared to its average volume of 3,986,109. The business has a 50 day simple moving average of $141.82 and a 200-day simple moving average of $139.83. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. The stock has a market capitalization of $80.42 billion, a PE ratio of 19.79, a price-to-earnings-growth ratio of 3.30 and a beta of 1.02. 3M has a 1-year low of $96.76 and a 1-year high of $156.35.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) 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 the consensus estimate of $5.78 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. On average, equities analysts forecast that 3M will post 7.8 earnings per share for the current year.

3M Dividend Announcement

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

Insider Activity

In other news, EVP Zoe L. Dickson sold 7,915 shares of 3M 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 directly owns 6,127 shares in the company, valued at approximately $913,045.54. The trade was a 56.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.34% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research firms have recently weighed in on MMM. Wells Fargo & Company raised 3M from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Citigroup decreased their price objective on 3M from $152.00 to $142.00 and set a "neutral" rating for the company in a report on Monday, April 14th. Bank of America raised their price objective on 3M from $175.00 to $179.00 and gave the company a "buy" rating in a report on Thursday, March 6th. JPMorgan Chase & Co. raised their target price on shares of 3M from $140.00 to $167.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. Finally, Royal Bank of Canada raised their target price on shares of 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research note on Wednesday, April 23rd. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $152.08.

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.