Wealthfront Advisers LLC Acquires 7,500 Shares of 3M Company (NYSE:MMM)

Wealthfront Advisers LLC increased its position in shares of 3M Company (NYSE:MMM - Free Report) by 11.0% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 75,865 shares of the conglomerate's stock after purchasing an additional 7,500 shares during the quarter. Wealthfront Advisers LLC's holdings in 3M were worth $11,142,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. LaSalle St. Investment Advisors LLC grew its position in 3M by 2.5% in the 4th quarter. LaSalle St. Investment Advisors LLC now owns 2,951 shares of the conglomerate's stock worth $381,000 after purchasing an additional 71 shares in the last quarter. TCV Trust & Wealth Management Inc. increased its position in shares of 3M by 1.1% during the first quarter. TCV Trust & Wealth Management Inc. now owns 6,497 shares of the conglomerate's stock valued at $954,000 after acquiring an additional 73 shares during the last quarter. Cahaba Wealth Management Inc. lifted its holdings in 3M by 1.4% during the first quarter. Cahaba Wealth Management Inc. now owns 5,580 shares of the conglomerate's stock worth $819,000 after acquiring an additional 75 shares during the period. NBT Bank N A NY raised its stake in shares of 3M by 0.8% during the 1st quarter. NBT Bank N A NY now owns 9,744 shares of the conglomerate's stock worth $1,431,000 after purchasing an additional 79 shares during the period. Finally, Rehmann Capital Advisory Group grew its position in 3M by 2.6% during the first quarter. Rehmann Capital Advisory Group now owns 3,272 shares of the conglomerate's stock valued at $481,000 after buying an additional 82 shares during the period. Institutional investors and hedge funds own 65.25% of the company's stock.

3M Price Performance

Shares of NYSE MMM traded up $1.12 during trading hours on Thursday, reaching $158.68. 2,687,172 shares of the stock traded hands, compared to its average volume of 3,802,361. The company's 50-day simple moving average is $149.32 and its two-hundred day simple moving average is $145.05. The company has a market capitalization of $85.40 billion, a P/E ratio of 20.04, a price-to-earnings-growth ratio of 3.05 and a beta of 1.02. 3M Company has a 52-week low of $101.77 and a 52-week high of $159.47. The company has a quick ratio of 1.25, a current ratio of 1.66 and a debt-to-equity ratio of 2.72.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.77 by $0.11. The company had revenue of $5.80 billion during the quarter, compared to analysts' expectations of $5.78 billion. 3M had a net margin of 17.79% and a return on equity of 96.19%. Equities research analysts forecast that 3M Company will post 7.8 EPS for the current year.

3M Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 23rd were issued a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 1.84%. 3M's dividend payout ratio is currently 36.87%.

Insider Buying and Selling at 3M

In other news, EVP John Patrick Banovetz sold 7,759 shares of the firm's stock in a transaction dated Friday, May 23rd. The shares were 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 directly owned 31,372 shares of the company's stock, valued at approximately $4,654,663.64. This trade represents a 19.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Zoe L. Dickson sold 7,915 shares of the firm's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the completion of the sale, the executive vice president owned 6,127 shares of the company's stock, 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. Corporate insiders own 0.34% of the company's stock.

Analyst Upgrades and Downgrades

MMM has been the topic of a number of research analyst reports. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research note on Saturday, July 12th. Royal Bank Of Canada increased their price objective on 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a report on Wednesday, April 23rd. Citigroup boosted their target price on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research note on Friday, May 30th. Wells Fargo & Company increased their price target on 3M from $150.00 to $170.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Finally, Barclays reaffirmed an "overweight" rating on shares of 3M in a report on Thursday. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $156.33.

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.