HTLF Bank Makes New $1.42 Million Investment in 3M (NYSE:MMM)

HTLF Bank purchased a new position in 3M (NYSE:MMM - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 12,977 shares of the conglomerate's stock, valued at approximately $1,419,000.

A number of other institutional investors also recently added to or reduced their stakes in the company. Fragasso Group Inc. raised its holdings in 3M by 3.8% in the third quarter. Fragasso Group Inc. now owns 2,556 shares of the conglomerate's stock valued at $239,000 after buying an additional 93 shares during the period. Orion Portfolio Solutions LLC raised its holdings in 3M by 1.2% in the first quarter. Orion Portfolio Solutions LLC now owns 7,941 shares of the conglomerate's stock valued at $1,182,000 after buying an additional 98 shares during the period. McIlrath & Eck LLC raised its stake in shares of 3M by 13.3% during the fourth quarter. McIlrath & Eck LLC now owns 836 shares of the conglomerate's stock valued at $100,000 after purchasing an additional 98 shares during the period. Vestcor Inc raised its stake in shares of 3M by 0.8% during the fourth quarter. Vestcor Inc now owns 13,133 shares of the conglomerate's stock valued at $1,575,000 after purchasing an additional 102 shares during the period. Finally, Bangor Savings Bank raised its stake in shares of 3M by 1.0% during the fourth quarter. Bangor Savings Bank now owns 10,489 shares of the conglomerate's stock valued at $1,147,000 after purchasing an additional 104 shares during the period. Hedge funds and other institutional investors own 65.25% of the company's stock.

Insiders Place Their Bets

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the business's stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total transaction of $39,328.32. Following the completion of the transaction, the insider now owns 3,966 shares of the company's stock, valued at $366,141.12. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.34% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

MMM has been the topic of a number of analyst reports. Citigroup lifted their price objective on shares of 3M from $95.31 to $98.00 and gave the company a "neutral" rating in a research note on Monday, April 8th. Mizuho reiterated a "neutral" rating and set a $105.00 price objective on shares of 3M in a research note on Wednesday, March 27th. StockNews.com upgraded shares of 3M from a "buy" rating to a "strong-buy" rating in a research note on Tuesday. Wells Fargo & Company dropped their price target on shares of 3M from $112.00 to $105.00 and set an "equal weight" rating for the company in a research note on Wednesday, January 24th. Finally, Bank of America dropped their price target on shares of 3M from $110.00 to $100.00 and set a "neutral" rating for the company in a research note on Tuesday, April 2nd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, 3M presently has a consensus rating of "Hold" and a consensus price target of $104.00.

3M Stock Performance

3M stock traded up $0.87 during mid-day trading on Friday, reaching $92.35. The company's stock had a trading volume of 3,588,103 shares, compared to its average volume of 5,868,566. The firm has a market cap of $51.10 billion, a price-to-earnings ratio of -7.31, a PEG ratio of 1.61 and a beta of 1.02. The business has a 50 day moving average price of $95.76 and a 200-day moving average price of $97.24. The company has a current ratio of 1.07, a quick ratio of 0.76 and a debt-to-equity ratio of 2.69. 3M has a twelve month low of $71.12 and a twelve month high of $95.67.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings data on Tuesday, January 23rd. The conglomerate reported $2.42 EPS for the quarter, topping analysts' consensus estimates of $2.31 by $0.11. The firm had revenue of $8.01 billion during the quarter, compared to the consensus estimate of $7.69 billion. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. The firm's revenue was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.28 earnings per share. Sell-side analysts predict that 3M will post 8.79 EPS for the current fiscal year.

3M Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were issued a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a yield of 6.54%. The ex-dividend date was Thursday, February 15th. This is an increase from 3M's previous quarterly dividend of $1.50. 3M's payout ratio is currently -47.82%.

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.