Stonegate Investment Group LLC lifted its position in 3M (NYSE:MMM - Free Report) by 13.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 205,084 shares of the conglomerate's stock after purchasing an additional 23,530 shares during the quarter. Stonegate Investment Group LLC's holdings in 3M were worth $21,753,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in MMM. Tributary Capital Management LLC bought a new position in 3M in the first quarter valued at $25,000. Financial Synergies Wealth Advisors Inc. increased its stake in 3M by 419.1% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate's stock valued at $26,000 after acquiring an additional 197 shares during the last quarter. Northwest Investment Counselors LLC bought a new position in 3M in the first quarter valued at $32,000. Livelsberger Financial Advisory bought a new position in 3M in the fourth quarter valued at $35,000. Finally, CGC Financial Services LLC increased its stake in 3M by 89.9% in the fourth quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate's stock valued at $37,000 after acquiring an additional 160 shares during the last quarter. Institutional investors own 65.25% of the company's stock.
3M Trading Up 4.7 %
Shares of 3M stock traded up $4.35 during trading on Tuesday, reaching $96.51. 16,669,664 shares of the stock were exchanged, compared to its average volume of 5,851,908. The company has a quick ratio of 0.76, a current ratio of 1.07 and a debt-to-equity ratio of 2.69. The stock's fifty day moving average is $95.82 and its 200 day moving average is $97.54. The firm has a market cap of $53.40 billion, a price-to-earnings ratio of -7.64, a price-to-earnings-growth ratio of 1.74 and a beta of 1.02. 3M has a 1 year low of $71.12 and a 1 year high of $97.84.
3M Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were issued a dividend of $1.51 per share. This is a positive change from 3M's previous quarterly dividend of $1.50. This represents a $6.04 dividend on an annualized basis and a dividend yield of 6.26%. The ex-dividend date of this dividend was Thursday, February 15th. 3M's dividend payout ratio is currently -47.82%.
Insider Transactions at 3M
In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the stock in a transaction dated 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 sale, the insider now directly owns 3,966 shares in the company, valued at $366,141.12. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.38% of the stock is currently owned by company insiders.
Analyst Ratings Changes
A number of research firms recently commented on MMM. Bank of America reduced their target price on 3M from $110.00 to $100.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 2nd. Royal Bank of Canada reduced their target price on 3M from $84.00 to $78.00 and set an "underperform" rating on the stock in a research note on Tuesday, April 2nd. StockNews.com upgraded shares of 3M from a "buy" rating to a "strong-buy" rating in a research report on Thursday, April 25th. Barclays cut their price target on shares of 3M from $126.00 to $107.00 and set an "overweight" rating for the company in a research report on Tuesday, April 2nd. Finally, Mizuho restated a "neutral" rating and set a $105.00 price target on shares of 3M in a research report on Wednesday, March 27th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $104.00.
Read Our Latest Stock Report on MMM
3M Company Profile
(
Free Report)
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.
Further Reading
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