Occudo Quantitative Strategies LP Purchases New Stake in 3M (NYSE:MMM)

Occudo Quantitative Strategies LP purchased a new position in 3M (NYSE:MMM - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 14,021 shares of the conglomerate's stock, valued at approximately $1,810,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Investors Asset Management of Georgia Inc. GA ADV grew its holdings in shares of 3M by 1.3% during the fourth quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 5,377 shares of the conglomerate's stock worth $694,000 after purchasing an additional 67 shares in the last quarter. Parkside Financial Bank & Trust lifted its position in 3M by 1.4% during the fourth quarter. Parkside Financial Bank & Trust now owns 5,153 shares of the conglomerate's stock valued at $665,000 after purchasing an additional 70 shares during the last quarter. LaSalle St. Investment Advisors LLC grew its stake 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 buying an additional 71 shares in the last quarter. Gilbert & Cook Inc. increased its holdings in shares of 3M by 1.5% in the 4th quarter. Gilbert & Cook Inc. now owns 5,106 shares of the conglomerate's stock worth $659,000 after buying an additional 73 shares during the last quarter. Finally, Childress Capital Advisors LLC raised its position in shares of 3M by 5.1% during the 4th quarter. Childress Capital Advisors LLC now owns 1,573 shares of the conglomerate's stock valued at $203,000 after buying an additional 76 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company's stock.

3M Stock Up 2.9%

Shares of MMM traded up $4.37 during mid-day trading on Friday, hitting $153.11. 3,556,311 shares of the company's stock were exchanged, compared to its average volume of 4,010,736. 3M has a fifty-two week low of $96.76 and a fifty-two week high of $156.35. The stock's 50-day moving average is $141.49 and its 200-day moving average is $139.15. The company has a market cap of $82.40 billion, a price-to-earnings ratio of 20.28, a P/E/G ratio of 3.30 and a beta of 1.02. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.77 by $0.11. 3M had a net margin of 15.71% and a return on equity of 100.77%. The company had revenue of $5.80 billion during the quarter, compared to the consensus estimate of $5.78 billion. On average, sell-side analysts anticipate that 3M will post 7.8 earnings per share for the current fiscal year.

3M Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd will be paid a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 1.91%. 3M's dividend payout ratio is currently 36.87%.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Citigroup decreased their target price on shares of 3M from $152.00 to $142.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Royal Bank of Canada upped their target price on 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a report on Wednesday, April 23rd. Bank of America raised their price objective on 3M from $175.00 to $179.00 and gave the company a "buy" rating in a research report on Thursday, March 6th. Wells Fargo & Company raised shares of 3M from an "equal weight" rating to an "overweight" rating and raised their price target for the company from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a report on Saturday, May 10th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $151.21.

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.