ProShare Advisors LLC Buys 57,752 Shares of 3M (NYSE:MMM)

ProShare Advisors LLC raised its holdings in shares of 3M (NYSE:MMM - Free Report) by 34.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 227,581 shares of the conglomerate's stock after acquiring an additional 57,752 shares during the quarter. ProShare Advisors LLC's holdings in 3M were worth $29,378,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in MMM. Assenagon Asset Management S.A. lifted its holdings in shares of 3M by 78.2% in the 4th quarter. Assenagon Asset Management S.A. now owns 40,029 shares of the conglomerate's stock valued at $5,167,000 after purchasing an additional 17,564 shares during the last quarter. Park Avenue Securities LLC lifted its holdings in shares of 3M by 164.4% in the 4th quarter. Park Avenue Securities LLC now owns 16,356 shares of the conglomerate's stock valued at $2,111,000 after purchasing an additional 10,169 shares during the last quarter. Gateway Investment Advisers LLC lifted its holdings in shares of 3M by 51.1% in the 4th quarter. Gateway Investment Advisers LLC now owns 9,779 shares of the conglomerate's stock valued at $1,262,000 after purchasing an additional 3,309 shares during the last quarter. Legacy Wealth Asset Management LLC lifted its holdings in shares of 3M by 9.1% in the 4th quarter. Legacy Wealth Asset Management LLC now owns 10,022 shares of the conglomerate's stock valued at $1,294,000 after purchasing an additional 839 shares during the last quarter. Finally, Carnegie Investment Counsel lifted its holdings in shares of 3M by 35.5% in the 4th quarter. Carnegie Investment Counsel now owns 3,333 shares of the conglomerate's stock valued at $430,000 after purchasing an additional 873 shares during the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Stock Performance

3M stock traded down $0.08 on Tuesday, reaching $154.06. 2,528,785 shares of the stock were exchanged, compared to its average volume of 3,993,873. The firm has a fifty day moving average price of $141.68 and a two-hundred day moving average price of $139.66. The stock has a market cap of $82.91 billion, a PE ratio of 20.41, a PEG ratio of 3.30 and a beta of 1.02. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. 3M has a twelve month low of $96.76 and a twelve month high of $156.35.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, beating analysts' consensus estimates of $1.77 by $0.11. The business had revenue of $5.80 billion during the quarter, compared to analyst estimates of $5.78 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. Sell-side analysts anticipate that 3M will post 7.8 EPS for the current year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd will be paid a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 1.90%. 3M's dividend payout ratio (DPR) is currently 36.87%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on MMM shares. Wells Fargo & Company raised 3M from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $140.00 to $170.00 in a report on Wednesday, January 22nd. Barclays upped their price objective on 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a research note on Wednesday, April 23rd. Royal Bank of Canada upped their price objective on 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research note on Wednesday, April 23rd. Citigroup reduced their price objective on 3M from $152.00 to $142.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a research note on Saturday, May 10th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $152.08.

Insider Activity

In related news, EVP Zoe L. Dickson sold 7,915 shares of the 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 transaction, the executive vice president now directly owns 6,127 shares in the company, valued at $913,045.54. This represents a 56.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.34% of the stock is owned by insiders.

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.