Czech National Bank Purchases 6,623 Shares of 3M (NYSE:MMM)

Czech National Bank grew its stake in 3M (NYSE:MMM) by 5.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 124,695 shares of the conglomerate’s stock after acquiring an additional 6,623 shares during the quarter. Czech National Bank’s holdings in 3M were worth $18,313,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Financial Life Planners bought a new stake in shares of 3M in the 4th quarter valued at about $25,000. Proficio Capital Partners LLC bought a new stake in shares of 3M in the 4th quarter valued at about $26,000. REAP Financial Group LLC increased its stake in shares of 3M by 88.7% in the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate’s stock valued at $26,000 after acquiring an additional 94 shares during the last quarter. Hazlett Burt & Watson Inc. bought a new stake in shares of 3M in the 4th quarter valued at about $27,000. Finally, Pinney & Scofield Inc. bought a new stake in shares of 3M in the 4th quarter valued at about $28,000. 65.25% of the stock is owned by institutional investors.

Insider Activity

In related news, EVP Zoe L. Dickson sold 7,915 shares of 3M 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 transaction, the executive vice president now owns 6,127 shares in the company, valued at approximately $913,045.54. This trade represents a 56.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP John Patrick Banovetz sold 7,759 shares of 3M stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $148.37, for a total value of $1,151,202.83. Following the transaction, the executive vice president now owns 31,372 shares of the company’s stock, valued at $4,654,663.64. The trade was a 19.83% decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is owned by corporate insiders.

3M Price Performance

Shares of NYSE MMM opened at $148.20 on Monday. The stock has a market capitalization of $79.76 billion, a price-to-earnings ratio of 19.63, a PEG ratio of 3.30 and a beta of 1.02. The business has a 50-day moving average of $141.33 and a 200-day moving average of $140.81. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. 3M has a fifty-two week low of $97.68 and a fifty-two week high of $156.35.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, beating the consensus estimate 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 return on equity of 100.77% and a net margin of 15.71%. As a group, sell-side analysts predict that 3M will post 7.8 earnings per share for the current fiscal year.

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd will be issued a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 1.97%. 3M’s payout ratio is 36.87%.

Wall Street Analysts Forecast Growth

MMM has been the subject of a number of recent analyst reports. Citigroup upped their price target on 3M from $141.00 to $160.00 and gave the company a “neutral” rating in a research note on Friday. Barclays upped their target price on shares of 3M from $160.00 to $164.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. lifted their price target on 3M from $140.00 to $167.00 and gave the company an “overweight” rating in a research note on Friday, May 16th. Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a research note on Saturday, May 24th. Finally, Royal Bank of Canada lifted their price target on 3M from $98.00 to $100.00 and gave the company an “underperform” rating in a research note on Wednesday, April 23rd. Two 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 data from MarketBeat, 3M has an average rating of “Moderate Buy” and a consensus target price of $153.46.

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.