Verum Partners LLC Has $419,000 Stock Position in 3M (NYSE:MMM)

Verum Partners LLC increased its position in shares of 3M (NYSE:MMM) by 6.6% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 2,854 shares of the conglomerate’s stock after buying an additional 177 shares during the quarter. Verum Partners LLC’s holdings in 3M were worth $419,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Procyon Advisors LLC acquired a new position in 3M during the 1st quarter worth $266,000. Insight Advisors LLC PA acquired a new position in shares of 3M during the 1st quarter worth about $214,000. Curat Global LLC bought a new stake in 3M during the 1st quarter valued at approximately $29,000. Generali Investments Management Co LLC grew its holdings in 3M by 1,099.0% in the 1st quarter. Generali Investments Management Co LLC now owns 7,002 shares of the conglomerate’s stock valued at $1,028,000 after buying an additional 6,418 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. grew its holdings in 3M by 4.7% in the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 4,950 shares of the conglomerate’s stock valued at $727,000 after buying an additional 222 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, EVP John Patrick Banovetz sold 7,759 shares of 3M stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $148.37, for a total value of $1,151,202.83. Following the completion of the transaction, the executive vice president now owns 31,372 shares in the company, valued at approximately $4,654,663.64. The trade was a 19.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Zoe L. Dickson sold 7,915 shares of the business’s stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total value of $1,179,493.30. Following the completion of the transaction, the executive vice president now directly owns 6,127 shares in the company, valued at $913,045.54. The trade was a 56.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

MMM has been the subject of several research reports. Bank of America increased 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. Barclays increased their price target on shares of 3M from $160.00 to $164.00 and gave the company an “overweight” rating in a report on Wednesday, April 23rd. JPMorgan Chase & Co. boosted their price objective on shares of 3M from $140.00 to $167.00 and gave the stock an “overweight” rating in a report on Friday, May 16th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a research report on Saturday, May 24th. Finally, Citigroup lifted their target price on 3M from $141.00 to $160.00 and gave the stock a “neutral” rating in a research report on Friday, May 30th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $153.46.

3M Trading Down 0.5%

Shares of MMM opened at $145.58 on Friday. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. The stock has a market cap of $78.35 billion, a PE ratio of 19.28, a PEG ratio of 3.30 and a beta of 1.03. 3M has a 1 year low of $98.26 and a 1 year high of $156.35. The stock has a 50 day simple moving average of $141.18 and a 200-day simple moving average of $141.25.

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

3M Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Friday, May 23rd will be given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.01%. 3M’s dividend payout ratio (DPR) is currently 36.87%.

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.