Mezzasalma Advisors LLC Takes Position in 3M Company (NYSE:MMM)

Mezzasalma Advisors LLC purchased a new position in 3M Company (NYSE:MMM) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 1,409 shares of the conglomerate’s stock, valued at approximately $207,000.

Several other large investors have also added to or reduced their stakes in the stock. Geode Capital Management LLC raised its position in shares of 3M by 2.5% in the 4th quarter. Geode Capital Management LLC now owns 11,574,414 shares of the conglomerate’s stock worth $1,493,655,000 after acquiring an additional 280,048 shares in the last quarter. Northern Trust Corp grew its stake in 3M by 12.6% in the fourth quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate’s stock worth $871,738,000 after purchasing an additional 755,155 shares during the period. Capital World Investors raised its holdings in 3M by 25.4% in the fourth quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate’s stock worth $794,410,000 after purchasing an additional 1,248,093 shares in the last quarter. Bank of New York Mellon Corp lifted its position in 3M by 9.2% during the fourth quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate’s stock valued at $734,456,000 after buying an additional 479,621 shares during the period. Finally, Norges Bank bought a new stake in shares of 3M during the 4th quarter valued at $636,767,000. Institutional investors own 65.25% of the company’s stock.

3M Trading Down 2.0%

NYSE:MMM opened at $142.18 on Wednesday. The stock has a market cap of $76.52 billion, a price-to-earnings ratio of 17.95, a PEG ratio of 3.01 and a beta of 1.03. The company has a quick ratio of 1.25, a current ratio of 1.66 and a debt-to-equity ratio of 2.72. The company’s 50 day moving average price is $142.68 and its 200-day moving average price is $141.98. 3M Company has a 52 week low of $98.26 and a 52 week high of $156.35.

3M (NYSE:MMM) last issued its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, beating the consensus estimate of $1.77 by $0.11. The business had revenue of $5.80 billion for the quarter, compared to the consensus estimate of $5.78 billion. 3M had a return on equity of 96.19% and a net margin of 17.79%. On average, equities research analysts forecast that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were paid a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 2.05%. 3M’s dividend payout ratio is currently 36.87%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on MMM shares. Royal Bank Of Canada increased their price target on shares of 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a research note on Wednesday, April 23rd. Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a research note on Wednesday, June 11th. Citigroup raised their target price on shares of 3M from $141.00 to $160.00 and gave the company a “neutral” rating in a research note on Friday, May 30th. Barclays lifted their target price on shares of 3M from $160.00 to $164.00 and gave the company an “overweight” rating in a report on Wednesday, April 23rd. Finally, JPMorgan Chase & Co. boosted their price target on 3M from $140.00 to $167.00 and gave the stock an “overweight” rating in a research report on Friday, May 16th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $155.83.

Insider Activity

In other 3M news, EVP Zoe L. Dickson sold 7,915 shares of the business’s 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 sale, 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 position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP John Patrick Banovetz sold 7,759 shares of the company’s stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the sale, the executive vice president now directly 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. Insiders own 0.48% of the company’s stock.

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.