Personal CFO Solutions LLC Grows Stock Position in 3M Company (NYSE:MMM)

Personal CFO Solutions LLC raised its position in 3M Company (NYSE:MMM) by 3.1% during the first quarter, HoldingsChannel reports. The firm owned 2,935 shares of the conglomerate’s stock after purchasing an additional 88 shares during the period. Personal CFO Solutions LLC’s holdings in 3M were worth $431,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in MMM. Geode Capital Management LLC grew 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 valued at $1,493,655,000 after buying an additional 280,048 shares during the last quarter. Northern Trust Corp grew its stake in 3M by 12.6% in the 4th quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate’s stock valued at $871,738,000 after acquiring an additional 755,155 shares during the last quarter. Capital World Investors raised its stake in 3M by 25.4% in the 4th quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate’s stock valued at $794,410,000 after purchasing an additional 1,248,093 shares during the last quarter. Norges Bank acquired a new stake in shares of 3M during the fourth quarter worth $636,767,000. Finally, Invesco Ltd. increased its stake in 3M by 51.6% during the fourth quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate’s stock worth $576,845,000 after acquiring an additional 1,520,619 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on MMM shares. Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a research note on Friday, June 27th. JPMorgan Chase & Co. raised their target price on shares of 3M from $140.00 to $167.00 and gave the company an “overweight” rating in a research note on Friday, May 16th. Wells Fargo & Company raised their target price on shares of 3M from $150.00 to $170.00 and gave the stock an “overweight” rating in a report on Tuesday, July 1st. Citigroup raised 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. Finally, Royal Bank Of Canada raised their price target on 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a research note on Wednesday, April 23rd. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $155.83.

Insiders Place Their Bets

In other 3M news, EVP Zoe L. Dickson sold 7,915 shares of the stock in a transaction dated Thursday, May 15th. The shares were 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 directly owned 6,127 shares of the company’s stock, valued at approximately $913,045.54. This represents a 56.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP John Patrick Banovetz sold 7,759 shares of the firm’s 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 sale, the executive vice president directly owned 31,372 shares in the company, valued at approximately $4,654,663.64. This trade represents a 19.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.48% of the stock is owned by insiders.

3M Price Performance

3M stock opened at $153.70 on Wednesday. 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 stock has a market cap of $82.72 billion, a P/E ratio of 19.41, a P/E/G ratio of 2.97 and a beta of 1.02. 3M Company has a 52 week low of $98.26 and a 52 week high of $156.35. The company’s 50 day moving average price is $147.22 and its two-hundred day moving average price is $144.04.

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

3M Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 23rd were issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.90%. 3M’s payout ratio is 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.