Aigen Investment Management LP Buys Shares of 3,386 3M (NYSE:MMM)

Aigen Investment Management LP purchased a new stake in 3M (NYSE:MMM - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 3,386 shares of the conglomerate's stock, valued at approximately $437,000.

Other institutional investors have also made changes to their positions in the company. Financial Life Planners bought a new position in shares of 3M in the fourth quarter valued at about $25,000. Proficio Capital Partners LLC bought a new stake in 3M during the 4th quarter worth about $26,000. FSA Wealth Management LLC bought a new stake in 3M during the 3rd quarter worth about $27,000. Daymark Wealth Partners LLC raised its holdings in 3M by 9.0% during the 4th quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate's stock worth $31,000 after purchasing an additional 19,552 shares during the last quarter. Finally, ORG Partners LLC raised its holdings in 3M by 44.1% during the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate's stock worth $41,000 after purchasing an additional 98 shares during the last quarter. 65.25% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on MMM shares. Royal Bank of Canada reissued an "underperform" rating and set a $96.00 price objective on shares of 3M in a report on Thursday, February 27th. Citigroup boosted their target price on 3M from $142.00 to $152.00 and gave the stock a "neutral" rating in a research report on Wednesday, January 22nd. Wells Fargo & Company upgraded 3M from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $140.00 to $170.00 in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. boosted their target price on 3M from $162.00 to $165.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 22nd. Finally, Barclays boosted their price objective on 3M from $161.00 to $165.00 and gave the company an "overweight" rating in a research report on Wednesday, January 22nd. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $149.13.

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3M Stock Performance

MMM traded down $0.59 during trading hours on Friday, reaching $146.36. The company's stock had a trading volume of 5,891,015 shares, compared to its average volume of 4,315,292. 3M has a 52 week low of $78.14 and a 52 week high of $156.35. The company's 50-day moving average is $144.51 and its 200-day moving average is $136.23. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. The firm has a market cap of $79.46 billion, a PE ratio of 19.38, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97.

3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, beating analysts' consensus estimates of $1.66 by $0.02. The business had revenue of $6.01 billion for the quarter, compared to analysts' expectations of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. The firm's revenue for the quarter was down 25.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.42 EPS. On average, equities analysts forecast that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th will be issued a dividend of $0.73 per share. This is a positive change from 3M's previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a dividend yield of 2.00%. The ex-dividend date is Friday, February 14th. 3M's dividend payout ratio is 38.68%.

Insider Transactions at 3M

In related news, insider Christian T. Goralski, Jr. sold 6,318 shares of the firm's stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.43, for a total value of $944,098.74. Following the sale, the insider now directly owns 5,024 shares of the company's stock, valued at $750,736.32. This trade represents a 55.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Victoria Clarke sold 1,750 shares of the firm's stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $154.22, for a total value of $269,885.00. Following the completion of the sale, the executive vice president now directly owns 194 shares in the company, valued at $29,918.68. This trade represents a 90.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 113,639 shares of company stock valued at $17,163,446. 0.34% of the stock is owned by corporate insiders.

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.