First Trust Advisors LP Purchases 32,952 Shares of 3M (NYSE:MMM)

First Trust Advisors LP increased its stake in 3M (NYSE:MMM - Free Report) by 6.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 557,154 shares of the conglomerate's stock after purchasing an additional 32,952 shares during the period. First Trust Advisors LP owned 0.10% of 3M worth $71,923,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in MMM. Norges Bank acquired a new stake in 3M during the 4th quarter worth $636,767,000. Invesco Ltd. boosted its position in 3M by 51.6% during the 4th 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. Amundi grew its position in 3M by 55.7% in the fourth quarter. Amundi now owns 2,511,095 shares of the conglomerate's stock valued at $337,815,000 after purchasing an additional 898,244 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of 3M by 321.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,097,747 shares of the conglomerate's stock valued at $141,708,000 after acquiring an additional 837,226 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of 3M in the fourth quarter valued at $103,788,000. Institutional investors and hedge funds own 65.25% of the company's stock.

3M Stock Up 2.1 %

MMM traded up $2.82 during midday trading on Thursday, hitting $138.88. The company had a trading volume of 2,920,302 shares, compared to its average volume of 4,179,002. 3M has a 52 week low of $90.65 and a 52 week high of $156.35. The company has a market capitalization of $74.90 billion, a price-to-earnings ratio of 18.39, a PEG ratio of 3.30 and a beta of 1.01. The stock's 50 day moving average price is $143.57 and its 200 day moving average price is $138.17. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86.

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

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were given a dividend of $0.73 per share. The ex-dividend date of this dividend was Friday, February 14th. This is an increase from 3M's previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a dividend yield of 2.10%. 3M's payout ratio is presently 38.68%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Citigroup dropped their price target on 3M from $152.00 to $142.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. Wells Fargo & Company upgraded 3M from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Barclays boosted their target price on shares of 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a research report on Wednesday. Bank of America lifted their price objective on shares of 3M from $175.00 to $179.00 and gave the company a "buy" rating in a research note on Thursday, March 6th. Finally, Royal Bank of Canada upped their price objective on 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $147.00.

Insider Buying and Selling

In other news, EVP Victoria Clarke sold 1,750 shares of the stock in a transaction that occurred on Friday, January 31st. The stock was 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 of the company's stock, valued at $29,918.68. This represents a 90.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Michael F. Roman sold 49,598 shares of the company's stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $152.30, for a total value of $7,553,775.40. Following the sale, the chairman now owns 180,895 shares of the company's stock, valued at $27,550,308.50. This trade represents a 21.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 113,639 shares of company stock worth $17,163,446 in the last quarter. Insiders own 0.34% of the company's stock.

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.