3M (NYSE:MMM) Stock Position Boosted by Quarry LP

Quarry LP grew its stake in shares of 3M (NYSE:MMM - Free Report) by 16.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,660 shares of the conglomerate's stock after buying an additional 2,582 shares during the quarter. Quarry LP's holdings in 3M were worth $2,409,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Financial Life Planners acquired a new position in shares of 3M in the 4th quarter worth approximately $25,000. Proficio Capital Partners LLC purchased a new stake in shares of 3M in the fourth quarter worth approximately $26,000. Hazlett Burt & Watson Inc. purchased a new position in shares of 3M during the 4th quarter valued at $27,000. Daymark Wealth Partners LLC grew its stake in shares of 3M by 9.0% in the 4th quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate's stock valued at $31,000 after buying an additional 19,552 shares in the last quarter. Finally, Meeder Asset Management Inc. grew its position in 3M by 230.1% in the fourth quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate's stock worth $40,000 after acquiring an additional 214 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Kevin H. Rhodes sold 6,743 shares of the business's stock in a transaction on Monday, January 27th. The shares were sold at an average price of $149.85, for a total value of $1,010,438.55. Following the completion of the transaction, the executive vice president now owns 4,902 shares of the company's stock, valued at $734,564.70. The trade was a 57.90 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Victoria Clarke sold 1,750 shares of the company's stock in a transaction on Friday, January 31st. The shares were sold at an average price of $154.22, for a total transaction of $269,885.00. Following the completion of the sale, the executive vice president now owns 194 shares of the company's stock, valued at approximately $29,918.68. This represents a 90.02 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 59,736 shares of company stock worth $9,081,260. Insiders own 0.34% of the company's stock.

3M Stock Down 1.1 %

Shares of NYSE MMM opened at $137.30 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 firm has a market capitalization of $73.89 billion, a PE ratio of 18.19, a price-to-earnings-growth ratio of 3.30 and a beta of 1.01. The firm's 50-day moving average is $143.15 and its 200-day moving average is $138.23. 3M has a 1 year low of $91.56 and a 1 year high of $156.35.

3M (NYSE:MMM - Get Free Report) last released its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, topping analysts' consensus estimates 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 net margin of 15.71% and a return on equity of 100.77%. Equities analysts expect that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were paid a $0.73 dividend. This is a positive change from 3M's previous quarterly dividend of $0.70. The ex-dividend date was Friday, February 14th. This represents a $2.92 annualized dividend and a yield of 2.13%. 3M's dividend payout ratio is presently 36.87%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on MMM. Barclays raised their price objective on 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a research note on Wednesday. Citigroup reduced their target price on shares of 3M from $152.00 to $142.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. JPMorgan Chase & Co. decreased their price target on shares of 3M from $165.00 to $140.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Wells Fargo & Company upgraded 3M from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research report on Thursday. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, 3M has a consensus rating of "Moderate Buy" and an average target price of $147.00.

3M 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.

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