3M (NYSE:MMM) Shares Bought by Choate Investment Advisors

Choate Investment Advisors raised its holdings in 3M (NYSE:MMM - Free Report) by 14.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 20,902 shares of the conglomerate's stock after purchasing an additional 2,672 shares during the period. Choate Investment Advisors' holdings in 3M were worth $2,698,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Financial Life Planners acquired a new stake in 3M in the 4th quarter valued at $25,000. FSA Wealth Management LLC acquired a new stake in shares of 3M in the third quarter valued at about $27,000. True Wealth Design LLC grew its position in shares of 3M by 2,466.7% in the third quarter. True Wealth Design LLC now owns 308 shares of the conglomerate's stock valued at $42,000 after purchasing an additional 296 shares during the period. ORG Partners LLC raised its position in shares of 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. Finally, Catalyst Capital Advisors LLC raised its position in shares of 3M by 81.5% during the 4th quarter. Catalyst Capital Advisors LLC now owns 363 shares of the conglomerate's stock worth $47,000 after purchasing an additional 163 shares during the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other 3M news, EVP Victoria Clarke sold 1,750 shares of the business's stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $154.22, for a total transaction of $269,885.00. Following the sale, the executive vice president now directly owns 194 shares in the company, 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 Securities & Exchange Commission, which is available at the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.43, for a total transaction of $944,098.74. Following the sale, the insider now directly owns 5,024 shares in the company, valued at $750,736.32. This represents a 55.70 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 113,639 shares of company stock valued at $17,163,446. Corporate insiders own 0.34% of the company's stock.

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3M Trading Down 1.3 %

NYSE MMM traded down $2.06 during trading hours on Thursday, reaching $151.16. The company had a trading volume of 2,578,904 shares, compared to its average volume of 4,218,106. 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 stock has a market capitalization of $82.06 billion, a P/E ratio of 20.02, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97. The stock has a 50-day moving average of $147.62 and a 200 day moving average of $137.26. 3M has a 1-year low of $85.33 and a 1-year high of $156.35.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, topping the consensus estimate of $1.66 by $0.02. 3M had a net margin of 15.71% and a return on equity of 100.77%. The firm had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5.77 billion. During the same period in the prior year, the business posted $2.42 EPS. The business's revenue for the quarter was down 25.0% compared to the same quarter last year. As a group, research analysts anticipate that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were issued a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 1.93%. The ex-dividend date was Friday, February 14th. This is an increase from 3M's previous quarterly dividend of $0.70. 3M's payout ratio is currently 38.68%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. JPMorgan Chase & Co. lifted their target price on shares of 3M from $162.00 to $165.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 22nd. Royal Bank of Canada reiterated an "underperform" rating and issued a $96.00 price objective on shares of 3M in a report on Thursday, February 27th. Bank of America boosted their target price on 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a report on Thursday, March 6th. Citigroup upped their price target on 3M from $142.00 to $152.00 and gave the company a "neutral" rating in a research report on Wednesday, January 22nd. Finally, Wells Fargo & Company upgraded 3M from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Two 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, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $149.13.

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.