Envestnet Asset Management Inc. Purchases 39,346 Shares of 3M (NYSE:MMM)

Envestnet Asset Management Inc. lifted its stake in 3M (NYSE:MMM - Free Report) by 8.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 513,800 shares of the conglomerate's stock after buying an additional 39,346 shares during the period. Envestnet Asset Management Inc. owned approximately 0.09% of 3M worth $66,326,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Grantham Mayo Van Otterloo & Co. LLC grew its stake in shares of 3M by 107.3% during the fourth quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 236,551 shares of the conglomerate's stock valued at $30,536,000 after acquiring an additional 122,434 shares in the last quarter. Aviva PLC grew its position in shares of 3M by 2.2% during the fourth quarter. Aviva PLC now owns 564,760 shares of the conglomerate's stock worth $72,905,000 after buying an additional 12,081 shares in the last quarter. Resona Asset Management Co. Ltd. acquired a new position in 3M during the 4th quarter worth $21,510,000. Smith Moore & CO. increased its holdings in shares of 3M by 7.8% in the 4th quarter. Smith Moore & CO. now owns 10,503 shares of the conglomerate's stock valued at $1,356,000 after acquiring an additional 761 shares during the last quarter. Finally, Unison Advisors LLC boosted its holdings in 3M by 0.5% in the fourth quarter. Unison Advisors LLC now owns 22,974 shares of the conglomerate's stock worth $2,966,000 after purchasing an additional 117 shares during the period. Institutional investors and hedge funds own 65.25% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on MMM shares. JPMorgan Chase & Co. decreased their price target on shares of 3M from $165.00 to $140.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Citigroup lifted their price objective on shares of 3M from $142.00 to $152.00 and gave the company a "neutral" rating in a research note on Wednesday, January 22nd. Barclays reduced their price target on shares of 3M from $165.00 to $160.00 and set an "overweight" rating for the company in a research note on Thursday. Bank of America increased their price target on 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 reiterated an "underperform" rating and issued a $96.00 target price on shares of 3M in a report on Thursday, February 27th. 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 company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $147.13.

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3M Stock Performance

Shares of NYSE MMM traded up $1.16 during trading hours on Monday, hitting $137.11. 856,681 shares of the company's stock were exchanged, compared to its average volume of 4,321,123. 3M has a 1-year low of $90.17 and a 1-year high of $156.35. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The stock has a market capitalization of $73.95 billion, a price-to-earnings ratio of 18.16, a PEG ratio of 3.30 and a beta of 1.01. The company's 50-day moving average price is $146.37 and its 200-day moving average price is $138.39.

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, topping analysts' consensus estimates of $1.66 by $0.02. The firm had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. During the same quarter in the previous year, the company earned $2.42 earnings per share. The business's revenue was down 25.0% compared to the same quarter last year. On average, sell-side analysts expect 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. Shareholders of record on Friday, February 14th were issued a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date of this dividend was Friday, February 14th. This is a positive change from 3M's previous quarterly dividend of $0.70. 3M's payout ratio is currently 38.68%.

Insider Buying and Selling at 3M

In other 3M news, EVP Victoria Clarke sold 1,750 shares of the company's stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $154.22, for a total transaction of $269,885.00. Following the completion of the transaction, the executive vice president now owns 194 shares of the company's stock, valued at $29,918.68. This represents a 90.02 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Theresa E. Reinseth sold 2,309 shares of the firm's stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $149.95, for a total value of $346,234.55. Following the completion of the transaction, the chief accounting officer now owns 4,417 shares of the company's stock, valued at approximately $662,329.15. This represents a 34.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 113,639 shares of company stock valued at $17,163,446. 0.34% of the stock is currently owned by company insiders.

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.