Erste Asset Management GmbH Makes New $921,000 Investment in 3M (NYSE:MMM)

Erste Asset Management GmbH bought a new stake in 3M (NYSE:MMM - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 7,074 shares of the conglomerate's stock, valued at approximately $921,000.

Several other hedge funds have also recently made changes to their positions in the company. Investors Asset Management of Georgia Inc. GA ADV raised its stake in shares of 3M by 1.3% in the fourth quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 5,377 shares of the conglomerate's stock valued at $694,000 after buying an additional 67 shares during the period. Parkside Financial Bank & Trust raised its stake in shares of 3M by 1.4% in the fourth quarter. Parkside Financial Bank & Trust now owns 5,153 shares of the conglomerate's stock valued at $665,000 after buying an additional 70 shares during the period. Gilbert & Cook Inc. raised its stake in shares of 3M by 1.5% in the fourth quarter. Gilbert & Cook Inc. now owns 5,106 shares of the conglomerate's stock valued at $659,000 after buying an additional 73 shares during the period. Childress Capital Advisors LLC raised its stake in shares of 3M by 5.1% in the fourth quarter. Childress Capital Advisors LLC now owns 1,573 shares of the conglomerate's stock valued at $203,000 after buying an additional 76 shares during the period. Finally, Capital Advisors Ltd. LLC raised its stake in shares of 3M by 5.3% in the fourth quarter. Capital Advisors Ltd. LLC now owns 1,519 shares of the conglomerate's stock valued at $196,000 after buying an additional 77 shares during the period. 65.25% of the stock is currently owned by institutional investors.

3M Price Performance

Shares of MMM traded up $2.28 during midday trading on Wednesday, reaching $153.20. The stock had a trading volume of 2,344,068 shares, compared to its average volume of 4,249,633. The company's 50-day moving average is $147.25 and its 200 day moving average is $137.15. 3M has a 12-month low of $85.33 and a 12-month high of $156.35. 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 company has a market capitalization of $83.17 billion, a price-to-earnings ratio of 20.29, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97.

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

3M Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were issued a dividend of $0.73 per share. The ex-dividend date of this dividend was Friday, February 14th. This is a boost from 3M's previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a yield of 1.91%. 3M's dividend payout ratio is currently 38.68%.

Insider Buying and Selling

In related news, insider Christian T. Goralski, Jr. sold 6,318 shares of the firm's stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $149.43, for a total transaction of $944,098.74. Following the transaction, the insider now directly owns 5,024 shares in the company, valued at $750,736.32. This trade represents a 55.70 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Victoria Clarke sold 1,750 shares of the firm'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 value of $269,885.00. Following the transaction, the executive vice president now owns 194 shares in the company, valued at approximately $29,918.68. The trade was a 90.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 113,639 shares of company stock worth $17,163,446 in the last ninety days. 0.34% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Wells Fargo & Company upgraded 3M from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $140.00 to $170.00 in a research note on Wednesday, January 22nd. JPMorgan Chase & Co. boosted their price objective on 3M from $162.00 to $165.00 and gave the company an "overweight" rating in a research note on Wednesday, January 22nd. Royal Bank of Canada reiterated an "underperform" rating and set a $96.00 price objective on shares of 3M in a research note on Thursday, February 27th. Barclays boosted their price objective on 3M from $161.00 to $165.00 and gave the company an "overweight" rating in a research note on Wednesday, January 22nd. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research note on Friday, March 7th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat, 3M currently has an average rating of "Moderate Buy" and a consensus price target of $149.13.

3M Company 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.