HM Payson & Co. Purchases 2,249 Shares of 3M (NYSE:MMM)

HM Payson & Co. increased its position in shares of 3M (NYSE:MMM - Free Report) by 10.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 24,140 shares of the conglomerate's stock after purchasing an additional 2,249 shares during the period. HM Payson & Co.'s holdings in 3M were worth $3,116,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of MMM. D.A. Davidson & CO. increased its holdings in 3M by 16.2% in the 3rd quarter. D.A. Davidson & CO. now owns 146,333 shares of the conglomerate's stock valued at $20,004,000 after buying an additional 20,421 shares during the period. Franklin Resources Inc. increased its stake in 3M by 26.8% in the third quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate's stock valued at $114,770,000 after acquiring an additional 178,450 shares during the period. Meyer Handelman Co. raised its position in 3M by 1.4% in the fourth quarter. Meyer Handelman Co. now owns 197,618 shares of the conglomerate's stock worth $25,511,000 after purchasing an additional 2,678 shares in the last quarter. FMR LLC lifted its stake in 3M by 88.7% during the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate's stock worth $1,225,087,000 after purchasing an additional 4,212,409 shares during the period. Finally, USA Financial Formulas acquired a new stake in 3M during the fourth quarter valued at approximately $816,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at 3M

In related news, Chairman Michael F. Roman sold 49,598 shares of the business's stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $152.30, for a total transaction of $7,553,775.40. Following the completion of the transaction, the chairman now owns 180,895 shares in the company, valued at approximately $27,550,308.50. The trade was a 21.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Victoria Clarke sold 1,750 shares of the stock in a transaction 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 sale, the executive vice president now owns 194 shares in the company, valued at approximately $29,918.68. This trade represents a 90.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 113,639 shares of company stock worth $17,163,446. 0.34% of the stock is owned by insiders.

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Analysts Set New Price Targets

A number of brokerages have recently issued reports on MMM. UBS Group raised 3M from a "neutral" rating to a "buy" rating and increased their target price for the stock from $130.00 to $184.00 in a report on Wednesday, November 13th. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research note on Friday. Barclays boosted their target price on shares of 3M from $161.00 to $165.00 and gave the company an "overweight" rating in a research note on Wednesday, January 22nd. Bank of America increased their target price on shares of 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a research report on Thursday. Finally, Royal Bank of Canada restated an "underperform" rating and issued a $96.00 price target on shares of 3M in a research report on Thursday, February 27th. Two analysts have rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $149.13.

3M Trading Down 0.4 %

3M stock traded down $0.59 during mid-day trading on Friday, hitting $146.36. The stock had a trading volume of 5,891,015 shares, compared to its average volume of 4,315,292. The stock has a market capitalization of $79.46 billion, a PE ratio of 19.38, a P/E/G ratio of 3.30 and a beta of 0.97. 3M has a 12 month low of $78.14 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 stock has a 50-day simple moving average of $144.51 and a two-hundred day simple moving average of $136.28.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings results 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 company had revenue of $6.01 billion during the quarter, compared to analysts' expectations of $5.77 billion. During the same quarter in the previous year, the company earned $2.42 EPS. 3M's revenue was down 25.0% on a year-over-year basis. As a group, sell-side analysts forecast that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 14th will be paid a dividend of $0.73 per share. The ex-dividend date of this dividend is Friday, February 14th. This is a boost from 3M's previous quarterly dividend of $0.70. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.00%. 3M's payout ratio is 38.68%.

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.