Icon Advisers Inc. Co. Has $4.26 Million Stock Holdings in 3M (NYSE:MMM)

Icon Advisers Inc. Co. lifted its holdings in 3M (NYSE:MMM - Free Report) by 17.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 33,000 shares of the conglomerate's stock after purchasing an additional 5,000 shares during the quarter. Icon Advisers Inc. Co.'s holdings in 3M were worth $4,260,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Investors Asset Management of Georgia Inc. GA ADV lifted its position in 3M by 1.3% during the 4th quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 5,377 shares of the conglomerate's stock worth $694,000 after buying an additional 67 shares in the last quarter. Parkside Financial Bank & Trust increased its position 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 acquiring an additional 70 shares during the last quarter. Gilbert & Cook Inc. raised its holdings in 3M by 1.5% during the fourth quarter. Gilbert & Cook Inc. now owns 5,106 shares of the conglomerate's stock worth $659,000 after acquiring an additional 73 shares in the last quarter. Childress Capital Advisors LLC boosted its position in 3M by 5.1% during the fourth quarter. Childress Capital Advisors LLC now owns 1,573 shares of the conglomerate's stock valued at $203,000 after purchasing an additional 76 shares during the last quarter. Finally, Capital Advisors Ltd. LLC grew its stake in 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 purchasing an additional 77 shares in the last quarter. Institutional investors own 65.25% of the company's stock.

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Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Wells Fargo & Company upgraded 3M from an "equal weight" rating to an "overweight" rating and upped their price objective for the stock from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Citigroup dropped their price target on shares of 3M from $152.00 to $142.00 and set a "neutral" rating on the stock in a research report on Monday. JPMorgan Chase & Co. decreased their price objective on shares of 3M from $165.00 to $140.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Barclays dropped their target price on shares of 3M from $165.00 to $160.00 and set an "overweight" rating on the stock in a report on Thursday, April 10th. Finally, Bank of America lifted their price target on 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a report on Thursday, March 6th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $146.47.

3M Stock Performance

Shares of MMM traded down $0.77 during midday trading on Tuesday, reaching $135.24. 2,541,199 shares of the stock were exchanged, compared to its average volume of 4,130,276. The stock's 50 day simple moving average is $146.04 and its 200 day simple moving average is $138.38. The company has a market cap of $72.94 billion, a P/E ratio of 17.91, a PEG ratio of 3.30 and a beta of 1.01. 3M has a twelve month low of $90.17 and a twelve month high of $156.35. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share 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 business 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. The business's revenue was down 25.0% on a year-over-year basis. On average, sell-side analysts expect that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were paid a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date was Friday, February 14th. This is a positive change from 3M's previous quarterly dividend of $0.70. 3M's dividend payout ratio (DPR) is 38.68%.

Insider Buying and Selling at 3M

In other 3M news, Chairman Michael F. Roman sold 45,276 shares of the company's stock in a transaction on Friday, January 24th. The stock was sold at an average price of $150.01, for a total transaction of $6,791,852.76. Following the completion of the sale, the chairman now directly owns 175,718 shares in the company, valued at $26,359,457.18. This represents a 20.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Theresa E. Reinseth sold 2,309 shares of the firm's stock in a transaction 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 sale, the chief accounting officer now directly owns 4,417 shares in the company, valued at approximately $662,329.15. This represents a 34.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 113,639 shares of company stock valued at $17,163,446 in the last three months. Corporate insiders own 0.34% of the company's stock.

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.