Premier Fund Managers Ltd Buys Shares of 77,300 3M (NYSE:MMM)

Premier Fund Managers Ltd purchased a new position in shares of 3M (NYSE:MMM - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 77,300 shares of the conglomerate's stock, valued at approximately $9,984,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in MMM. Financial Life Planners acquired a new position in 3M during the fourth quarter worth about $25,000. FSA Wealth Management LLC acquired a new stake in 3M during the 3rd quarter valued at $27,000. True Wealth Design LLC increased its position in 3M by 2,466.7% during the third quarter. True Wealth Design LLC now owns 308 shares of the conglomerate's stock worth $42,000 after buying an additional 296 shares in the last quarter. ORG Partners LLC lifted its position in shares of 3M by 44.1% in the fourth quarter. ORG Partners LLC now owns 320 shares of the conglomerate's stock valued at $41,000 after acquiring an additional 98 shares in the last quarter. Finally, Catalyst Capital Advisors LLC boosted its position in 3M by 81.5% during the fourth quarter. Catalyst Capital Advisors LLC now owns 363 shares of the conglomerate's stock worth $47,000 after acquiring an additional 163 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company's stock.

3M Stock Down 2.5 %

Shares of NYSE MMM traded down $3.70 during midday trading on Friday, reaching $144.74. 2,581,499 shares of the company's stock were exchanged, compared to its average volume of 4,133,279. The stock has a market capitalization of $78.58 billion, a PE ratio of 19.17, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97. 3M has a 52-week low of $88.23 and a 52-week high of $156.35. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. The business's fifty day moving average price is $149.60 and its two-hundred day moving average price is $138.23.

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3M (NYSE:MMM - Get Free Report) last announced its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating 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 company 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 company posted $2.42 EPS. 3M's quarterly revenue was down 25.0% on a year-over-year basis. Analysts forecast that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were given a $0.73 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.92 annualized dividend and a dividend yield of 2.02%. This is an increase from 3M's previous quarterly dividend of $0.70. 3M's payout ratio is presently 38.68%.

Insider Transactions at 3M

In related news, insider Christian T. Goralski, Jr. sold 6,318 shares of the company'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 sale, the insider now directly owns 5,024 shares of the company's stock, valued at approximately $750,736.32. This represents a 55.70 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Theresa E. Reinseth sold 2,309 shares of the business's stock in a transaction on Friday, January 24th. The shares were sold at an average price of $149.95, for a total transaction of $346,234.55. Following the sale, the chief accounting officer now owns 4,417 shares of the company's stock, valued at approximately $662,329.15. The trade was a 34.33 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 113,639 shares of company stock valued at $17,163,446. Insiders own 0.34% of the company's stock.

Analyst Upgrades and Downgrades

MMM has been the topic of a number of research analyst reports. JPMorgan Chase & Co. raised their price target on 3M from $162.00 to $165.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 22nd. Citigroup boosted their target price on shares of 3M from $142.00 to $152.00 and gave the company a "neutral" rating in a report on Wednesday, January 22nd. Royal Bank of Canada reaffirmed an "underperform" rating and set a $96.00 price target on shares of 3M in a research note on Thursday, February 27th. Wells Fargo & Company raised shares of 3M from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a report on Saturday, March 22nd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $149.13.

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.