Sharpepoint LLC Purchases Shares of 8,119 3M (NYSE:MMM)

Sharpepoint LLC acquired a new position in shares of 3M (NYSE:MMM - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 8,119 shares of the conglomerate's stock, valued at approximately $1,048,000.

Several other hedge funds also recently modified their holdings of MMM. Norges Bank acquired a new stake in shares of 3M in the 4th quarter valued at $636,767,000. Invesco Ltd. grew its stake in shares of 3M by 51.6% during the fourth quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate's stock worth $576,845,000 after purchasing an additional 1,520,619 shares during the period. Capital World Investors increased its holdings in 3M by 25.4% in the fourth quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock valued at $794,410,000 after purchasing an additional 1,248,093 shares during the last quarter. Amundi lifted its stake in 3M by 55.7% in the fourth quarter. Amundi now owns 2,511,095 shares of the conglomerate's stock valued at $337,815,000 after buying an additional 898,244 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its position in shares of 3M by 321.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,097,747 shares of the conglomerate's stock worth $141,708,000 after buying an additional 837,226 shares during the period. Institutional investors and hedge funds own 65.25% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on MMM shares. JPMorgan Chase & Co. reduced their price target on shares of 3M from $165.00 to $140.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Barclays lifted their price target on shares of 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a research note on Wednesday. Citigroup lowered their price objective on shares of 3M from $152.00 to $142.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a research report on Tuesday, April 8th. Finally, Royal Bank of Canada increased their target price on 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a report on Wednesday. Two 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 MarketBeat.com, 3M presently has an average rating of "Moderate Buy" and a consensus price target of $147.00.

3M Trading Up 2.4 %

Shares of MMM stock traded up $3.29 on Thursday, hitting $139.35. The company had a trading volume of 1,495,677 shares, compared to its average volume of 4,398,839. 3M has a twelve month low of $90.65 and a twelve month high of $156.35. The stock's 50-day moving average is $143.57 and its two-hundred day moving average is $138.17. The firm has a market cap of $75.15 billion, a P/E ratio of 18.47, a P/E/G ratio of 3.30 and a beta of 1.01. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41.

3M (NYSE:MMM - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, beating the consensus estimate of $1.77 by $0.11. The company had revenue of $5.80 billion during the quarter, compared to the consensus estimate of $5.78 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. On average, equities research analysts anticipate that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were given a dividend of $0.73 per share. The ex-dividend date was Friday, February 14th. This represents a $2.92 annualized dividend and a dividend yield of 2.10%. This is a boost from 3M's previous quarterly dividend of $0.70. 3M's dividend payout ratio (DPR) is currently 38.68%.

Insider Buying and Selling at 3M

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

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.