3M (NYSE:MMM) Shares Acquired by HF Advisory Group LLC

HF Advisory Group LLC increased its stake in 3M (NYSE:MMM) by 6.7% during the 4th quarter, Holdings Channel.com reports. The fund owned 2,328 shares of the conglomerate’s stock after buying an additional 146 shares during the period. HF Advisory Group LLC’s holdings in 3M were worth $255,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of MMM. Vanguard Group Inc. lifted its position in 3M by 0.7% during the third quarter. Vanguard Group Inc. now owns 49,033,679 shares of the conglomerate’s stock valued at $4,590,533,000 after buying an additional 317,483 shares in the last quarter. Geode Capital Management LLC lifted its position in 3M by 5.7% during the first quarter. Geode Capital Management LLC now owns 11,474,791 shares of the conglomerate’s stock valued at $1,203,635,000 after buying an additional 619,370 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in 3M by 7.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 11,315,417 shares of the conglomerate’s stock valued at $1,684,639,000 after buying an additional 758,126 shares in the last quarter. Morgan Stanley lifted its position in 3M by 8.3% during the fourth quarter. Morgan Stanley now owns 10,769,973 shares of the conglomerate’s stock valued at $1,291,535,000 after buying an additional 825,223 shares in the last quarter. Finally, Northern Trust Corp lifted its position in shares of 3M by 0.6% during the first quarter. Northern Trust Corp now owns 7,413,149 shares of the conglomerate’s stock worth $1,103,670,000 after purchasing an additional 44,714 shares in the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Stock Performance

Shares of 3M stock opened at $91.48 on Friday. The company has a quick ratio of 0.76, a current ratio of 1.07 and a debt-to-equity ratio of 2.69. The stock has a 50 day moving average price of $95.77 and a two-hundred day moving average price of $97.22. 3M has a 12-month low of $71.12 and a 12-month high of $95.67.

3M (NYSE:MMM) last issued its earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 EPS for the quarter, topping the consensus estimate of $2.31 by $0.11. The firm had revenue of $8.01 billion during the quarter, compared to analysts’ expectations of $7.69 billion. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. 3M’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same period last year, the business earned $2.28 earnings per share. As a group, equities analysts predict that 3M will post 8.79 EPS for the current year.

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were paid a dividend of $1.51 per share. This is a positive change from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 annualized dividend and a yield of 6.60%. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s dividend payout ratio is currently -47.82%.

Insiders Place Their Bets

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total value of $39,328.32. Following the completion of the sale, the insider now directly owns 3,966 shares in the company, valued at $366,141.12. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on MMM. Wells Fargo & Company reduced their target price on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 24th. Royal Bank of Canada reduced their target price on shares of 3M from $84.00 to $78.00 and set an “underperform” rating on the stock in a research report on Tuesday, April 2nd. Mizuho reissued a “neutral” rating and set a $105.00 target price on shares of 3M in a research report on Wednesday, March 27th. JPMorgan Chase & Co. reduced their target price on shares of 3M from $118.00 to $110.00 and set a “neutral” rating on the stock in a research report on Wednesday. Finally, StockNews.com upgraded shares of 3M from a “buy” rating to a “strong-buy” rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, 3M has a consensus rating of “Hold” and a consensus price target of $104.00.

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.