Marco Investment Management LLC Takes Position in 3M (NYSE:MMM)

Marco Investment Management LLC purchased a new stake in 3M (NYSE:MMM) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 2,265 shares of the conglomerate’s stock, valued at approximately $248,000.

Several other hedge funds have also made changes to their positions in MMM. Silver Oak Securities Incorporated boosted its position in shares of 3M by 7.0% during the 4th quarter. Silver Oak Securities Incorporated now owns 2,673 shares of the conglomerate’s stock worth $292,000 after purchasing an additional 174 shares during the period. Shufro Rose & Co. LLC boosted its position in shares of 3M by 3.8% during the 4th quarter. Shufro Rose & Co. LLC now owns 5,470 shares of the conglomerate’s stock worth $598,000 after purchasing an additional 200 shares during the period. Opinicus Capital Inc. purchased a new position in shares of 3M during the 4th quarter worth approximately $350,000. Alliance Wealth Advisors LLC UT boosted its position in shares of 3M by 3.6% during the 4th quarter. Alliance Wealth Advisors LLC UT now owns 4,071 shares of the conglomerate’s stock worth $445,000 after purchasing an additional 140 shares during the period. Finally, Addison Advisors LLC boosted its position in shares of 3M by 46.1% during the 4th quarter. Addison Advisors LLC now owns 2,307 shares of the conglomerate’s stock worth $252,000 after purchasing an additional 728 shares during the period. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Insider Activity

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total transaction of $39,328.32. Following the sale, the insider now directly owns 3,966 shares in the company, valued at approximately $366,141.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.38% of the company’s stock.

3M Price Performance

Shares of MMM opened at $92.00 on Monday. 3M has a twelve month low of $71.12 and a twelve month high of $95.67. The firm’s fifty day simple moving average is $95.71 and its 200-day simple moving average is $97.46. The firm has a market capitalization of $50.91 billion, a price-to-earnings ratio of -7.27, a PEG ratio of 1.74 and a beta of 1.02. The company has a current ratio of 1.07, a quick ratio of 0.76 and a debt-to-equity ratio of 2.69.

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were issued a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a dividend yield of 6.57%. This is a positive change from 3M’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s dividend payout ratio (DPR) is presently -47.82%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on MMM shares. Bank of America lowered their price objective on shares of 3M from $110.00 to $100.00 and set a “neutral” rating for the company in a research report on Tuesday, April 2nd. JPMorgan Chase & Co. decreased their price target on shares of 3M from $118.00 to $110.00 and set a “neutral” rating for the company in a research report on Wednesday, April 17th. Wells Fargo & Company decreased their price target on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 24th. Barclays decreased their price target on shares of 3M from $126.00 to $107.00 and set an “overweight” rating for the company in a research report on Tuesday, April 2nd. Finally, Royal Bank of Canada decreased their price target on shares of 3M from $84.00 to $78.00 and set an “underperform” rating for the company in a research report on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, 3M currently has an average rating of “Hold” and an average target price of $104.00.

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.