AIA Group Ltd Purchases Shares of 2,251 3M (NYSE:MMM)

AIA Group Ltd purchased a new stake in 3M (NYSE:MMM) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 2,251 shares of the conglomerate’s stock, valued at approximately $246,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MMM. Financial Freedom LLC acquired a new position in 3M in the 4th quarter valued at approximately $25,000. Briaud Financial Planning Inc acquired a new position in 3M in the 3rd quarter valued at approximately $35,000. Authentikos Wealth Advisory LLC acquired a new position in 3M in the 3rd quarter valued at approximately $37,000. CGC Financial Services LLC increased its position in 3M by 89.9% in the 4th quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock valued at $37,000 after acquiring an additional 160 shares during the period. Finally, VisionPoint Advisory Group LLC increased its position in 3M by 91.9% in the 3rd quarter. VisionPoint Advisory Group LLC now owns 449 shares of the conglomerate’s stock valued at $42,000 after acquiring an additional 215 shares during the period. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Stock Up 1.0 %

Shares of NYSE MMM opened at $92.35 on Friday. 3M has a 12-month low of $71.12 and a 12-month high of $95.67. The company’s fifty day simple moving average is $95.76 and its 200 day simple moving average is $97.24. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.07 and a quick ratio of 0.76.

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

3M Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were paid a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a dividend yield of 6.54%. This is a positive change from 3M’s previous quarterly dividend of $1.50. The ex-dividend date was Thursday, February 15th. 3M’s dividend payout ratio (DPR) is -47.82%.

Insider Buying and Selling at 3M

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total value of $39,328.32. Following the transaction, the insider now directly owns 3,966 shares of the company’s stock, valued at $366,141.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on MMM. Bank of America decreased 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. Citigroup increased their price objective on shares of 3M from $95.31 to $98.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Mizuho reiterated a “neutral” rating and set a $105.00 price objective on shares of 3M in a research report on Wednesday, March 27th. Royal Bank of Canada decreased their price objective 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. Finally, JPMorgan Chase & Co. decreased their price objective on shares of 3M from $118.00 to $110.00 and set a “neutral” rating for the company in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price 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.