Zions Bancorporation N.A. Buys 320 Shares of 3M (NYSE:MMM)

Zions Bancorporation N.A. raised its position in shares of 3M (NYSE:MMM) by 254.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 446 shares of the conglomerate’s stock after acquiring an additional 320 shares during the period. Zions Bancorporation N.A.’s holdings in 3M were worth $58,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in MMM. Financial Life Planners bought a new position in 3M during the 4th quarter valued at about $25,000. Proficio Capital Partners LLC bought a new position in shares of 3M during the fourth quarter valued at approximately $26,000. FSA Wealth Management LLC bought a new position in shares of 3M during the third quarter valued at approximately $27,000. Daymark Wealth Partners LLC lifted its stake in shares of 3M by 9.0% during the 4th quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate’s stock worth $31,000 after acquiring an additional 19,552 shares during the last quarter. Finally, ORG Partners LLC lifted its stake in shares of 3M by 44.1% during the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock worth $41,000 after acquiring an additional 98 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Insider Activity

In other 3M news, EVP Kevin H. Rhodes sold 6,743 shares of the business’s stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $149.85, for a total transaction of $1,010,438.55. Following the sale, the executive vice president now owns 4,902 shares in the company, valued at approximately $734,564.70. The trade was a 57.90 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the firm’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.43, for a total value of $944,098.74. Following the completion of the transaction, the insider now owns 5,024 shares of the company’s stock, valued at approximately $750,736.32. The trade was a 55.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 113,639 shares of company stock worth $17,163,446 over the last 90 days. 0.34% of the stock is currently owned by corporate insiders.

3M Trading Down 2.8 %

NYSE MMM opened at $148.48 on Friday. 3M has a 52 week low of $87.45 and a 52 week high of $156.35. The company has a 50 day moving average price of $149.52 and a 200 day moving average price of $138.06. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. The firm has a market cap of $80.61 billion, a PE ratio of 19.67, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, beating the consensus estimate of $1.66 by $0.02. 3M had a return on equity of 100.77% and a net margin of 15.71%. The firm had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5.77 billion. During the same quarter in the prior year, the business posted $2.42 EPS. The business’s revenue for the quarter was down 25.0% compared to the same quarter last year. As a group, sell-side analysts forecast that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were paid a dividend of $0.73 per share. This is a positive change from 3M’s previous quarterly dividend of $0.70. The ex-dividend date was Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.97%. 3M’s payout ratio is presently 38.68%.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Bank of America lifted their price objective on shares of 3M from $175.00 to $179.00 and gave the company a “buy” rating in a report on Thursday, March 6th. JPMorgan Chase & Co. upped their target price on shares of 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 22nd. Citigroup lifted their price target on shares of 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a research note on Wednesday, January 22nd. Finally, Royal Bank of Canada reissued an “underperform” rating and issued a $96.00 price objective on shares of 3M in a research note on Thursday, February 27th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, 3M presently has an average rating of “Moderate Buy” and a consensus price target of $149.13.

3M Company 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.