Envestnet Asset Management Inc. Purchases 39,346 Shares of 3M (NYSE:MMM)

Envestnet Asset Management Inc. increased its position in shares of 3M (NYSE:MMM) by 8.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 513,800 shares of the conglomerate’s stock after acquiring an additional 39,346 shares during the period. Envestnet Asset Management Inc. owned approximately 0.09% of 3M worth $66,326,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Financial Life Planners purchased a new position in 3M in the 4th quarter worth approximately $25,000. Hazlett Burt & Watson Inc. purchased a new stake in 3M during the 4th quarter valued at $27,000. Meeder Asset Management Inc. raised its holdings in 3M by 230.1% in the 4th quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate’s stock worth $40,000 after purchasing an additional 214 shares in the last quarter. ORG Partners LLC raised its holdings in 3M by 44.1% in the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock worth $41,000 after purchasing an additional 98 shares in the last quarter. Finally, Catalyst Capital Advisors LLC increased its stake in shares of 3M by 81.5% in the 4th quarter. Catalyst Capital Advisors LLC now owns 363 shares of the conglomerate’s stock worth $47,000 after acquiring an additional 163 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

Insiders Place Their Bets

In other news, Chairman Michael F. Roman sold 49,598 shares of 3M stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $152.30, for a total transaction of $7,553,775.40. Following the sale, the chairman now owns 180,895 shares in the company, valued at $27,550,308.50. This trade represents a 21.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Victoria Clarke sold 1,750 shares of the business’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $154.22, for a total transaction of $269,885.00. Following the completion of the sale, the executive vice president now owns 194 shares in the company, valued at $29,918.68. This represents a 90.02 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 113,639 shares of company stock worth $17,163,446. Company insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on MMM shares. Bank of America increased their price objective on shares of 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research report on Thursday, March 6th. Wells Fargo & Company raised shares of 3M from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Royal Bank of Canada reaffirmed an “underperform” rating and set a $96.00 price target on shares of 3M in a report on Thursday, February 27th. Barclays raised their price target on shares of 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a report on Tuesday. Two analysts have rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, 3M has an average rating of “Moderate Buy” and an average target price of $147.47.

3M Stock Performance

MMM opened at $138.40 on Thursday. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. The company has a market cap of $74.64 billion, a price-to-earnings ratio of 18.33, a PEG ratio of 3.30 and a beta of 1.01. The company’s 50 day moving average is $147.03 and its 200 day moving average is $138.43. 3M has a 12-month low of $90.17 and a 12-month high of $156.35.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.66 by $0.02. 3M had a net margin of 15.71% and a return on equity of 100.77%. The company had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5.77 billion. During the same quarter last year, the firm posted $2.42 earnings per share. The firm’s revenue was down 25.0% compared to the same quarter last year. On average, equities research analysts predict that 3M will post 7.8 EPS for the current 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 paid a dividend of $0.73 per share. This is a boost 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 yield of 2.11%. 3M’s dividend payout ratio (DPR) is presently 38.68%.

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.