Advisory Services Network LLC Purchases 2,646 Shares of 3M (NYSE:MMM)

Advisory Services Network LLC grew its position in 3M (NYSE:MMM) by 18.7% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 16,828 shares of the conglomerate’s stock after buying an additional 2,646 shares during the period. Advisory Services Network LLC’s holdings in 3M were worth $2,172,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Tudor Financial Inc. acquired a new position in shares of 3M during the third quarter worth $259,000. Sanctuary Advisors LLC increased its position in 3M by 25.2% during the 3rd quarter. Sanctuary Advisors LLC now owns 65,547 shares of the conglomerate’s stock valued at $8,417,000 after buying an additional 13,193 shares in the last quarter. World Investment Advisors LLC raised its stake in 3M by 22.4% in the third quarter. World Investment Advisors LLC now owns 11,768 shares of the conglomerate’s stock valued at $1,609,000 after buying an additional 2,155 shares during the last quarter. Wilmington Savings Fund Society FSB boosted its holdings in 3M by 255.1% in the third quarter. Wilmington Savings Fund Society FSB now owns 78,978 shares of the conglomerate’s stock worth $10,796,000 after acquiring an additional 56,734 shares in the last quarter. Finally, Tidal Investments LLC increased its holdings in shares of 3M by 44.7% during the third quarter. Tidal Investments LLC now owns 72,733 shares of the conglomerate’s stock valued at $9,943,000 after acquiring an additional 22,461 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Price Performance

3M stock opened at $135.97 on Friday. The stock has a market capitalization of $73.33 billion, a P/E ratio of 18.01, a P/E/G ratio of 3.30 and a beta of 1.01. The company’s fifty day moving average price is $146.37 and its 200 day moving average price is $138.40. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. 3M has a 1 year low of $90.17 and a 1 year high of $156.35.

3M (NYSE:MMM) last released its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 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 business had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $5.77 billion. During the same quarter in the previous year, the company earned $2.42 earnings per share. The company’s quarterly revenue was down 25.0% on a year-over-year basis. As a group, equities research analysts anticipate that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 2.15%. This is a boost from 3M’s previous quarterly dividend of $0.70. The ex-dividend date was Friday, February 14th. 3M’s payout ratio is presently 38.68%.

Analyst Upgrades and Downgrades

MMM has been the subject of a number of recent analyst reports. Wells Fargo & Company upgraded shares of 3M from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Bank of America boosted 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. Citigroup raised their target price on 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 22nd. JPMorgan Chase & Co. dropped their price target on 3M from $165.00 to $140.00 and set an “overweight” rating on the stock in a research note on Tuesday. Finally, Barclays reduced their price objective on 3M from $165.00 to $160.00 and set an “overweight” rating for the company in a research note on Thursday. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, 3M presently has an average rating of “Moderate Buy” and an average price target of $147.13.

Insider Activity at 3M

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

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.