Legacy Advisors LLC Acquires 197 Shares of 3M Company (NYSE:MMM)

Legacy Advisors LLC lifted its holdings in 3M Company (NYSE:MMM) by 9.2% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 2,348 shares of the conglomerate’s stock after purchasing an additional 197 shares during the quarter. Legacy Advisors LLC’s holdings in 3M were worth $345,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the business. Norges Bank bought a new stake in 3M during the 4th quarter worth about $636,767,000. Invesco Ltd. raised its holdings in 3M by 51.6% during the 4th quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate’s stock worth $576,845,000 after purchasing an additional 1,520,619 shares during the last quarter. D1 Capital Partners L.P. bought a new stake in 3M during the 4th quarter worth about $175,110,000. Capital World Investors raised its holdings in 3M by 25.4% during the 4th quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate’s stock worth $794,410,000 after purchasing an additional 1,248,093 shares during the last quarter. Finally, Amundi raised its holdings in 3M by 55.7% during the 4th quarter. Amundi now owns 2,511,095 shares of the conglomerate’s stock worth $337,815,000 after purchasing an additional 898,244 shares during the last quarter. 65.25% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on MMM. Barclays boosted their price objective on 3M from $160.00 to $164.00 and gave the stock an “overweight” rating in a report on Wednesday, April 23rd. JPMorgan Chase & Co. boosted their price objective on 3M from $140.00 to $167.00 and gave the stock an “overweight” rating in a report on Friday, May 16th. Bank of America boosted their price objective on 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a report on Thursday, March 6th. Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a report on Wednesday, June 11th. Finally, Citigroup boosted their price objective on 3M from $141.00 to $160.00 and gave the stock a “neutral” rating in a report on Friday, May 30th. Two analysts have rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $155.83.

3M Price Performance

3M stock opened at $147.75 on Thursday. The firm has a market capitalization of $79.52 billion, a P/E ratio of 18.66, a PEG ratio of 3.11 and a beta of 1.03. 3M Company has a 1 year low of $98.26 and a 1 year high of $156.35. The business has a 50-day moving average of $143.97 and a 200-day moving average of $142.48. The company has a current ratio of 1.66, a quick ratio of 1.25 and a debt-to-equity ratio of 2.72.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.77 by $0.11. 3M had a return on equity of 96.19% and a net margin of 17.79%. The business had revenue of $5.80 billion during the quarter, compared to analyst estimates of $5.78 billion. On average, equities analysts anticipate that 3M Company will post 7.8 EPS for the current year.

3M Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 23rd were given a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 1.98%. 3M’s dividend payout ratio is presently 36.87%.

Insider Activity at 3M

In related news, EVP John Patrick Banovetz sold 7,759 shares of the business’s stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $148.37, for a total value of $1,151,202.83. Following the completion of the transaction, the executive vice president now directly owns 31,372 shares in the company, valued at approximately $4,654,663.64. The trade was a 19.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Zoe L. Dickson sold 7,915 shares of the business’s stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $149.02, for a total value of $1,179,493.30. Following the completion of the transaction, the executive vice president now owns 6,127 shares of the company’s stock, valued at $913,045.54. This represents a 56.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is owned by insiders.

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.