Armbruster Capital Management Inc. Purchases Shares of 1,500 3M (NYSE:MMM)

Armbruster Capital Management Inc. purchased a new stake in 3M (NYSE:MMM) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 1,500 shares of the conglomerate’s stock, valued at approximately $220,000.

Several other large investors have also recently bought and sold shares of MMM. Brighton Jones LLC raised its holdings in 3M by 26.6% in the 4th quarter. Brighton Jones LLC now owns 8,898 shares of the conglomerate’s stock valued at $1,149,000 after acquiring an additional 1,872 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in shares of 3M by 14.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 209,848 shares of the conglomerate’s stock worth $27,214,000 after purchasing an additional 25,895 shares during the period. Van ECK Associates Corp increased its holdings in shares of 3M by 5.7% during the fourth quarter. Van ECK Associates Corp now owns 93,938 shares of the conglomerate’s stock worth $12,126,000 after purchasing an additional 5,026 shares during the period. Avestar Capital LLC increased its holdings in shares of 3M by 7.6% during the fourth quarter. Avestar Capital LLC now owns 2,998 shares of the conglomerate’s stock worth $387,000 after purchasing an additional 211 shares during the period. Finally, Catalyst Financial Partners LLC increased its holdings in shares of 3M by 29.2% during the fourth quarter. Catalyst Financial Partners LLC now owns 2,361 shares of the conglomerate’s stock worth $305,000 after purchasing an additional 533 shares during the period. 65.25% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. JPMorgan Chase & Co. raised their target price on shares of 3M from $140.00 to $167.00 and gave the stock an “overweight” rating in a report on Friday, May 16th. Barclays raised their target price on shares of 3M from $160.00 to $164.00 and gave the stock an “overweight” rating in a report on Wednesday, April 23rd. Royal Bank of Canada raised their target price on shares of 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a report on Wednesday, April 23rd. Bank of America increased their price target on shares of 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research report on Thursday, March 6th. Finally, Citigroup increased their price target on shares of 3M from $141.00 to $160.00 and gave the stock a “neutral” rating in a research report on Friday, May 30th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, 3M presently has a consensus rating of “Moderate Buy” and an average price target of $155.83.

3M Stock Performance

Shares of 3M stock opened at $142.17 on Friday. 3M has a fifty-two week low of $98.26 and a fifty-two week high of $156.35. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The firm has a market capitalization of $76.51 billion, a P/E ratio of 18.83, a P/E/G ratio of 3.30 and a beta of 1.03. The company’s 50 day moving average price is $142.25 and its two-hundred day moving average price is $141.77.

3M (NYSE:MMM) last issued its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, beating analysts’ consensus estimates of $1.77 by $0.11. 3M had a net margin of 15.71% and a return on equity of 100.77%. The firm had revenue of $5.80 billion for the quarter, compared to analyst estimates of $5.78 billion. On average, equities analysts forecast that 3M will post 7.8 earnings per share for the current fiscal year.

3M Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were given a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 2.05%. 3M’s dividend payout ratio is currently 36.87%.

Insider Buying and Selling at 3M

In other news, EVP Zoe L. Dickson sold 7,915 shares of 3M stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the transaction, the executive vice president now owns 6,127 shares in the company, valued at approximately $913,045.54. The trade was a 56.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP John Patrick Banovetz sold 7,759 shares of 3M stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the transaction, the executive vice president now owns 31,372 shares in the company, valued at approximately $4,654,663.64. This trade represents a 19.83% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.48% of the company’s stock.

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.