Mezzasalma Advisors LLC Takes Position in 3M Company (NYSE:MMM)

Mezzasalma Advisors LLC acquired a new position in 3M Company (NYSE:MMM) in the 1st quarter, Holdings Channel.com reports. The firm acquired 1,409 shares of the conglomerate’s stock, valued at approximately $207,000.

A number of other institutional investors also recently bought and sold shares of the stock. Norges Bank bought a new stake in 3M during the fourth quarter valued at about $636,767,000. Invesco Ltd. raised its stake in shares of 3M by 51.6% in the fourth quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate’s stock worth $576,845,000 after buying an additional 1,520,619 shares during the period. D1 Capital Partners L.P. purchased a new position in shares of 3M during the 4th quarter valued at about $175,110,000. Capital World Investors grew its stake in shares of 3M by 25.4% during the 4th quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate’s stock valued at $794,410,000 after acquiring an additional 1,248,093 shares during the period. Finally, Amundi grew its stake in shares of 3M by 55.7% during the 4th quarter. Amundi now owns 2,511,095 shares of the conglomerate’s stock valued at $337,815,000 after acquiring an additional 898,244 shares during the period. 65.25% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

MMM has been the topic of a number of recent analyst reports. Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a research note on Wednesday, June 11th. Royal Bank Of Canada raised their price objective on shares of 3M from $98.00 to $100.00 and gave the company an “underperform” rating in a research report on Wednesday, April 23rd. JPMorgan Chase & Co. upped 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. Bank of America increased their price target on 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research note on Thursday, March 6th. Finally, Citigroup raised their price target on 3M from $141.00 to $160.00 and gave the company a “neutral” rating in a report on Friday, May 30th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $155.83.

Insiders Place Their Bets

In other 3M 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 value of $1,179,493.30. Following the completion of the transaction, the executive vice president now directly owns 6,127 shares of the company’s stock, valued at $913,045.54. This trade represents a 56.37% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP John Patrick Banovetz sold 7,759 shares of the business’s stock in a transaction dated 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 completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.48% of the company’s stock.

3M Stock Performance

Shares of NYSE MMM opened at $142.18 on Wednesday. The company has a market cap of $76.52 billion, a P/E ratio of 17.95, a P/E/G ratio of 3.01 and a beta of 1.03. 3M Company has a 52-week low of $98.26 and a 52-week high of $156.35. The company has a debt-to-equity ratio of 2.72, a quick ratio of 1.25 and a current ratio of 1.66. The firm’s fifty day moving average is $142.68 and its two-hundred day moving average is $141.98.

3M (NYSE:MMM) last issued its quarterly earnings data 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. The firm had revenue of $5.80 billion during the quarter, compared to analyst estimates of $5.78 billion. 3M had a return on equity of 96.19% and a net margin of 17.79%. As a group, analysts anticipate that 3M Company will post 7.8 EPS for the current fiscal year.

3M Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were issued a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 2.05%. 3M’s dividend payout ratio is presently 36.87%.

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.