QRG Capital Management Inc. Acquires 18,394 Shares of 3M Company (NYSE:MMM)

QRG Capital Management Inc. lifted its holdings in 3M Company (NYSE:MMM) by 55.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 51,750 shares of the conglomerate’s stock after purchasing an additional 18,394 shares during the quarter. QRG Capital Management Inc.’s holdings in 3M were worth $7,600,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Wayfinding Financial LLC bought a new stake in shares of 3M in the fourth quarter worth $851,000. Ensign Peak Advisors Inc lifted its position in shares of 3M by 29.2% in the fourth quarter. Ensign Peak Advisors Inc now owns 642,354 shares of the conglomerate’s stock worth $82,921,000 after purchasing an additional 145,146 shares in the last quarter. Braun Stacey Associates Inc. lifted its position in shares of 3M by 18.4% in the fourth quarter. Braun Stacey Associates Inc. now owns 142,596 shares of the conglomerate’s stock worth $18,408,000 after purchasing an additional 22,203 shares in the last quarter. Asahi Life Asset Management CO. LTD. lifted its position in shares of 3M by 34.0% in the fourth quarter. Asahi Life Asset Management CO. LTD. now owns 12,516 shares of the conglomerate’s stock worth $1,616,000 after purchasing an additional 3,173 shares in the last quarter. Finally, Allstate Corp bought a new stake in shares of 3M in the fourth quarter worth $2,101,000. Institutional investors own 65.25% of the company’s stock.

3M Stock Performance

NYSE MMM opened at $142.18 on Wednesday. The firm has a 50-day moving average of $142.68 and a 200-day moving average of $141.98. 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 stock has a market cap of $76.52 billion, a PE 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.

3M (NYSE:MMM) last posted its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.77 by $0.11. 3M had a net margin of 17.79% and a return on equity of 96.19%. The company had revenue of $5.80 billion during the quarter, compared to analysts’ expectations of $5.78 billion. On average, sell-side analysts anticipate that 3M Company will post 7.8 EPS for the current year.

3M Announces Dividend

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

Insider Buying and Selling

In related news, EVP John Patrick Banovetz sold 7,759 shares of the firm’s stock in a transaction dated Friday, May 23rd. The shares were 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 directly owns 31,372 shares of the company’s stock, valued at approximately $4,654,663.64. This trade represents a 19.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Zoe L. Dickson sold 7,915 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the executive vice president now directly owns 6,127 shares in the company, valued at approximately $913,045.54. This represents a 56.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.48% of the stock is owned by insiders.

Wall Street Analyst Weigh In

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

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.