Cadent Capital Advisors LLC Acquires Shares of 6,592 3M Company (NYSE:MMM)

Cadent Capital Advisors LLC bought a new position in 3M Company (NYSE:MMM) in the first quarter, HoldingsChannel.com reports. The fund bought 6,592 shares of the conglomerate’s stock, valued at approximately $968,000.

Other large investors also recently modified their holdings of the company. Norges Bank acquired a new stake in shares of 3M in the fourth quarter valued at approximately $636,767,000. Invesco Ltd. lifted 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 buying an additional 1,520,619 shares in the last quarter. D1 Capital Partners L.P. bought a new position in 3M in the 4th quarter valued at $175,110,000. Capital World Investors increased its stake in shares of 3M by 25.4% in the 4th quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate’s stock valued at $794,410,000 after buying an additional 1,248,093 shares during the period. Finally, Amundi raised its position in shares of 3M by 55.7% during the fourth quarter. Amundi now owns 2,511,095 shares of the conglomerate’s stock worth $337,815,000 after acquiring an additional 898,244 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Stock Down 2.0%

Shares of NYSE:MMM opened at $142.18 on Wednesday. The company has a 50 day moving average price of $142.68 and a two-hundred day moving average price 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 company has a market capitalization of $76.52 billion, a PE ratio of 17.95, a PEG 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 released its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, beating analysts’ consensus estimates of $1.77 by $0.11. The business had revenue of $5.80 billion during the quarter, compared to analysts’ expectations of $5.78 billion. 3M had a net margin of 17.79% and a return on equity of 96.19%. Analysts forecast that 3M Company will post 7.8 earnings per share for the current year.

3M Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Stockholders 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 dividend yield of 2.05%. 3M’s dividend payout ratio is currently 36.87%.

Wall Street Analysts Forecast Growth

MMM has been the topic of several recent research reports. Royal Bank Of Canada raised their price target on 3M from $98.00 to $100.00 and gave the company an “underperform” rating in a report on Wednesday, April 23rd. Barclays upped their target price on shares of 3M from $160.00 to $164.00 and gave the company an “overweight” rating in a research report on Wednesday, April 23rd. Citigroup lifted 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. Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a research note on Wednesday, June 11th. Finally, Bank of America increased 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. Two 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 company. According to data from MarketBeat, 3M currently has a consensus rating of “Moderate Buy” and an average target price of $155.83.

Insider Activity

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