3,386 Shares in 3M (NYSE:MMM) Purchased by Aigen Investment Management LP

Aigen Investment Management LP bought a new position in shares of 3M (NYSE:MMM) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 3,386 shares of the conglomerate’s stock, valued at approximately $437,000.

Several other institutional investors have also recently made changes to their positions in the business. Proficio Capital Partners LLC purchased a new stake in shares of 3M during the fourth quarter worth about $202,000. Assetmark Inc. grew its position in shares of 3M by 80.2% during the fourth quarter. Assetmark Inc. now owns 1,173 shares of the conglomerate’s stock worth $151,000 after purchasing an additional 522 shares in the last quarter. Snider Financial Group purchased a new stake in shares of 3M during the fourth quarter worth about $506,000. Cypress Capital Group grew its position in shares of 3M by 1.3% during the fourth quarter. Cypress Capital Group now owns 54,248 shares of the conglomerate’s stock worth $7,003,000 after purchasing an additional 688 shares in the last quarter. Finally, Victory Capital Management Inc. grew its holdings in 3M by 51.2% during the 4th quarter. Victory Capital Management Inc. now owns 609,429 shares of the conglomerate’s stock valued at $78,671,000 after buying an additional 206,398 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on MMM. Barclays raised their price target on 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. JPMorgan Chase & Co. raised their price target on 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Bank of America raised their price target on 3M from $175.00 to $179.00 and gave the company a “buy” rating in a report on Thursday. Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $140.00 to $170.00 in a report on Wednesday, January 22nd. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a report on Friday. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, 3M currently has a consensus rating of “Moderate Buy” and a consensus price target of $149.13.

3M Price Performance

Shares of MMM stock opened at $146.36 on Friday. 3M has a 52-week low of $77.91 and a 52-week high of $156.35. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. The firm has a market capitalization of $79.46 billion, a P/E ratio of 19.38, a P/E/G ratio of 3.30 and a beta of 0.97. The stock has a 50 day moving average price of $144.51 and a 200 day moving average price of $136.17.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.66 by $0.02. The firm had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. 3M’s quarterly revenue was down 25.0% compared to the same quarter last year. During the same period last year, the company earned $2.42 EPS. As a group, sell-side analysts predict that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th will be given a dividend of $0.73 per share. The ex-dividend date of this dividend is Friday, February 14th. This is a positive change from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 dividend on an annualized basis and a yield of 2.00%. 3M’s payout ratio is 38.68%.

Insider Buying and Selling at 3M

In other 3M news, CAO Theresa E. Reinseth sold 2,309 shares of 3M stock in a transaction on Friday, January 24th. The stock was sold at an average price of $149.95, for a total transaction of $346,234.55. Following the completion of the sale, the chief accounting officer now directly owns 4,417 shares of the company’s stock, valued at $662,329.15. The trade was a 34.33 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of 3M stock in a transaction on Friday, January 24th. The shares were sold at an average price of $149.43, for a total value of $944,098.74. Following the sale, the insider now directly owns 5,024 shares of the company’s stock, valued at approximately $750,736.32. This trade represents a 55.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 113,639 shares of company stock valued at $17,163,446 in the last ninety days. Corporate insiders own 0.34% of the company’s stock.

About 3M

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.