Optas LLC Acquires Shares of 1,413 3M (NYSE:MMM)

Optas LLC acquired a new stake in 3M (NYSE:MMM) during the first quarter, according to its most recent filing with the SEC. The firm acquired 1,413 shares of the conglomerate’s stock, valued at approximately $208,000.

Other large investors have also made changes to their positions in the company. Brighton Jones LLC lifted its holdings in shares of 3M by 10.7% during the 1st quarter. Brighton Jones LLC now owns 9,847 shares of the conglomerate’s stock valued at $1,446,000 after purchasing an additional 949 shares in the last quarter. Exchange Traded Concepts LLC raised its holdings in shares of 3M by 13.6% during the first quarter. Exchange Traded Concepts LLC now owns 85,847 shares of the conglomerate’s stock worth $12,607,000 after acquiring an additional 10,268 shares during the period. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH increased its holdings in 3M by 4,540.6% during the 1st quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 71,279 shares of the conglomerate’s stock worth $10,468,000 after purchasing an additional 69,743 shares in the last quarter. Sound Income Strategies LLC raised its stake in shares of 3M by 33.1% in the 1st quarter. Sound Income Strategies LLC now owns 4,403 shares of the conglomerate’s stock valued at $647,000 after purchasing an additional 1,094 shares during the period. Finally, Ritholtz Wealth Management lifted its holdings in shares of 3M by 15.5% in the first quarter. Ritholtz Wealth Management now owns 11,187 shares of the conglomerate’s stock valued at $1,643,000 after purchasing an additional 1,498 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on MMM. Royal Bank of Canada boosted their price target on 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a research report on Wednesday, April 23rd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a report on Wednesday, June 11th. Barclays lifted their price target on 3M from $160.00 to $164.00 and gave the stock an “overweight” rating in a report on Wednesday, April 23rd. 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, March 6th. Finally, JPMorgan Chase & Co. increased their price objective on shares of 3M from $140.00 to $167.00 and gave the company an “overweight” rating in a research report on Friday, May 16th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, 3M currently has a consensus rating of “Moderate Buy” and an average target price of $155.83.

3M Stock Up 1.9%

MMM opened at $145.04 on Tuesday. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. The business’s fifty day simple moving average is $142.60 and its 200 day simple moving average is $141.98. 3M has a 52 week low of $98.26 and a 52 week high of $156.35. The stock has a market cap of $78.06 billion, a PE ratio of 19.21, a P/E/G ratio of 3.30 and a beta of 1.03.

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

3M Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 23rd were paid a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 2.01%. 3M’s payout ratio is currently 36.87%.

Insiders Place Their Bets

In other news, EVP John Patrick Banovetz sold 7,759 shares of the 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 directly owns 31,372 shares of the company’s stock, valued at $4,654,663.64. This represents a 19.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Zoe L. Dickson sold 7,915 shares of the business’s stock in a transaction that occurred 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 transaction, the executive vice president now owns 6,127 shares of the company’s stock, valued at approximately $913,045.54. This trade represents a 56.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.34% 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.