2,998 Shares in 3M (NYSE:MMM) Purchased by Steele Capital Management Inc.

Steele Capital Management Inc. bought a new stake in shares of 3M (NYSE:MMM) in the 4th quarter, Holdings Channel reports. The firm bought 2,998 shares of the conglomerate’s stock, valued at approximately $328,000.

A number of other large investors have also added to or reduced their stakes in the stock. Crew Capital Management Ltd. bought a new position in shares of 3M during the fourth quarter valued at $287,000. Choreo LLC grew its position in 3M by 7.9% during the 4th quarter. Choreo LLC now owns 53,854 shares of the conglomerate’s stock valued at $5,887,000 after purchasing an additional 3,927 shares during the last quarter. Mather Group LLC. increased its stake in 3M by 5.0% during the 4th quarter. Mather Group LLC. now owns 127,333 shares of the conglomerate’s stock valued at $13,920,000 after purchasing an additional 6,021 shares in the last quarter. Gilbert & Cook Inc. purchased a new position in 3M in the fourth quarter worth about $481,000. Finally, Marco Investment Management LLC bought a new position in shares of 3M in the fourth quarter worth approximately $248,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Insider Activity

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total transaction of $39,328.32. Following the transaction, the insider now directly owns 3,966 shares in the company, valued at $366,141.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.38% of the company’s stock.

3M Stock Performance

Shares of MMM traded up $4.43 on Tuesday, reaching $96.59. The company’s stock had a trading volume of 6,791,955 shares, compared to its average volume of 5,727,708. The stock’s 50 day simple moving average is $95.73 and its two-hundred day simple moving average is $97.49. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.07 and a quick ratio of 0.76. The stock has a market capitalization of $53.45 billion, a P/E ratio of -7.67, a PEG ratio of 1.74 and a beta of 1.02. 3M has a 12-month low of $71.12 and a 12-month high of $97.84.

3M Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were paid a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a dividend yield of 6.25%. The ex-dividend date of this dividend was Thursday, February 15th. This is a boost from 3M’s previous quarterly dividend of $1.50. 3M’s dividend payout ratio (DPR) is currently -47.82%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Wells Fargo & Company decreased their price objective on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a report on Wednesday, January 24th. JPMorgan Chase & Co. lowered their price target on 3M from $118.00 to $110.00 and set a “neutral” rating on the stock in a report on Wednesday, April 17th. Royal Bank of Canada decreased their target price on 3M from $84.00 to $78.00 and set an “underperform” rating for the company in a research report on Tuesday, April 2nd. Bank of America dropped their price target on shares of 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a report on Tuesday, April 2nd. Finally, StockNews.com raised shares of 3M from a “buy” rating to a “strong-buy” rating in a report on Thursday, April 25th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, 3M presently has a consensus rating of “Hold” and an average price target of $104.00.

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.