RiverFront Investment Group LLC Purchases 914 Shares of 3M Company $MMM

RiverFront Investment Group LLC grew its holdings in 3M Company (NYSE:MMM) by 10.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,796 shares of the conglomerate’s stock after purchasing an additional 914 shares during the period. RiverFront Investment Group LLC’s holdings in 3M were worth $1,491,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the company. Nippon Life Global Investors Americas Inc. boosted its position in 3M by 1.8% during the first quarter. Nippon Life Global Investors Americas Inc. now owns 429,850 shares of the conglomerate’s stock valued at $63,128,000 after purchasing an additional 7,620 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in 3M by 15.8% in the 2nd quarter. Farther Finance Advisors LLC now owns 12,137 shares of the conglomerate’s stock worth $1,848,000 after buying an additional 1,652 shares during the period. OVERSEA CHINESE BANKING Corp Ltd lifted its stake in 3M by 12.0% during the 2nd quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 40,875 shares of the conglomerate’s stock valued at $6,218,000 after acquiring an additional 4,384 shares during the period. Aegis Wealth Management LLC boosted its holdings in shares of 3M by 50.8% in the 1st quarter. Aegis Wealth Management LLC now owns 13,101 shares of the conglomerate’s stock valued at $1,924,000 after acquiring an additional 4,411 shares during the last quarter. Finally, Zurich Insurance Group Ltd FI acquired a new stake in shares of 3M in the first quarter worth $68,822,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Insiders Place Their Bets

In other 3M news, EVP Mark W. Murphy sold 19,061 shares of 3M stock in a transaction dated Wednesday, October 29th. The stock was sold at an average price of $166.55, for a total value of $3,174,609.55. Following the completion of the transaction, the executive vice president directly owned 6,594 shares of the company’s stock, valued at $1,098,230.70. The trade was a 74.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Zoe L. Dickson sold 13,826 shares of the stock in a transaction dated Thursday, November 13th. The stock was sold at an average price of $169.78, for a total transaction of $2,347,378.28. Following the sale, the executive vice president directly owned 6,162 shares in the company, valued at $1,046,184.36. This represents a 69.17% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 46,516 shares of company stock valued at $7,836,465 over the last ninety days. Insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on MMM shares. JPMorgan Chase & Co. boosted their target price on shares of 3M from $175.00 to $178.00 and gave the company an “overweight” rating in a research report on Wednesday, October 15th. Wolfe Research raised their price objective on shares of 3M from $187.00 to $197.00 and gave the stock an “outperform” rating in a research note on Thursday, November 13th. Barclays lifted their price target on 3M from $172.00 to $180.00 and gave the company an “overweight” rating in a research note on Wednesday, October 22nd. Royal Bank Of Canada boosted their price target on shares of 3M from $120.00 to $130.00 and gave the stock an “underperform” rating in a report on Wednesday, October 22nd. Finally, Citigroup boosted their price objective on 3M from $160.00 to $169.00 and gave the stock a “neutral” rating in a research note on Thursday, October 9th. Eight equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $175.10.

3M Trading Up 1.1%

NYSE MMM opened at $171.46 on Wednesday. The company has a debt-to-equity ratio of 2.54, a current ratio of 1.84 and a quick ratio of 1.40. The stock has a market capitalization of $91.08 billion, a P/E ratio of 27.39, a PEG ratio of 2.90 and a beta of 1.06. The firm’s 50-day moving average is $160.83 and its two-hundred day moving average is $154.88. 3M Company has a 12 month low of $121.98 and a 12 month high of $172.85.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, February 21st. The conglomerate reported $2.45 earnings per share (EPS) for the quarter. 3M had a net margin of 13.70% and a return on equity of 98.47%. The business had revenue of $8.38 billion for the quarter. On average, sell-side analysts anticipate that 3M Company will post 7.8 earnings per share for the current year.

3M Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 12th. Stockholders of record on Friday, November 14th will be given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Friday, November 14th. 3M’s dividend payout ratio (DPR) is currently 46.65%.

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.