Merit Financial Group LLC Acquires 643 Shares of 3M (NYSE:MMM)

Merit Financial Group LLC raised its holdings in shares of 3M (NYSE:MMM) by 8.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,245 shares of the conglomerate’s stock after purchasing an additional 643 shares during the period. Merit Financial Group LLC’s holdings in 3M were worth $901,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of 3M by 15.4% in the 3rd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 110,988 shares of the conglomerate’s stock worth $10,391,000 after acquiring an additional 14,775 shares in the last quarter. Shoker Investment Counsel Inc. raised its position in shares of 3M by 49.7% in the 3rd quarter. Shoker Investment Counsel Inc. now owns 16,747 shares of the conglomerate’s stock worth $1,568,000 after acquiring an additional 5,561 shares in the last quarter. MWA Asset Management bought a new position in shares of 3M in the 4th quarter worth approximately $1,723,000. Diversified Trust Co increased its position in 3M by 1.4% during the 4th quarter. Diversified Trust Co now owns 18,487 shares of the conglomerate’s stock valued at $2,021,000 after buying an additional 263 shares in the last quarter. Finally, Canada Pension Plan Investment Board purchased a new stake in 3M during the 3rd quarter valued at $11,908,000. Institutional investors own 65.25% of the company’s stock.

Insider Buying and Selling at 3M

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total transaction of $39,328.32. Following the sale, the insider now directly owns 3,966 shares of the company’s stock, valued at $366,141.12. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.38% of the company’s stock.

3M Price Performance

Shares of 3M stock opened at $97.15 on Monday. 3M has a one year low of $71.12 and a one year high of $99.70. The stock’s fifty day moving average is $96.14 and its 200 day moving average is $97.71. The stock has a market cap of $53.76 billion, a P/E ratio of -7.64, a P/E/G ratio of 1.79 and a beta of 1.00. The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.27 and a current ratio of 1.64.

3M (NYSE:MMM) last announced its earnings results on Tuesday, April 30th. The conglomerate reported $2.39 EPS for the quarter, topping analysts’ consensus estimates of $2.10 by $0.29. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. The company had revenue of $8 billion for the quarter, compared to analysts’ expectations of $7.64 billion. During the same period last year, the firm earned $1.97 EPS. Sell-side analysts anticipate that 3M will post 7.23 earnings per share for the current year.

3M Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were issued a dividend of $1.51 per share. The ex-dividend date was Thursday, February 15th. This is a boost from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 dividend on an annualized basis and a yield of 6.22%. 3M’s dividend payout ratio (DPR) is currently -47.48%.

Analyst Upgrades and Downgrades

Several analysts have commented on MMM shares. StockNews.com upgraded 3M from a “buy” rating to a “strong-buy” rating in a research note on Thursday, April 25th. JPMorgan Chase & Co. upgraded 3M from a “neutral” rating to an “overweight” rating and increased their target price for the company from $110.00 to $111.00 in a research note on Wednesday, May 1st. Citigroup increased their target price on 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. Royal Bank of Canada increased their target price on 3M from $78.00 to $87.00 and gave the company an “underperform” rating in a research note on Wednesday, May 1st. Finally, Mizuho reiterated a “neutral” rating and set a $105.00 target price on shares of 3M in a research note on Wednesday, March 27th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, 3M has a consensus rating of “Hold” and an average price target of $103.70.

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.