Procyon Advisors LLC Invests $266,000 in 3M (NYSE:MMM)

Procyon Advisors LLC acquired a new position in 3M (NYSE:MMM) during the 1st quarter, Holdings Channel.com reports. The institutional investor acquired 1,811 shares of the conglomerate’s stock, valued at approximately $266,000.

Several other hedge funds also recently made changes to their positions in the business. Geode Capital Management LLC increased its position in 3M by 2.5% during the fourth quarter. Geode Capital Management LLC now owns 11,574,414 shares of the conglomerate’s stock worth $1,493,655,000 after acquiring an additional 280,048 shares during the period. Northern Trust Corp increased its holdings in 3M by 12.6% in the 4th quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate’s stock valued at $871,738,000 after buying an additional 755,155 shares during the period. Capital World Investors increased its holdings in 3M by 25.4% in the 4th quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate’s stock valued at $794,410,000 after buying an additional 1,248,093 shares during the period. Bank of New York Mellon Corp increased its holdings in 3M by 9.2% in the 4th quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate’s stock valued at $734,456,000 after buying an additional 479,621 shares during the period. Finally, Norges Bank bought a new stake in 3M in the 4th quarter valued at $636,767,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Trading Down 0.9%

Shares of 3M stock opened at $144.24 on Tuesday. The stock has a fifty day simple moving average of $141.11 and a 200 day simple moving average of $141.55. 3M has a 12-month low of $98.26 and a 12-month high of $156.35. The company has a market capitalization of $77.63 billion, a P/E ratio of 19.10, a price-to-earnings-growth ratio of 3.30 and a beta of 1.03. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.77 by $0.11. The firm had revenue of $5.80 billion during the quarter, compared to the consensus estimate of $5.78 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. On average, sell-side analysts anticipate that 3M will post 7.8 earnings per share for the current fiscal year.

3M Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd will be paid a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 2.02%. 3M’s payout ratio is 36.87%.

Insider Transactions at 3M

In other 3M news, EVP Zoe L. Dickson sold 7,915 shares of the firm’s stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $149.02, for a total value of $1,179,493.30. Following the sale, the executive vice president now owns 6,127 shares of the company’s stock, valued at $913,045.54. This trade represents a 56.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP John Patrick Banovetz sold 7,759 shares of the business’s stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $148.37, for a total value of $1,151,202.83. Following the completion of the sale, the executive vice president now owns 31,372 shares of the company’s stock, valued at $4,654,663.64. The trade was a 19.83% decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is owned by corporate insiders.

Analyst Ratings Changes

MMM has been the topic of several analyst reports. Barclays boosted their price target on shares of 3M from $160.00 to $164.00 and gave the company an “overweight” rating in a report on Wednesday, April 23rd. Citigroup upped their target price on shares of 3M from $141.00 to $160.00 and gave the stock a “neutral” rating in a report on Friday, May 30th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a report on Saturday, May 24th. Bank of America upped their price target on shares of 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research report on Thursday, March 6th. Finally, JPMorgan Chase & Co. upped their price target on shares of 3M from $140.00 to $167.00 and gave the stock an “overweight” rating in a research report on Friday, May 16th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $153.46.

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.