CVA Family Office LLC Raises Holdings in 3M (NYSE:MMM)

CVA Family Office LLC lifted its holdings in shares of 3M (NYSE:MMM) by 5.2% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 4,466 shares of the conglomerate’s stock after acquiring an additional 220 shares during the period. CVA Family Office LLC’s holdings in 3M were worth $656,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of MMM. Proficio Capital Partners LLC acquired a new position in 3M in the 4th quarter worth approximately $26,000. REAP Financial Group LLC grew its stake in shares of 3M by 88.7% during the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate’s stock worth $26,000 after purchasing an additional 94 shares during the period. Hazlett Burt & Watson Inc. acquired a new stake in shares of 3M during the 4th quarter worth approximately $27,000. Pinney & Scofield Inc. acquired a new stake in shares of 3M during the 4th quarter worth approximately $28,000. Finally, Curat Global LLC purchased a new position in shares of 3M during the 1st quarter valued at approximately $29,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Insider Activity

In other 3M 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 value of $1,151,202.83. Following the completion of the transaction, the executive vice president now owns 31,372 shares in the company, valued at approximately $4,654,663.64. This represents a 19.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Zoe L. Dickson sold 7,915 shares of the firm’s stock in a transaction 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 completion of the transaction, the executive vice president now owns 6,127 shares of the company’s stock, valued at approximately $913,045.54. This represents a 56.37% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.48% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on MMM shares. Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a research report on Wednesday. Royal Bank of Canada lifted their target price on shares of 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a research note on Wednesday, April 23rd. Bank of America boosted their price target on shares of 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research report on Thursday, March 6th. JPMorgan Chase & Co. boosted their price target 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. Finally, Citigroup boosted their price objective on shares of 3M from $141.00 to $160.00 and gave the company a “neutral” rating in a report on Friday, May 30th. Two analysts have rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $155.83.

3M Stock Performance

Shares of MMM opened at $142.17 on Friday. The stock has a 50 day moving average price of $142.25 and a 200 day moving average price of $141.77. 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 company has a market capitalization of $76.51 billion, a price-to-earnings ratio of 18.83, a price-to-earnings-growth ratio of 3.30 and a beta of 1.03. 3M has a 52-week low of $98.26 and a 52-week high of $156.35.

3M (NYSE:MMM) last announced its quarterly earnings results 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%. Research analysts predict that 3M will post 7.8 EPS for the current fiscal year.

3M Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were issued a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 2.05%. 3M’s payout ratio is currently 36.87%.

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.