Jackson Square Capital LLC Boosts Stock Position in 3M (NYSE:MMM)

Jackson Square Capital LLC lifted its position in shares of 3M (NYSE:MMM) by 26.9% in the first quarter, HoldingsChannel.com reports. The firm owned 7,536 shares of the conglomerate’s stock after purchasing an additional 1,598 shares during the period. Jackson Square Capital LLC’s holdings in 3M were worth $1,107,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Proficio Capital Partners LLC purchased a new stake in shares of 3M during the fourth quarter worth about $26,000. REAP Financial Group LLC boosted its holdings in shares of 3M by 88.7% during the fourth 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. purchased a new stake in shares of 3M during the fourth quarter worth about $27,000. Pinney & Scofield Inc. purchased a new stake in shares of 3M during the fourth quarter worth about $28,000. Finally, Curat Global LLC purchased a new stake in shares of 3M during the first quarter worth about $29,000. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MMM has been the subject of several research analyst reports. Bank of America raised their price objective on shares of 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a report on Thursday, March 6th. Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a report on Wednesday. Citigroup raised their price objective on shares of 3M from $141.00 to $160.00 and gave the stock a “neutral” rating in a report on Friday, May 30th. JPMorgan Chase & Co. raised their price objective on shares of 3M from $140.00 to $167.00 and gave the stock an “overweight” rating in a report on Friday, May 16th. Finally, Barclays lifted their target price on shares of 3M from $160.00 to $164.00 and gave the company an “overweight” rating in a report on Wednesday, April 23rd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $155.83.

Insider Activity at 3M

In other 3M news, EVP John Patrick Banovetz sold 7,759 shares of 3M stock in a transaction that occurred on Friday, May 23rd. The shares were 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 approximately $4,654,663.64. The trade was a 19.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Zoe L. Dickson sold 7,915 shares of 3M stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the transaction, the executive vice president now owns 6,127 shares in the company, valued at $913,045.54. This represents a 56.37% decrease in their position. The disclosure for this sale can be found here. 0.48% of the stock is owned by insiders.

3M Price Performance

Shares of MMM opened at $142.17 on Friday. The company has a market capitalization of $76.51 billion, a P/E ratio of 18.83, a price-to-earnings-growth ratio of 3.30 and a beta of 1.03. 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 firm has a 50 day moving average of $142.25 and a 200 day moving average of $141.77. 3M has a twelve month low of $98.26 and a twelve month 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 for the quarter, beating the consensus estimate of $1.77 by $0.11. The company had revenue of $5.80 billion during the quarter, compared to the consensus estimate of $5.78 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. As a group, equities research analysts anticipate that 3M will post 7.8 earnings per share for the current fiscal year.

3M Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 23rd were given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 2.05%. 3M’s dividend payout ratio (DPR) is currently 36.87%.

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.