3M Company (NYSE:MMM) Shares Purchased by Penobscot Investment Management Company Inc.

Penobscot Investment Management Company Inc. increased its position in shares of 3M Company (NYSE:MMM) by 5.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 13,196 shares of the conglomerate’s stock after acquiring an additional 663 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in 3M were worth $1,938,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of MMM. Proficio Capital Partners LLC acquired a new stake in 3M during the fourth quarter worth approximately $26,000. REAP Financial Group LLC boosted its position in 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 acquiring an additional 94 shares during the last quarter. Hazlett Burt & Watson Inc. acquired a new stake in 3M during the fourth quarter worth approximately $27,000. Pinney & Scofield Inc. purchased a new position in 3M during the fourth quarter worth approximately $28,000. Finally, Curat Global LLC purchased a new position in 3M during the first quarter worth approximately $29,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

Insider Buying and Selling

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

3M Stock Performance

Shares of MMM stock opened at $147.75 on Thursday. The company’s fifty day simple moving average is $143.97 and its 200-day simple moving average is $142.48. 3M Company has a 52 week low of $98.26 and a 52 week high of $156.35. The company has a current ratio of 1.66, a quick ratio of 1.25 and a debt-to-equity ratio of 2.72. The company has a market cap of $79.52 billion, a PE ratio of 18.66, a P/E/G ratio of 3.11 and a beta of 1.03.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.77 by $0.11. 3M had a net margin of 17.79% and a return on equity of 96.19%. The firm had revenue of $5.80 billion for the quarter, compared to the consensus estimate of $5.78 billion. As a group, equities research analysts anticipate that 3M Company will post 7.8 EPS for the current year.

3M Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 23rd were paid a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 1.98%. 3M’s dividend payout ratio (DPR) is 36.87%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Barclays increased their price target on shares of 3M from $160.00 to $164.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 23rd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a research note on Wednesday, June 11th. JPMorgan Chase & Co. increased their price target on shares of 3M from $140.00 to $167.00 and gave the stock an “overweight” rating in a research note on Friday, May 16th. Royal Bank Of Canada increased their price target 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. Finally, Citigroup increased their price target on shares of 3M from $141.00 to $160.00 and gave the stock a “neutral” rating in a research note on Friday, May 30th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $155.83.

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.