3,295 Shares of 3M Company $MMM Bought by M Holdings Securities Inc.
by Teresa Graham · The Cerbat GemM Holdings Securities Inc. acquired a new position in shares of 3M Company (NYSE:MMM – Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 3,295 shares of the conglomerate’s stock, valued at approximately $557,000.
Other institutional investors also recently modified their holdings of the company. Engineers Gate Manager LP boosted its stake in 3M by 74.0% in the second quarter. Engineers Gate Manager LP now owns 287,652 shares of the conglomerate’s stock worth $46,574,000 after purchasing an additional 122,368 shares in the last quarter. North Star Asset Management Inc. acquired a new stake in shares of 3M in the second quarter valued at $1,424,000. B.A. Schrock Wealth Management Inc. bought a new position in shares of 3M in the third quarter valued at about $1,770,000. Moore Capital Management LP bought a new position in shares of 3M in the second quarter valued at about $7,948,000. Finally, Amundi raised its holdings in shares of 3M by 67.0% in the second quarter. Amundi now owns 4,536,148 shares of the conglomerate’s stock valued at $734,448,000 after buying an additional 1,819,178 shares during the last quarter. Institutional investors own 65.25% of the company’s stock.
Analyst Ratings Changes
A number of equities research analysts have commented on MMM shares. Argus assumed coverage on shares of 3M in a report on Wednesday, November 4th. They set a “strong-buy” rating on the stock. Wells Fargo & Company started coverage on shares of 3M in a research report on Thursday, September 24th. They set an “equal weight” rating and a $195.00 target price on the stock. UBS Group set a $230.00 price target on shares of 3M in a research note on Wednesday, November 4th. Raymond James Financial reissued a “market perform” rating on shares of 3M in a report on Wednesday, October 21st. Finally, Royal Bank Of Canada raised their price target on shares of 3M from $132.00 to $135.00 and gave the company an “underperform” rating in a report on Wednesday, October 21st. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $190.07.
3M Stock Performance
3M stock opened at $189.58 on Wednesday. The company has a market cap of $97.96 billion, a PE ratio of 28.25, a PEG ratio of 2.46 and a beta of 1.01. The company has a current ratio of 1.41, a quick ratio of 1.06 and a debt-to-equity ratio of 3.01. 3M Company has a 1 year low of $139.34 and a 1 year high of $196.90. The company’s 50-day moving average is $169.60 and its two-hundred day moving average is $162.10.
3M (NYSE:MMM – Get Free Report) last issued its quarterly earnings results on Tuesday, October 20th. The conglomerate reported $2.50 EPS for the quarter, topping the consensus estimate of $2.38 by $0.12. The company had revenue of $6.60 billion during the quarter, compared to analysts’ expectations of $6.61 billion. 3M had a net margin of 14.01% and a return on equity of 123.11%. 3M’s revenue was up 1.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.19 EPS. Equities analysts anticipate that 3M Company will post 9.14 earnings per share for the current year.
3M Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be paid a $0.78 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $3.12 dividend on an annualized basis and a yield of 1.6%. 3M’s dividend payout ratio (DPR) is presently 46.50%.
3M announced that its board has approved a share repurchase program on Wednesday, November 4th that allows the company to repurchase $6 billion in outstanding shares. This buyback authorization allows the conglomerate to purchase up to 6.6% of its stock through open market purchases. Share buyback programs are generally a sign that the company’s board believes its stock is undervalued.
3M Company Profile
3M is a diversified science and manufacturing company that develops products for businesses and consumers. Its offerings include workplace safety equipment, adhesives and abrasives, filtration materials, automotive and electronics components, and home and office products such as Post-it Notes and Scotch brand tapes. Founded in 1902 as the Minnesota Mining and Manufacturing Company, 3M began as a mining venture before expanding into materials science and industrial manufacturing. The company adopted the name 3M in 2002 and is headquartered in St. Paul, Minnesota.
Featured Stories
- Five stocks we like better than 3M
- Why Kinder Morgan’s Chairman Just Bought $15 Million in Stock
- Rocket Lab’s Record Backlog Could Fuel a Rebound, But Neutron Raises the Stakes
- Don’t Let Their Low Yields Fool You: 3 Dividend Stocks Worth Watching
- A $4 Billion Jolt: NRG Energy Powers Data Center Ambitions
Want to see what other hedge funds are holding MMM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 3M Company (NYSE:MMM – Free Report).