3M (NYSE:MMM) Position Reduced by Investors Research Corp

by · The Cerbat Gem

Investors Research Corp decreased its stake in shares of 3M (NYSE:MMM – Free Report) by 4.7% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 10,290 shares of the conglomerate’s stock after selling 509 shares during the period. Investors Research Corp’s holdings in 3M were worth $1,407,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bank of New York Mellon Corp lifted its holdings in 3M by 11.8% in the second quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock worth $517,617,000 after acquiring an additional 533,520 shares during the last quarter. Pacer Advisors Inc. boosted its position in 3M by 2.0% during the 2nd quarter. Pacer Advisors Inc. now owns 4,952,878 shares of the conglomerate’s stock valued at $506,135,000 after purchasing an additional 97,340 shares during the period. AQR Capital Management LLC grew its stake in 3M by 18.6% during the 2nd quarter. AQR Capital Management LLC now owns 2,531,422 shares of the conglomerate’s stock worth $258,686,000 after buying an additional 396,773 shares during the last quarter. Dimensional Fund Advisors LP increased its position in 3M by 0.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,940,202 shares of the conglomerate’s stock worth $198,298,000 after buying an additional 11,315 shares during the period. Finally, Capital World Investors bought a new stake in 3M in the first quarter valued at $165,986,000. 65.25% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on MMM. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $130.00 to $184.00 in a report on Wednesday, November 13th. Morgan Stanley began coverage on 3M in a report on Friday, September 6th. They issued an “underweight” rating and a $125.00 price objective for the company. Barclays upped their target price on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Bank of America boosted their price objective on 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Finally, Wells Fargo & Company raised their target price on 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $144.87.

Read Our Latest Research Report on MMM

3M Stock Down 0.5 %

Shares of NYSE:MMM traded down $0.68 during midday trading on Thursday, hitting $127.16. 635,498 shares of the stock were exchanged, compared to its average volume of 4,790,409. 3M has a 52-week low of $75.40 and a 52-week high of $141.34. The business’s fifty day simple moving average is $132.75 and its two-hundred day simple moving average is $118.67. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. The company has a market capitalization of $69.25 billion, a PE ratio of 16.14, a P/E/G ratio of 2.12 and a beta of 0.95.

3M (NYSE:MMM – Get Free Report) last announced its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. The company had revenue of $6.29 billion during the quarter, compared to analysts’ expectations of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. The business’s quarterly revenue was down 24.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.68 earnings per share. As a group, research analysts predict that 3M will post 7.27 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be given a dividend of $0.70 per share. The ex-dividend date is Friday, November 15th. This represents a $2.80 annualized dividend and a dividend yield of 2.20%. 3M’s dividend payout ratio (DPR) is currently 35.35%.

3M Company Profile

(Free Report)

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.

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