3M (NYSE:MMM) Shares Bought by Hill City Capital LP

by · The Markets Daily

Hill City Capital LP lifted its position in shares of 3M (NYSE:MMM – Free Report) by 146.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 370,000 shares of the conglomerate’s stock after buying an additional 220,000 shares during the quarter. 3M makes up 3.3% of Hill City Capital LP’s investment portfolio, making the stock its 12th largest position. Hill City Capital LP’s holdings in 3M were worth $50,579,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. FMR LLC raised its holdings in 3M by 88.7% in the 3rd quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock valued at $1,225,087,000 after acquiring an additional 4,212,409 shares during the last quarter. International Assets Investment Management LLC grew its position in shares of 3M by 11,601.2% in the third quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock valued at $172,416,000 after purchasing an additional 1,250,491 shares during the period. Electron Capital Partners LLC acquired a new position in 3M in the second quarter valued at $76,732,000. Jennison Associates LLC acquired a new position in 3M in the third quarter valued at $82,208,000. Finally, Bank of New York Mellon Corp lifted its position in 3M by 11.8% during 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 buying an additional 533,520 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Trading Down 0.5 %

Shares of NYSE MMM opened at $132.89 on Tuesday. The stock has a market capitalization of $72.37 billion, a P/E ratio of 16.78, a PEG ratio of 2.21 and a beta of 0.95. The stock’s 50 day moving average price is $132.39 and its two-hundred day moving average price is $120.43. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. 3M has a 52-week low of $75.40 and a 52-week high of $141.34.

3M (NYSE:MMM – Get Free Report) last announced its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The firm had revenue of $6.29 billion for the quarter, compared to analysts’ expectations of $6.06 billion. During the same period last year, the business posted $2.68 earnings per share. The firm’s revenue for the quarter was down 24.3% on a year-over-year basis. On average, analysts anticipate that 3M will post 7.27 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date is Friday, November 15th. 3M’s dividend payout ratio is presently 35.35%.

Analysts Set New Price Targets

A number of research analysts have recently commented on MMM shares. Royal Bank of Canada upped their price objective on shares of 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a research note on Wednesday, October 23rd. Morgan Stanley initiated coverage on shares of 3M in a report on Friday, September 6th. They issued an “underweight” rating and a $125.00 target price for the company. Melius raised shares of 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Wells Fargo & Company boosted their price objective on shares of 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Finally, Barclays increased 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. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $144.87.

Read Our Latest Report on 3M

3M 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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