ING Groep NV Grows Stock Position in 3M (NYSE:MMM)

by · The Markets Daily

ING Groep NV grew its position in shares of 3M (NYSE:MMM – Free Report) by 115.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 209,973 shares of the conglomerate’s stock after buying an additional 112,511 shares during the period. ING Groep NV’s holdings in 3M were worth $28,703,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Capital World Investors bought a new position in 3M during the first quarter worth about $165,986,000. International Assets Investment Management LLC lifted its stake in shares of 3M by 11,601.2% during the 3rd quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock valued at $172,416,000 after buying an additional 1,250,491 shares in the last quarter. National Bank of Canada FI lifted its stake in shares of 3M by 218.3% during the 1st quarter. National Bank of Canada FI now owns 1,489,351 shares of the conglomerate’s stock valued at $147,344,000 after buying an additional 1,021,440 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in 3M by 1,015.6% in the 1st quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate’s stock worth $94,247,000 after buying an additional 808,914 shares during the period. Finally, Electron Capital Partners LLC bought a new stake in 3M during the 2nd quarter valued at $76,732,000. Institutional investors own 65.25% of the company’s stock.

Analyst Upgrades and Downgrades

MMM has been the subject of a number of analyst reports. Mizuho raised their price target on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Morgan Stanley initiated coverage on 3M in a research note on Friday, September 6th. They issued an “underweight” rating and a $125.00 target price for the company. UBS Group raised 3M from a “neutral” rating to a “buy” rating and lifted their target price for the company from $130.00 to $184.00 in a report on Wednesday. Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and upped their target price for the stock from $110.00 to $150.00 in a research note on Monday, July 29th. Finally, Wells Fargo & Company lifted their price target on 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, 3M has an average rating of “Moderate Buy” and a consensus target price of $144.87.

Get Our Latest Analysis on MMM

3M Price Performance

Shares of MMM stock traded up $1.76 during trading hours on Thursday, hitting $133.21. 566,454 shares of the company’s stock were exchanged, compared to its average volume of 4,849,468. The business’s 50 day simple moving average is $132.76 and its 200-day simple moving average is $117.50. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. 3M has a 12-month low of $75.40 and a 12-month high of $141.34. The company has a market capitalization of $72.54 billion, a PE ratio of 16.60, a PEG ratio of 2.16 and a beta of 0.95.

3M (NYSE:MMM – Get Free Report) last posted its quarterly earnings results 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. The business had revenue of $6.29 billion for the quarter, compared to analyst estimates of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. 3M’s revenue for the quarter was down 24.3% compared to the same quarter last year. During the same period last year, the company earned $2.68 EPS. On average, equities research analysts anticipate that 3M will post 7.27 earnings per share for the current year.

3M Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders 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 yield of 2.10%. 3M’s payout ratio is currently 35.35%.

About 3M

(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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