Good Life Advisors LLC raised its position in shares of 3M Co (NYSE:MMM) by 27.6% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 2,136 shares of the conglomerate’s stock after purchasing an additional 462 shares during the quarter. Good Life Advisors LLC’s holdings in 3M were worth $515,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in MMM. APG Asset Management N.V. grew its holdings in shares of 3M by 128.1% during the fourth quarter. APG Asset Management N.V. now owns 1,427,350 shares of the conglomerate’s stock valued at $279,776,000 after purchasing an additional 801,639 shares during the last quarter. BlackRock Inc. grew its holdings in shares of 3M by 1.4% during the fourth quarter. BlackRock Inc. now owns 38,828,584 shares of the conglomerate’s stock valued at $9,139,087,000 after purchasing an additional 521,880 shares during the last quarter. Bank of Montreal Can grew its holdings in shares of 3M by 38.9% during the fourth quarter. Bank of Montreal Can now owns 930,370 shares of the conglomerate’s stock valued at $218,981,000 after purchasing an additional 260,349 shares during the last quarter. Teacher Retirement System of Texas grew its holdings in shares of 3M by 229.3% during the fourth quarter. Teacher Retirement System of Texas now owns 363,943 shares of the conglomerate’s stock valued at $85,661,000 after purchasing an additional 253,420 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of 3M by 8.6% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,024,371 shares of the conglomerate’s stock valued at $476,476,000 after purchasing an additional 159,668 shares during the last quarter. Hedge funds and other institutional investors own 66.85% of the company’s stock.
3M stock opened at $237.22 on Monday. 3M Co has a fifty-two week low of $188.62 and a fifty-two week high of $259.77. The stock has a market capitalization of $141,264.52, a P/E ratio of 25.87, a P/E/G ratio of 2.20 and a beta of 1.10. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.86 and a quick ratio of 1.33.
3M (NYSE:MMM) last issued its quarterly earnings data on Thursday, January 25th. The conglomerate reported $2.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.03 by $0.07. 3M had a return on equity of 48.34% and a net margin of 15.35%. The business had revenue of $7.99 billion during the quarter, compared to analyst estimates of $7.85 billion. During the same period in the prior year, the company posted $1.88 EPS. The business’s revenue for the quarter was up 9.0% compared to the same quarter last year. analysts anticipate that 3M Co will post 10.59 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 12th. Investors of record on Friday, February 16th were issued a $1.36 dividend. This represents a $5.44 dividend on an annualized basis and a yield of 2.29%. This is a positive change from 3M’s previous quarterly dividend of $0.01. The ex-dividend date was Thursday, February 15th. 3M’s dividend payout ratio is 68.69%.
MMM has been the subject of several recent research reports. Argus reaffirmed a “buy” rating on shares of 3M in a report on Friday, December 22nd. Citigroup upped their target price on 3M from $268.00 to $278.00 and gave the company a “buy” rating in a report on Tuesday, January 16th. Hilliard Lyons raised 3M from a “neutral” rating to a “buy” rating and set a $285.00 target price for the company in a report on Wednesday, January 24th. JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $221.00 target price (up from $208.00) on shares of 3M in a report on Thursday, January 18th. Finally, Zacks Investment Research raised 3M from a “hold” rating to a “buy” rating and set a $271.00 target price for the company in a report on Monday, January 15th. Four research analysts have rated the stock with a sell rating, six have given a hold rating and nine have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $254.02.
In related news, CFO Nicholas C. Gangestad sold 1,681 shares of the stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $249.76, for a total value of $419,846.56. Following the completion of the transaction, the chief financial officer now directly owns 23,562 shares of the company’s stock, valued at approximately $5,884,845.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Frank R. Jr. Little sold 3,133 shares of the stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $236.85, for a total value of $742,051.05. The disclosure for this sale can be found here. Insiders sold a total of 52,806 shares of company stock valued at $13,162,628 over the last three months. Corporate insiders own 0.58% of the company’s stock.
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3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, , appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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