WealthPLAN Partners LLC boosted its position in 3M Co (NYSE:MMM) by 34.6% during the first quarter, Holdings Channel reports. The fund owned 10,011 shares of the conglomerate’s stock after purchasing an additional 2,576 shares during the quarter. WealthPLAN Partners LLC’s holdings in 3M were worth $2,198,000 at the end of the most recent quarter.
A number of other institutional investors have also recently modified their holdings of MMM. Old Mutual Global Investors UK Ltd. boosted its holdings in 3M by 2,723.3% in the first quarter. Old Mutual Global Investors UK Ltd. now owns 1,071,810 shares of the conglomerate’s stock valued at $235,283,000 after acquiring an additional 1,033,847 shares during the last quarter. Amundi Pioneer Asset Management Inc. acquired a new position in 3M in the fourth quarter valued at $166,718,000. BlackRock Inc. boosted its holdings in 3M by 1.4% in the fourth quarter. BlackRock Inc. now owns 38,828,584 shares of the conglomerate’s stock valued at $9,139,087,000 after acquiring an additional 521,880 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its holdings in 3M by 14.9% in the first quarter. Schwab Charles Investment Management Inc. now owns 3,644,386 shares of the conglomerate’s stock valued at $800,016,000 after acquiring an additional 473,250 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in 3M by 5.1% in the fourth quarter. Geode Capital Management LLC now owns 6,901,534 shares of the conglomerate’s stock valued at $1,621,309,000 after acquiring an additional 332,651 shares during the last quarter. Hedge funds and other institutional investors own 65.62% of the company’s stock.
Shares of 3M traded up $1.03, hitting $205.92, during trading on Thursday, MarketBeat Ratings reports. The company’s stock had a trading volume of 17,573 shares, compared to its average volume of 2,785,543. The company has a debt-to-equity ratio of 1.11, a quick ratio of 1.17 and a current ratio of 1.65. 3M Co has a fifty-two week low of $191.44 and a fifty-two week high of $259.77. The stock has a market cap of $121.78 billion, a price-to-earnings ratio of 22.48, a price-to-earnings-growth ratio of 1.94 and a beta of 1.16.
3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, April 24th. The conglomerate reported $2.50 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $2.50. 3M had a return on equity of 50.11% and a net margin of 12.83%. The business had revenue of $8.28 billion for the quarter, compared to analysts’ expectations of $8.21 billion. During the same quarter in the previous year, the firm posted $2.16 earnings per share. The company’s revenue was up 7.7% compared to the same quarter last year. equities research analysts predict that 3M Co will post 10.4 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 12th. Investors of record on Friday, May 18th were paid a $1.36 dividend. This represents a $5.44 annualized dividend and a dividend yield of 2.64%. The ex-dividend date was Thursday, May 17th. 3M’s dividend payout ratio (DPR) is 59.32%.
A number of research analysts recently weighed in on MMM shares. Barclays started coverage on 3M in a report on Thursday, February 15th. They issued an “underweight” rating and a $235.00 target price on the stock. Vetr cut 3M from a “buy” rating to a “hold” rating and set a $251.35 target price on the stock. in a report on Tuesday, February 27th. ValuEngine cut 3M from a “buy” rating to a “hold” rating in a research note on Friday, March 23rd. Citigroup set a $284.00 price objective on 3M and gave the stock a “buy” rating in a research note on Saturday, March 24th. Finally, Zacks Investment Research cut 3M from a “buy” rating to a “hold” rating in a research note on Wednesday, March 28th. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $240.65.
3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.
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