Shell Asset Management Co. decreased its position in shares of 3M Co (NYSE:MMM) by 1.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 111,188 shares of the conglomerate’s stock after selling 1,476 shares during the quarter. Shell Asset Management Co.’s holdings in 3M were worth $23,428,000 at the end of the most recent reporting period.
Other large investors also recently made changes to their positions in the company. Parnassus Investments CA purchased a new position in shares of 3M in the 2nd quarter worth approximately $706,178,000. Fundsmith Equity Fund L.P. purchased a new position in 3M in the second quarter worth $668,488,000. Charles Schwab Investment Advisory Inc. purchased a new stake in 3M during the second quarter valued at about $213,286,000. Bank of New York Mellon Corp boosted its holdings in shares of 3M by 8.7% during the second quarter. Bank of New York Mellon Corp now owns 6,727,135 shares of the conglomerate’s stock worth $1,323,362,000 after purchasing an additional 537,325 shares during the period. Finally, Morgan Stanley boosted its holdings in shares of 3M by 17.3% during the second quarter. Morgan Stanley now owns 3,612,642 shares of the conglomerate’s stock worth $710,678,000 after purchasing an additional 534,001 shares during the period. 67.00% of the stock is owned by institutional investors and hedge funds.
In other 3M news, insider Eric D. Hammes sold 1,272 shares of the firm’s stock in a transaction that occurred on Monday, September 10th. The shares were sold at an average price of $216.00, for a total transaction of $274,752.00. Following the completion of the transaction, the insider now owns 5,634 shares of the company’s stock, valued at $1,216,944. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gregory R. Page bought 1,000 shares of the firm’s stock in a transaction on Friday, October 26th. The shares were acquired at an average cost of $184.50 per share, with a total value of $184,500.00. Following the purchase, the director now directly owns 1,500 shares of the company’s stock, valued at approximately $276,750. The disclosure for this purchase can be found here. 0.72% of the stock is currently owned by company insiders.
A number of analysts have recently weighed in on the stock. Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating in a report on Tuesday, September 11th. Barclays dropped their target price on shares of 3M from $195.00 to $190.00 and set an “underweight” rating for the company in a report on Monday, November 19th. Royal Bank of Canada decreased their price target on shares of 3M to $223.00 and set an “outperform” rating for the company in a research note on Wednesday, October 24th. Argus decreased their price target on shares of 3M from $240.00 to $225.00 and set a “buy” rating for the company in a research note on Wednesday, October 24th. Finally, Deutsche Bank increased their price target on shares of 3M from $210.00 to $220.00 and gave the stock a “hold” rating in a research note on Friday, September 28th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $225.16.
MMM stock opened at $202.20 on Wednesday. 3M Co has a 1 year low of $181.98 and a 1 year high of $259.77. The stock has a market capitalization of $121.07 billion, a P/E ratio of 22.05, a P/E/G ratio of 2.06 and a beta of 1.18. The company has a quick ratio of 1.36, a current ratio of 1.97 and a debt-to-equity ratio of 1.31.
3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, October 23rd. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.70 by ($0.12). 3M had a return on equity of 54.60% and a net margin of 13.79%. The company had revenue of $8.15 billion during the quarter, compared to the consensus estimate of $8.41 billion. During the same period in the previous year, the company earned $2.33 earnings per share. 3M’s quarterly revenue was down .2% on a year-over-year basis. On average, equities analysts anticipate that 3M Co will post 9.95 earnings per share for the current fiscal year.
3M declared that its Board of Directors has authorized a share buyback plan on Tuesday, November 13th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the conglomerate to buy up to 8.7% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 12th. Shareholders of record on Friday, November 23rd will be paid a dividend of $1.36 per share. This represents a $5.44 dividend on an annualized basis and a dividend yield of 2.69%. The ex-dividend date of this dividend is Wednesday, November 21st. 3M’s dividend payout ratio is 59.32%.
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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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