Pictet Asset Management Ltd. raised its position in 3M Co (NYSE:MMM) by 24.4% during the third quarter, HoldingsChannel.com reports. The fund owned 1,112,735 shares of the conglomerate’s stock after acquiring an additional 218,034 shares during the period. Pictet Asset Management Ltd.’s holdings in 3M were worth $234,464,000 as of its most recent filing with the SEC.
Other hedge funds have also recently bought and sold shares of the company. Fundsmith Equity Fund L.P. purchased a new stake in shares of 3M during the second quarter worth about $668,488,000. Holderness Investments Co. grew its position in shares of 3M by 7.3% during the second quarter. Holderness Investments Co. now owns 4,350 shares of the conglomerate’s stock worth $856,000 after purchasing an additional 295 shares in the last quarter. CWH Capital Management Inc. purchased a new stake in shares of 3M during the second quarter worth about $220,000. State Treasurer State of Michigan grew its position in shares of 3M by 0.3% during the second quarter. State Treasurer State of Michigan now owns 175,776 shares of the conglomerate’s stock worth $34,579,000 after purchasing an additional 500 shares in the last quarter. Finally, Boulegeris Investments Inc. grew its position in shares of 3M by 28.8% during the second quarter. Boulegeris Investments Inc. now owns 6,526 shares of the conglomerate’s stock worth $1,284,000 after purchasing an additional 1,461 shares in the last quarter. 67.00% of the stock is currently owned by institutional investors.
In related news, insider Eric D. Hammes sold 1,272 shares of the firm’s stock in a transaction that occurred on Monday, September 10th. The stock was sold at an average price of $216.00, for a total transaction of $274,752.00. Following the completion of the sale, the insider now directly owns 5,634 shares of the company’s stock, valued at approximately $1,216,944. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gregory R. Page purchased 1,000 shares of the firm’s stock in a transaction that occurred 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 completion of the purchase, the director now directly owns 1,500 shares in the company, valued at approximately $276,750. The disclosure for this purchase can be found here. 0.58% of the stock is currently owned by company insiders.
NYSE:MMM opened at $202.20 on Thursday. The company has a market capitalization of $117.74 billion, a PE ratio of 22.05, a P/E/G ratio of 2.00 and a beta of 1.18. 3M Co has a 1 year low of $181.98 and a 1 year high of $259.77. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.97 and a quick ratio of 1.36.
3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, October 23rd. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.70 by ($0.12). 3M had a net margin of 13.79% and a return on equity of 54.60%. 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 business earned $2.33 earnings per share. 3M’s revenue for the quarter was down .2% on a year-over-year basis. Research analysts expect that 3M Co will post 9.95 EPS for the current fiscal year.
3M announced that its Board of Directors has initiated a share buyback program on Tuesday, November 13th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the conglomerate to repurchase up to 8.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 12th. Investors 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 is Wednesday, November 21st. 3M’s dividend payout ratio is currently 59.32%.
MMM has been the subject of several research analyst reports. Morgan Stanley initiated coverage on 3M in a research report on Monday, August 20th. They set an “equal weight” rating and a $212.00 target price for the company. Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating in a report on Thursday, August 23rd. UBS Group raised their price objective on 3M from $215.00 to $220.00 and gave the company a “neutral” rating in a research note on Thursday, August 30th. Deutsche Bank raised their price objective on 3M from $210.00 to $220.00 and gave the company a “hold” rating in a research note on Friday, September 28th. Finally, Gordon Haskett assumed coverage on 3M in a research note on Friday, October 12th. They issued a “buy” rating for the company. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. 3M presently has an average rating of “Hold” and a consensus price target of $225.16.
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3M Company Profile
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.
Further Reading: What is a Swap?
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