3M Co (MMM) Stake Increased by Aviva PLC

Aviva PLC lifted its stake in shares of 3M Co (NYSE:MMM) by 24.2% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 411,971 shares of the conglomerate’s stock after acquiring an additional 80,219 shares during the quarter. Aviva PLC’s holdings in 3M were worth $86,806,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Putnam FL Investment Management Co. lifted its position in shares of 3M by 88.0% during the 3rd quarter. Putnam FL Investment Management Co. now owns 8,440 shares of the conglomerate’s stock worth $1,778,000 after purchasing an additional 3,951 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of 3M by 1.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,764,080 shares of the conglomerate’s stock worth $371,701,000 after purchasing an additional 29,522 shares during the last quarter. Virtu Financial LLC lifted its position in shares of 3M by 77.3% during the 3rd quarter. Virtu Financial LLC now owns 13,987 shares of the conglomerate’s stock worth $2,947,000 after purchasing an additional 6,099 shares during the last quarter. FDx Advisors Inc. lifted its position in shares of 3M by 5.5% during the 3rd quarter. FDx Advisors Inc. now owns 17,735 shares of the conglomerate’s stock worth $3,737,000 after purchasing an additional 923 shares during the last quarter. Finally, Gideon Capital Advisors Inc. acquired a new position in shares of 3M during the 3rd quarter worth about $2,847,000. 67.00% of the stock is owned by institutional investors and hedge funds.

In other news, insider Eric D. Hammes sold 1,272 shares of the stock in a transaction that occurred on Monday, September 10th. The stock was sold at an average price of $216.00, for a total value of $274,752.00. Following the completion of the transaction, 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 legal filing with the SEC, which is available at this link. Also, Director Gregory R. Page bought 1,000 shares of the company’s stock in a transaction dated Friday, October 26th. The stock was bought at an average cost of $184.50 per share, with a total value of $184,500.00. Following the completion of the acquisition, the director now owns 1,500 shares in the company, valued at approximately $276,750. The disclosure for this purchase can be found here. Corporate insiders own 0.58% of the company’s stock.

3M stock opened at $202.68 on Friday. The company has a quick ratio of 1.36, a current ratio of 1.97 and a debt-to-equity ratio of 1.31. The company has a market capitalization of $117.74 billion, a price-to-earnings ratio of 22.10, a PEG ratio of 2.00 and a beta of 1.18. 3M Co has a 12 month low of $181.98 and a 12 month high of $259.77.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, October 23rd. The conglomerate reported $2.58 EPS for the quarter, missing the consensus estimate of $2.70 by ($0.12). The firm had revenue of $8.15 billion during the quarter, compared to analyst estimates of $8.41 billion. 3M had a net margin of 13.79% and a return on equity of 54.60%. The company’s revenue was down .2% on a year-over-year basis. During the same period last year, the company earned $2.33 EPS. As a group, analysts expect that 3M Co will post 9.95 earnings per share for the current fiscal year.

3M declared that its Board of Directors has initiated a share buyback program on Tuesday, November 13th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the conglomerate to purchase up to 8.7% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 12th. Stockholders of record on Friday, November 23rd will be issued a $1.36 dividend. The ex-dividend date of this dividend is Wednesday, November 21st. This represents a $5.44 dividend on an annualized basis and a dividend yield of 2.68%. 3M’s payout ratio is presently 59.32%.

Several research firms recently weighed in on MMM. Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating in a research report on Monday, October 29th. Deutsche Bank boosted their price objective on 3M from $206.00 to $210.00 and gave the stock a “hold” rating in a research report on Friday, November 16th. Citigroup cut their price objective on 3M from $251.00 to $228.00 and set a “buy” rating for the company in a research report on Wednesday, October 24th. Barclays cut their price target on 3M from $195.00 to $190.00 and set an “underweight” rating for the company in a report on Monday, November 19th. Finally, Credit Suisse Group began coverage on 3M in a report on Friday, October 12th. They issued an “outperform” rating and a $228.00 price target for the company. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $225.16.

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3M 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.

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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