Canada Pension Plan Investment Board boosted its stake in 3M Co (NYSE:MMM) by 340.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 259,360 shares of the conglomerate’s stock after buying an additional 200,491 shares during the period. Canada Pension Plan Investment Board’s holdings in 3M were worth $54,650,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. SRS Capital Advisors Inc. grew its stake in shares of 3M by 1,652.8% in the second quarter. SRS Capital Advisors Inc. now owns 631 shares of the conglomerate’s stock worth $124,000 after purchasing an additional 595 shares in the last quarter. Price Capital Management Inc. bought a new position in shares of 3M in the third quarter worth $126,000. Avestar Capital LLC grew its stake in shares of 3M by 161.2% in the second quarter. Avestar Capital LLC now owns 700 shares of the conglomerate’s stock worth $130,000 after purchasing an additional 432 shares in the last quarter. Psagot Investment House Ltd. bought a new position in shares of 3M in the third quarter worth $131,000. Finally, Braun Bostich & Associates Inc. grew its stake in shares of 3M by 221.7% in the second quarter. Braun Bostich & Associates Inc. now owns 698 shares of the conglomerate’s stock worth $137,000 after purchasing an additional 481 shares in the last quarter. 66.23% of the stock is currently owned by hedge funds and other institutional investors.
NYSE:MMM opened at $207.92 on Monday. 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 Co has a 1-year low of $181.98 and a 1-year high of $259.77. The firm has a market capitalization of $121.07 billion, a P/E ratio of 22.67, a P/E/G ratio of 2.05 and a beta of 1.18.
3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, October 23rd. The conglomerate reported $2.58 earnings per share for the quarter, missing the Zacks’ 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 analyst estimates of $8.41 billion. During the same quarter last year, the business earned $2.33 EPS. The company’s revenue for the quarter was down .2% compared to the same quarter last year. Research analysts expect that 3M Co will post 9.95 EPS for the current fiscal year.
3M declared that its board has authorized a share buyback plan on Tuesday, November 13th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the conglomerate to buy up to 8.7% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 12th. Investors of record on Friday, November 23rd will be given a $1.36 dividend. The ex-dividend date is Wednesday, November 21st. This represents a $5.44 dividend on an annualized basis and a dividend yield of 2.62%. 3M’s dividend payout ratio (DPR) is 59.32%.
In related news, Director Gregory R. Page purchased 1,000 shares of the firm’s stock in a transaction that occurred on Friday, October 26th. The stock was acquired at an average price of $184.50 per share, for a total transaction of $184,500.00. Following the transaction, the director now directly owns 1,500 shares of the company’s stock, valued at approximately $276,750. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Eric D. Hammes sold 1,272 shares of the stock in a transaction on Monday, September 10th. The shares were 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 owns 5,634 shares of the company’s stock, valued at approximately $1,216,944. The disclosure for this sale can be found here. Company insiders own 0.58% of the company’s stock.
Several research analysts recently weighed in on the company. Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating in a research note on Monday, October 29th. Deutsche Bank raised their target price on 3M from $206.00 to $210.00 and gave the company a “hold” rating in a research note on Friday, November 16th. Citigroup decreased their target price on 3M from $251.00 to $228.00 and set a “buy” rating for the company in a research note on Wednesday, October 24th. Barclays decreased their target price on 3M from $195.00 to $190.00 and set an “underweight” rating for the company in a research note on Monday, November 19th. Finally, Credit Suisse Group assumed coverage on 3M in a research note on Friday, October 12th. They set an “outperform” rating and a $228.00 target price for the company. Three analysts have rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $225.16.
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.
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