Banco Santander S.A. increased its position in shares of 3M Co (NYSE:MMM) by 24.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 68,927 shares of the conglomerate’s stock after buying an additional 13,590 shares during the period. Banco Santander S.A.’s holdings in 3M were worth $14,524,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Fundsmith Equity Fund L.P. bought a new position in shares of 3M during the 2nd quarter worth about $668,488,000. Holderness Investments Co. lifted its holdings in shares of 3M by 7.3% during the 2nd quarter. Holderness Investments Co. now owns 4,350 shares of the conglomerate’s stock worth $856,000 after acquiring an additional 295 shares during the period. CWH Capital Management Inc. bought a new position in shares of 3M during the 2nd quarter worth about $220,000. State Treasurer State of Michigan lifted its holdings in shares of 3M by 0.3% during the 2nd quarter. State Treasurer State of Michigan now owns 175,776 shares of the conglomerate’s stock worth $34,579,000 after acquiring an additional 500 shares during the period. Finally, Boulegeris Investments Inc. lifted its holdings in shares of 3M by 28.8% during the 2nd quarter. Boulegeris Investments Inc. now owns 6,526 shares of the conglomerate’s stock worth $1,284,000 after acquiring an additional 1,461 shares during the period. 67.00% of the stock is owned by institutional investors and hedge funds.
Shares of 3M stock opened at $198.24 on Friday. The stock has a market cap of $117.74 billion, a P/E ratio of 21.62, a PEG ratio of 2.00 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 Co has a 12-month low of $181.98 and a 12-month high of $259.77.
3M (NYSE:MMM) last announced its earnings results on Tuesday, October 23rd. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.70 by ($0.12). The firm had revenue of $8.15 billion for the quarter, compared to analyst estimates of $8.41 billion. 3M had a return on equity of 54.60% and a net margin of 13.79%. The company’s revenue for the quarter was down .2% compared to the same quarter last year. During the same quarter last year, the business earned $2.33 EPS. As a group, equities research analysts forecast that 3M Co will post 9.95 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 12th. Investors of record on Friday, November 23rd will be given a dividend of $1.36 per share. This represents a $5.44 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date is Wednesday, November 21st. 3M’s dividend payout ratio (DPR) is currently 59.32%.
3M announced that its board has authorized a stock repurchase plan on Tuesday, November 13th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the conglomerate to reacquire up to 8.7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
A number of equities analysts have recently commented on MMM shares. Morgan Stanley started coverage on shares of 3M in a report on Monday, August 20th. They set an “equal weight” rating and a $212.00 price objective for the company. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a report on Thursday, August 23rd. UBS Group raised their price objective on shares of 3M from $215.00 to $220.00 and gave the stock a “neutral” rating in a report on Thursday, August 30th. Deutsche Bank raised their price objective on shares of 3M from $210.00 to $220.00 and gave the stock a “hold” rating in a report on Friday, September 28th. Finally, Gordon Haskett started coverage on shares of 3M in a report on Friday, October 12th. They set a “buy” rating for the company. Two research 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 a consensus rating of “Hold” and an average price target of $225.16.
In related news, Director Gregory R. Page acquired 1,000 shares of the stock in a transaction on Friday, October 26th. The stock was purchased at an average price of $184.50 per share, for a total transaction of $184,500.00. Following the transaction, the director now owns 1,500 shares of the company’s stock, valued at approximately $276,750. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, insider Eric D. Hammes sold 1,272 shares of the firm’s stock in a transaction dated 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 sale, 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.
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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