Richard Bernstein Advisors LLC boosted its holdings in shares of 3M Co (NYSE:MMM) by 33.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 67,971 shares of the conglomerate’s stock after buying an additional 17,024 shares during the quarter. Richard Bernstein Advisors LLC’s holdings in 3M were worth $14,322,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also bought and sold shares of MMM. State of New Jersey Common Pension Fund D raised its position in 3M by 23.6% during the 2nd quarter. State of New Jersey Common Pension Fund D now owns 222,400 shares of the conglomerate’s stock worth $43,751,000 after buying an additional 42,400 shares during the last quarter. Park Avenue Securities LLC raised its position in 3M by 45.6% during the 2nd quarter. Park Avenue Securities LLC now owns 3,182 shares of the conglomerate’s stock worth $622,000 after buying an additional 997 shares during the last quarter. Parallel Advisors LLC raised its position in 3M by 22.0% during the 2nd quarter. Parallel Advisors LLC now owns 3,633 shares of the conglomerate’s stock worth $714,000 after buying an additional 654 shares during the last quarter. Welch Group LLC raised its position in 3M by 3.8% during the 2nd quarter. Welch Group LLC now owns 111,282 shares of the conglomerate’s stock worth $21,891,000 after buying an additional 4,122 shares during the last quarter. Finally, SFE Investment Counsel raised its position in 3M by 35.0% during the 2nd quarter. SFE Investment Counsel now owns 10,461 shares of the conglomerate’s stock worth $2,058,000 after buying an additional 2,710 shares during the last quarter. 67.00% of the stock is owned by institutional investors.
In related news, insider Eric D. Hammes sold 1,272 shares of 3M 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 sale, the insider now owns 5,634 shares of the company’s stock, valued at approximately $1,216,944. The transaction 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 company’s stock in a transaction that occurred on Friday, October 26th. The stock was bought at an average cost of $184.50 per share, for a total transaction of $184,500.00. Following 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.
A number of research firms have issued reports on MMM. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a research report on Monday, October 29th. Deutsche Bank raised their price objective on shares of 3M from $206.00 to $210.00 and gave the stock a “hold” rating in a research note on Friday, November 16th. Citigroup dropped their price objective on shares of 3M from $251.00 to $228.00 and set a “buy” rating on the stock in a research note on Wednesday, October 24th. Barclays dropped their price objective on shares of 3M from $195.00 to $190.00 and set an “underweight” rating on the stock in a research note on Monday, November 19th. Finally, Credit Suisse Group assumed coverage on shares of 3M in a research note on Friday, October 12th. They set an “outperform” rating and a $228.00 price objective on the stock. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $225.16.
3M stock opened at $198.24 on Friday. 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 $118.02 billion, a P/E ratio of 21.62, a P/E/G ratio of 2.00 and a beta of 1.18. The company has a debt-to-equity ratio of 1.31, a quick ratio of 1.36 and a current ratio of 1.97.
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 analysts’ consensus estimates 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 period in the prior year, the business posted $2.33 EPS. 3M’s revenue was down .2% compared to the same quarter last year. As a group, analysts forecast that 3M Co will post 9.95 EPS for the current year.
3M announced that its board has initiated a share repurchase plan on Tuesday, November 13th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the conglomerate to buy up to 8.7% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are 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 paid 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 yield of 2.74%. 3M’s dividend payout ratio is currently 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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