AMP Capital Investors Ltd Has $64.07 Million Position in 3M Co (MMM)

AMP Capital Investors Ltd lowered its holdings in 3M Co (NYSE:MMM) by 9.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 304,905 shares of the conglomerate’s stock after selling 31,085 shares during the quarter. AMP Capital Investors Ltd owned 0.05% of 3M worth $64,066,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. SRS Capital Advisors Inc. grew its stake in 3M by 1,652.8% during the second quarter. SRS Capital Advisors Inc. now owns 631 shares of the conglomerate’s stock worth $124,000 after buying an additional 595 shares during the last quarter. Price Capital Management Inc. bought a new stake in 3M during the third quarter worth about $126,000. Avestar Capital LLC grew its stake in 3M by 161.2% during the second quarter. Avestar Capital LLC now owns 700 shares of the conglomerate’s stock worth $130,000 after buying an additional 432 shares during the last quarter. Psagot Investment House Ltd. bought a new stake in 3M during the third quarter worth about $131,000. Finally, Braun Bostich & Associates Inc. grew its stake in 3M by 221.7% during the second quarter. Braun Bostich & Associates Inc. now owns 698 shares of the conglomerate’s stock worth $137,000 after buying an additional 481 shares during the last quarter. 67.00% of the stock is currently owned by institutional investors and hedge funds.

In related news, Director Gregory R. Page purchased 1,000 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $276,750. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Eric D. Hammes sold 1,272 shares of the stock in a transaction that occurred on Monday, September 10th. The shares were sold at an average price of $216.00, for a total transaction of $274,752.00. Following the sale, the insider now directly owns 5,634 shares in the company, valued at $1,216,944. The disclosure for this sale can be found here. 0.58% of the stock is owned by corporate insiders.

MMM has been the topic of several research analyst reports. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a research note on Monday, September 3rd. Morgan Stanley initiated coverage on shares of 3M in a research note on Monday, August 20th. They set an “equal weight” rating and a $212.00 price objective on the stock. UBS Group upped their price objective on shares of 3M from $215.00 to $220.00 and gave the stock a “neutral” rating in a research note on Thursday, August 30th. Barclays decreased their price objective on shares of 3M from $201.00 to $195.00 and set an “underweight” rating on the stock in a research note on Wednesday, October 24th. Finally, Gordon Haskett initiated coverage on shares of 3M in a research note on Friday, October 12th. They set a “buy” rating on the stock. Two investment 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’s stock. The stock currently has an average rating of “Hold” and an average price target of $225.16.

MMM opened at $198.24 on Friday. 3M Co has a one year low of $181.98 and a one year high of $259.77. The company has a current ratio of 1.97, a quick ratio of 1.36 and a debt-to-equity ratio of 1.31. The company has a market cap of $117.74 billion, a PE ratio of 21.62, a P/E/G ratio of 2.00 and a beta of 1.18.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, October 23rd. The conglomerate reported $2.58 EPS for the quarter, missing the Thomson Reuters’ 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 for the quarter, compared to the consensus estimate of $8.41 billion. During the same period last year, the company earned $2.33 earnings per share. 3M’s revenue for the quarter was down .2% compared to the same quarter last year. As a group, equities analysts anticipate that 3M Co will post 9.95 EPS for the current fiscal year.

3M announced that its board has approved a stock buyback plan on Tuesday, November 13th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the conglomerate to repurchase up to 8.7% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 12th. Stockholders of record on Friday, November 23rd will be paid a dividend of $1.36 per share. The ex-dividend date is Wednesday, November 21st. This represents a $5.44 annualized dividend and a dividend yield of 2.74%. 3M’s dividend payout ratio (DPR) is currently 59.32%.

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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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