Daiwa Securities Group Inc. lifted its stake in shares of 3M Co (NYSE:MMM) by 1.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 47,202 shares of the conglomerate’s stock after buying an additional 660 shares during the quarter. Daiwa Securities Group Inc.’s holdings in 3M were worth $9,807,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. BlackRock Inc. increased its position in shares of 3M by 3.0% during the fourth quarter. BlackRock Inc. now owns 39,022,948 shares of the conglomerate’s stock valued at $7,435,433,000 after buying an additional 1,152,714 shares during the period. Oregon Public Employees Retirement Fund lifted its stake in shares of 3M by 17,350.6% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 26,897,007 shares of the conglomerate’s stock worth $141,000 after buying an additional 26,742,875 shares in the last quarter. Northern Trust Corp lifted its stake in shares of 3M by 2.4% in the fourth quarter. Northern Trust Corp now owns 8,011,899 shares of the conglomerate’s stock worth $1,526,587,000 after buying an additional 186,257 shares in the last quarter. Geode Capital Management LLC lifted its position in 3M by 5.0% during the fourth quarter. Geode Capital Management LLC now owns 7,416,248 shares of the conglomerate’s stock valued at $1,410,584,000 after purchasing an additional 353,754 shares during the period. Finally, Norges Bank bought a new position in 3M during the fourth quarter valued at approximately $918,305,000. Institutional investors own 66.72% of the company’s stock.
MMM has been the subject of a number of analyst reports. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a research note on Wednesday, April 10th. Barclays reiterated a “sell” rating and set a $162.00 price objective on shares of 3M in a research report on Thursday, June 6th. Citigroup lowered their price objective on shares of 3M from $221.00 to $197.00 and set a “buy” rating for the company in a research report on Monday, June 3rd. Morgan Stanley lowered their target price on shares of 3M from $201.00 to $199.00 and set an “equal weight” rating for the company in a report on Friday, March 22nd. Finally, JPMorgan Chase & Co. lowered their target price on shares of 3M from $154.00 to $143.00 and set an “underweight” rating for the company in a report on Friday, May 17th. Four analysts have rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $191.67.
Shares of MMM opened at $169.01 on Thursday. 3M Co has a 12-month low of $159.32 and a 12-month high of $219.75. The company has a quick ratio of 1.38, a current ratio of 2.02 and a debt-to-equity ratio of 1.60. The stock has a market capitalization of $98.01 billion, a P/E ratio of 16.16, a PEG ratio of 1.76 and a beta of 1.08.
3M (NYSE:MMM) last issued its quarterly earnings results on Thursday, April 25th. The conglomerate reported $2.23 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.50 by ($0.27). The business had revenue of $7.86 billion for the quarter, compared to analyst estimates of $8.02 billion. 3M had a return on equity of 57.42% and a net margin of 17.43%. The firm’s revenue for the quarter was down 5.0% compared to the same quarter last year. During the same period in the prior year, the company posted $2.50 EPS. Equities research analysts anticipate that 3M Co will post 9.32 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th were paid a $1.44 dividend. The ex-dividend date was Thursday, May 23rd. This represents a $5.76 annualized dividend and a yield of 3.41%. 3M’s dividend payout ratio is currently 55.07%.
In other news, Chairman Inge G. Thulin sold 5,863 shares of the firm’s stock in a transaction that occurred on Friday, March 29th. The shares were sold at an average price of $207.78, for a total transaction of $1,218,214.14. Following the transaction, the chairman now directly owns 268,188 shares in the company, valued at $55,724,102.64. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director David B. Dillon acquired 1,200 shares of the stock in a transaction that occurred on Friday, May 17th. The stock was purchased at an average price of $169.50 per share, for a total transaction of $203,400.00. Following the completion of the transaction, the director now owns 1,200 shares in the company, valued at $203,400. The disclosure for this purchase can be found here. Insiders acquired 3,200 shares of company stock worth $559,260 over the last quarter. 0.83% of the stock is currently owned by insiders.
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3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.
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