ProShare Advisors LLC lowered its stake in shares of 3M Company (NYSE:MMM – Free Report) by 3.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 182,603 shares of the conglomerate’s stock after selling 5,945 shares during the quarter. ProShare Advisors LLC’s holdings in 3M were worth $29,974,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in MMM. Amundi increased its position in 3M by 67.0% in the second quarter. Amundi now owns 4,536,148 shares of the conglomerate’s stock worth $734,448,000 after buying an additional 1,819,178 shares during the period. Ascentis Wealth Management LLC boosted its holdings in shares of 3M by 22,972.5% during the second quarter. Ascentis Wealth Management LLC now owns 347,472 shares of the conglomerate’s stock valued at $56,259,000 after acquiring an additional 345,966 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of 3M by 7.4% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,935,534 shares of the conglomerate’s stock valued at $637,202,000 after acquiring an additional 270,458 shares during the period. Nykredit A S acquired a new position in shares of 3M during the second quarter valued at $21,453,000. Finally, Engineers Gate Manager LP grew its position in shares of 3M by 74.0% during the second quarter. Engineers Gate Manager LP now owns 287,652 shares of the conglomerate’s stock worth $46,574,000 after acquiring an additional 122,368 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors.
Insider Activity
In other news, insider Karin Chavez sold 3,635 shares of 3M stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $182.51, for a total transaction of $663,423.85. Following the transaction, the insider directly owned 14,035 shares in the company, valued at approximately $2,561,527.85. This trade represents a 20.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.19% of the company’s stock.
Analyst Upgrades and Downgrades
A number of analysts recently weighed in on the stock. Weiss Ratings raised shares of 3M from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, October 23rd. Jefferies Financial Group reissued a “hold” rating and set a $186.00 target price on shares of 3M in a research note on Wednesday, October 21st. The Goldman Sachs Group restated a “buy” rating on shares of 3M in a research report on Wednesday, July 22nd. Citigroup raised their price target on shares of 3M from $183.00 to $188.00 and gave the company a “neutral” rating in a research note on Wednesday, October 21st. Finally, Mizuho lifted their price target on 3M from $160.00 to $180.00 and gave the company a “neutral” rating in a report on Thursday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $185.36.
View Our Latest Stock Report on 3M
3M Stock Performance
MMM stock opened at $174.32 on Monday. The company has a 50-day simple moving average of $168.45 and a 200 day simple moving average of $161.35. The company has a market capitalization of $90.08 billion, a P/E ratio of 25.98, a PEG ratio of 2.27 and a beta of 1.01. The company has a quick ratio of 1.06, a current ratio of 1.41 and a debt-to-equity ratio of 3.01. 3M Company has a fifty-two week low of $139.34 and a fifty-two week high of $184.90.
3M (NYSE:MMM – Get Free Report) last released its earnings results on Tuesday, October 20th. The conglomerate reported $2.50 EPS for the quarter, beating the consensus estimate of $2.38 by $0.12. 3M had a net margin of 14.01% and a return on equity of 123.11%. The firm had revenue of $6.60 billion for the quarter, compared to analysts’ expectations of $6.61 billion. During the same quarter last year, the company earned $2.19 EPS. 3M’s quarterly revenue was up 1.5% on a year-over-year basis. Sell-side analysts predict that 3M Company will post 9.14 earnings per share for the current fiscal year.
3M Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, September 11th. Shareholders of record on Monday, August 24th were paid a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend was Monday, August 24th. 3M’s dividend payout ratio (DPR) is presently 46.50%.
About 3M
3M is a diversified technology and manufacturing company headquartered in St. Paul, Minnesota. Founded in 1902 as Minnesota Mining and Manufacturing Company, it developed from a mining venture into a global enterprise known for applying materials science and engineering to a broad range of industrial, commercial and consumer applications.
The company develops and manufactures products including adhesives, abrasives, filtration systems, personal protective equipment, medical and dental supplies, electrical and electronic materials, automotive components, reflective materials and workplace safety solutions.
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