Beutel Goodman & Co Ltd. decreased its holdings in shares of 3M Company (NYSE:MMM – Free Report) by 57.0% in the 3rd quarter, Holdings Channel.com reports. The firm owned 7,425 shares of the conglomerate’s stock after selling 9,835 shares during the quarter. Beutel Goodman & Co Ltd.’s holdings in 3M were worth $1,218,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MMM. DecisionPoint Financial LLC increased its position in 3M by 2,387.5% in the 3rd quarter. DecisionPoint Financial LLC now owns 199 shares of the conglomerate’s stock worth $32,000 after buying an additional 191 shares during the period. Security National Bank of SO Dak bought a new stake in shares of 3M in the second quarter valued at approximately $32,000. Trellis Wealth Advisors LLC bought a new stake in shares of 3M in the third quarter valued at approximately $33,000. Latitude Advisors LLC bought a new stake in shares of 3M in the third quarter valued at approximately $34,000. Finally, Compass Financial Management LLC acquired a new stake in shares of 3M in the second quarter worth $38,000. Institutional investors and hedge funds own 65.25% of the company’s stock.
3M Trading Up 1.9%
Shares of MMM opened at $188.60 on Tuesday. The stock’s 50-day moving average price is $169.25 and its 200 day moving average price is $161.96. The company has a quick ratio of 1.06, a current ratio of 1.41 and a debt-to-equity ratio of 3.01. The firm has a market capitalization of $97.45 billion, a price-to-earnings ratio of 21.87, a P/E/G ratio of 2.53 and a beta of 1.01. 3M Company has a 12-month low of $139.34 and a 12-month high of $196.90.
3M (NYSE:MMM – Get Free Report) last announced its quarterly earnings data on Tuesday, October 20th. The conglomerate reported $2.50 EPS for the quarter, topping analysts’ consensus estimates of $2.38 by $0.12. 3M had a return on equity of 123.11% and a net margin of 14.01%. The company had revenue of $6.60 billion during the quarter, compared to the consensus estimate of $6.61 billion. During the same quarter last year, the company earned $2.19 EPS. The company’s quarterly revenue was up 1.5% on a year-over-year basis. As a group, research analysts predict that 3M Company will post 9.14 earnings per share for the current year.
3M announced that its board has authorized a share buyback program on Wednesday, November 4th that allows the company to buy back $6 billion in outstanding shares. This buyback authorization allows the conglomerate to repurchase up to 6.6% of its shares through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.
3M Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Friday, November 13th will be paid a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Friday, November 13th. 3M’s dividend payout ratio is presently 46.50%.
Analyst Ratings Changes
A number of brokerages recently issued reports on MMM. The Goldman Sachs Group boosted their target price on shares of 3M from $200.00 to $225.00 and gave the stock a “buy” rating in a research report on Thursday, November 5th. JPMorgan Chase & Co. upped their target price on shares of 3M from $191.00 to $210.00 and gave the company an “overweight” rating in a research note on Wednesday, November 4th. HSBC raised shares of 3M to a “strong-buy” rating in a report on Thursday, October 22nd. Royal Bank Of Canada raised their price target on shares of 3M from $132.00 to $135.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 21st. Finally, Weiss Ratings upgraded shares of 3M from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, October 23rd. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $190.07.
Check Out Our Latest Report on 3M
3M Profile
3M is a diversified science and manufacturing company that develops products for businesses and consumers. Its offerings include workplace safety equipment, adhesives and abrasives, filtration materials, automotive and electronics components, and home and office products such as Post-it Notes and Scotch brand tapes.
Founded in 1902 as the Minnesota Mining and Manufacturing Company, 3M began as a mining venture before expanding into materials science and industrial manufacturing. The company adopted the name 3M in 2002 and is headquartered in St.
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