Hill City Capital LP Has $50.58 Million Holdings in 3M (NYSE:MMM)

Hill City Capital LP lifted its holdings in 3M (NYSE:MMM - Free Report) by 146.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 370,000 shares of the conglomerate's stock after buying an additional 220,000 shares during the period. 3M comprises approximately 3.3% of Hill City Capital LP's portfolio, making the stock its 12th biggest position. Hill City Capital LP owned about 0.07% of 3M worth $50,579,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. FMR LLC increased its stake in shares of 3M by 88.7% in the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate's stock worth $1,225,087,000 after acquiring an additional 4,212,409 shares during the last quarter. International Assets Investment Management LLC increased its position in 3M by 11,601.2% in the 3rd quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate's stock worth $172,416,000 after purchasing an additional 1,250,491 shares during the last quarter. Electron Capital Partners LLC purchased a new stake in shares of 3M during the 2nd quarter worth about $76,732,000. Jennison Associates LLC acquired a new stake in shares of 3M during the 3rd quarter valued at about $82,208,000. Finally, Bank of New York Mellon Corp increased its holdings in 3M by 11.8% in the second quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate's stock worth $517,617,000 after buying an additional 533,520 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company's stock.

3M Stock Performance

MMM traded down $1.74 on Tuesday, hitting $131.15. 2,244,304 shares of the stock traded hands, compared to its average volume of 4,743,822. The business has a fifty day moving average price of $132.39 and a two-hundred day moving average price of $120.43. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. The firm has a market capitalization of $71.42 billion, a PE ratio of 16.56, a P/E/G ratio of 2.20 and a beta of 0.95. 3M has a 52 week low of $75.40 and a 52 week high of $141.34.

3M (NYSE:MMM - Get Free Report) last posted its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping the consensus estimate of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The business had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. During the same quarter last year, the company earned $2.68 EPS. 3M's revenue was down 24.3% on a year-over-year basis. On average, research analysts predict that 3M will post 7.27 EPS for the current fiscal year.

3M Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be issued a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a yield of 2.13%. 3M's dividend payout ratio is 35.35%.

Analysts Set New Price Targets

A number of research firms have issued reports on MMM. Melius upgraded shares of 3M from a "hold" rating to a "buy" rating in a research note on Tuesday, October 22nd. Royal Bank of Canada increased their target price on shares of 3M from $99.00 to $100.00 and gave the stock an "underperform" rating in a research report on Wednesday, October 23rd. Wells Fargo & Company upped their price target on 3M from $130.00 to $140.00 and gave the stock an "equal weight" rating in a research note on Monday, October 7th. Barclays raised their price objective on 3M from $160.00 to $165.00 and gave the company an "overweight" rating in a research note on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. upped their target price on 3M from $160.00 to $165.00 and gave the stock an "overweight" rating in a research report on Monday, October 28th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat, 3M presently has a consensus rating of "Moderate Buy" and a consensus target price of $144.87.

3M Company Profile

3M Company provides diversified technology services in the United States and internationally. The company's Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.