Wellington Management Group LLP Has $83.63 Million Holdings in 3M (NYSE:MMM)

Wellington Management Group LLP reduced its holdings in 3M (NYSE:MMM - Free Report) by 6.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 611,757 shares of the conglomerate's stock after selling 39,300 shares during the quarter. Wellington Management Group LLP owned approximately 0.11% of 3M worth $83,627,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Lantz Financial LLC lifted its position in 3M by 8.0% during the 2nd quarter. Lantz Financial LLC now owns 2,469 shares of the conglomerate's stock worth $252,000 after buying an additional 183 shares in the last quarter. Wedmont Private Capital acquired a new position in shares of 3M during the second quarter worth approximately $215,000. ORG Partners LLC bought a new stake in shares of 3M during the second quarter valued at approximately $361,000. Envestnet Portfolio Solutions Inc. increased its holdings in shares of 3M by 5.2% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 62,512 shares of the conglomerate's stock valued at $6,388,000 after purchasing an additional 3,099 shares in the last quarter. Finally, Cornerstone Wealth Management LLC raised its position in 3M by 24.6% in the 2nd quarter. Cornerstone Wealth Management LLC now owns 9,467 shares of the conglomerate's stock worth $967,000 after purchasing an additional 1,870 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors.

3M Stock Up 0.0 %

Shares of NYSE:MMM traded up $0.01 during trading on Wednesday, hitting $129.78. 4,089,537 shares of the company's stock traded hands, compared to its average volume of 4,705,523. The company has a 50-day moving average price of $131.64 and a 200-day moving average price of $121.86. 3M has a 52 week low of $75.40 and a 52 week high of $141.34. 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 company has a market cap of $70.67 billion, a price-to-earnings ratio of 16.43, a price-to-earnings-growth ratio of 2.18 and a beta of 0.95.

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

3M Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.16%. The ex-dividend date is Friday, November 15th. 3M's dividend payout ratio is 35.35%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on MMM. Barclays boosted their target price on 3M from $160.00 to $165.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 23rd. Bank of America lifted their price target on shares of 3M from $143.00 to $160.00 and gave the stock a "buy" rating in a research report on Wednesday, October 23rd. JPMorgan Chase & Co. increased their price objective on shares of 3M from $160.00 to $165.00 and gave the company an "overweight" rating in a report on Monday, October 28th. Mizuho lifted their target price on shares of 3M from $105.00 to $146.00 and gave the stock a "neutral" rating in a report on Thursday, October 17th. Finally, Melius Research raised 3M from a "hold" rating to a "buy" rating and set a $180.00 price target on the stock in a research note on Tuesday, October 22nd. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $144.87.

3M 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.