Caisse DE Depot ET Placement DU Quebec acquired a new position in shares of 3M (NYSE:MMM - Free Report) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 144,762 shares of the conglomerate's stock, valued at approximately $19,789,000.
Other hedge funds and other institutional investors have also bought and sold shares of the company. CVA Family Office LLC lifted its position in shares of 3M by 1.9% in the third quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate's stock valued at $571,000 after buying an additional 79 shares during the last quarter. Harbour Investments Inc. raised its holdings in shares of 3M by 0.8% during the 3rd quarter. Harbour Investments Inc. now owns 10,559 shares of the conglomerate's stock worth $1,443,000 after buying an additional 81 shares in the last quarter. Fortis Capital Advisors LLC lifted its holdings in shares of 3M by 2.9% in the second quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate's stock worth $307,000 after acquiring an additional 84 shares during the last quarter. KMG Fiduciary Partners LLC lifted its stake in 3M by 0.5% in the 3rd quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate's stock valued at $2,213,000 after purchasing an additional 84 shares during the last quarter. Finally, TCV Trust & Wealth Management Inc. boosted its holdings in shares of 3M by 1.3% during the 3rd quarter. TCV Trust & Wealth Management Inc. now owns 6,464 shares of the conglomerate's stock valued at $884,000 after acquiring an additional 84 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company's stock.
Analyst Upgrades and Downgrades
Several equities analysts have recently issued reports on the stock. Melius raised shares of 3M from a "hold" rating to a "buy" rating in a research note on Tuesday, October 22nd. Wells Fargo & Company upped their price objective on shares of 3M from $130.00 to $140.00 and gave the company an "equal weight" rating in a report on Monday, October 7th. Barclays lifted their price target on shares of 3M from $160.00 to $165.00 and gave the company an "overweight" rating in a research report on Wednesday, October 23rd. Morgan Stanley initiated coverage on 3M in a report on Friday, September 6th. They issued an "underweight" rating and a $125.00 target price on the stock. Finally, Bank of America upped their price objective 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. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $144.87.
Check Out Our Latest Stock Report on 3M
3M Trading Down 0.5 %
MMM stock traded down $0.64 during trading on Monday, reaching $132.89. The company had a trading volume of 3,001,882 shares, compared to its average volume of 4,754,595. The company has a market cap of $72.37 billion, a P/E ratio of 16.78, a PEG ratio of 2.21 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. The business has a 50 day moving average of $132.39 and a 200 day moving average of $120.43. 3M has a 52 week low of $75.40 and a 52 week high of $141.34.
3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping analysts' consensus estimates of $1.93 by $0.05. The company had revenue of $6.29 billion during the quarter, compared to analyst estimates of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The firm's revenue for the quarter was down 24.3% on a year-over-year basis. During the same period in the previous year, the business earned $2.68 EPS. As a group, sell-side analysts forecast that 3M will post 7.27 earnings per share for the current fiscal year.
3M Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be given 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 dividend yield of 2.11%. 3M's payout ratio is currently 35.35%.
3M Company Profile
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Free Report)
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.
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