Cinctive Capital Management LP Acquires New Holdings in 3M (NYSE:MMM)

Cinctive Capital Management LP acquired a new position in shares of 3M (NYSE:MMM - Free Report) in the third quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 17,376 shares of the conglomerate's stock, valued at approximately $2,375,000.

Several other hedge funds also recently bought and sold shares of the stock. FMR LLC grew 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 valued at $1,225,087,000 after buying an additional 4,212,409 shares in the last quarter. International Assets Investment Management LLC increased its stake in 3M by 11,601.2% during the third 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 period. Electron Capital Partners LLC acquired a new stake in shares of 3M during the second quarter worth about $76,732,000. Jennison Associates LLC purchased a new position in shares of 3M in the third quarter valued at approximately $82,208,000. Finally, Bank of New York Mellon Corp boosted its stake in shares of 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 valued at $517,617,000 after purchasing an additional 533,520 shares during the period. Hedge funds and other institutional investors own 65.25% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Mizuho increased 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. Barclays increased 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. Bank of America upped their price target on 3M from $143.00 to $160.00 and gave the stock a "buy" rating in a report on Wednesday, October 23rd. JPMorgan Chase & Co. lifted their price objective on 3M from $160.00 to $165.00 and gave the company an "overweight" rating in a research note on Monday, October 28th. Finally, Royal Bank of Canada upped their target price on shares of 3M from $99.00 to $100.00 and gave the stock an "underperform" rating in a research note on Wednesday, October 23rd. Two research 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, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $144.87.

3M Stock Performance

3M stock traded down $1.11 during trading hours on Tuesday, reaching $131.78. 1,079,087 shares of the stock were exchanged, compared to its average volume of 4,738,706. The stock has a market cap of $71.76 billion, a P/E ratio of 16.78, a P/E/G ratio of 2.21 and a beta of 0.95. The firm's 50 day moving average is $132.39 and its 200 day moving average is $120.43. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. 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 firm had revenue of $6.29 billion for the quarter, compared to analyst estimates of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. 3M's quarterly revenue was down 24.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.68 earnings per share. Analysts predict that 3M will post 7.27 EPS for the current fiscal year.

3M Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be issued a $0.70 dividend. 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 2.12%. 3M's dividend payout ratio (DPR) is presently 35.35%.

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.