601,372 Shares in 3M (NYSE:MMM) Purchased by Jennison Associates LLC

Jennison Associates LLC purchased a new stake in shares of 3M (NYSE:MMM - Free Report) in the third quarter, according to its most recent 13F filing with the SEC. The fund purchased 601,372 shares of the conglomerate's stock, valued at approximately $82,208,000. Jennison Associates LLC owned approximately 0.11% of 3M at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Capital World Investors bought a new position in 3M in the 1st quarter worth about $165,986,000. International Assets Investment Management LLC lifted its position 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 valued at $172,416,000 after purchasing an additional 1,250,491 shares during the last quarter. Janus Henderson Group PLC grew its stake in 3M by 1,015.6% in the 1st quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate's stock worth $94,247,000 after buying an additional 808,914 shares in the last quarter. Electron Capital Partners LLC bought a new position in shares of 3M in the 2nd quarter worth $76,732,000. Finally, Bank of New York Mellon Corp raised its position in shares of 3M by 11.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate's stock valued at $517,617,000 after buying an additional 533,520 shares in the last quarter. Institutional investors own 65.25% of the company's stock.

3M Stock Performance

Shares of MMM stock opened at $127.83 on Thursday. The firm has a market capitalization of $69.61 billion, a price-to-earnings ratio of 16.14, a PEG ratio of 2.12 and a beta of 0.95. The stock has a fifty day moving average of $132.75 and a 200 day moving average of $118.67. 3M has a 52 week low of $75.40 and a 52 week high of $141.34. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41.

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

3M Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be given a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.19%. The ex-dividend date is Friday, November 15th. 3M's dividend payout ratio is currently 35.35%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on MMM. Melius Research upgraded shares of 3M from a "hold" rating to a "buy" rating and set a $180.00 target price for the company in a research report on Tuesday, October 22nd. StockNews.com downgraded 3M from a "buy" rating to a "hold" rating in a research report on Monday, July 29th. Royal Bank of Canada upped their target price on 3M from $99.00 to $100.00 and gave the stock an "underperform" rating in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. increased 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 Monday, October 28th. Finally, Wells Fargo & Company boosted their price objective on shares of 3M from $130.00 to $140.00 and gave the stock an "equal weight" rating in a report on Monday, October 7th. Two equities 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 company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $144.87.

About 3M

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.