KBC Group NV Has $22.75 Million Stock Position in 3M (NYSE:MMM)

KBC Group NV trimmed its holdings in shares of 3M (NYSE:MMM - Free Report) by 19.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 166,400 shares of the conglomerate's stock after selling 39,095 shares during the period. KBC Group NV's holdings in 3M were worth $22,747,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the business. MFA Wealth Advisors LLC purchased a new position in shares of 3M during the 2nd quarter valued at $28,000. Daymark Wealth Partners LLC grew its stake in 3M by 8.6% in the third quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate's stock valued at $30,000 after purchasing an additional 17,211 shares in the last quarter. McClarren Financial Advisors Inc. increased its position in 3M by 118.6% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate's stock worth $30,000 after purchasing an additional 121 shares during the last quarter. Meeder Asset Management Inc. raised its stake in shares of 3M by 689.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate's stock worth $31,000 after purchasing an additional 269 shares in the last quarter. Finally, TruNorth Capital Management LLC acquired a new stake in shares of 3M during the 2nd quarter valued at about $33,000. 65.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on MMM shares. Wells Fargo & Company lifted their target price on shares of 3M from $130.00 to $140.00 and gave the company an "equal weight" rating in a research note on Monday, October 7th. Barclays lifted their price objective on shares of 3M from $160.00 to $165.00 and gave the company an "overweight" rating in a research note on Wednesday, October 23rd. UBS Group raised shares of 3M from a "neutral" rating to a "buy" rating and increased their target price for the stock from $130.00 to $184.00 in a research report on Wednesday. JPMorgan Chase & Co. boosted their price target on 3M from $160.00 to $165.00 and gave the stock an "overweight" rating in a research report on Monday, October 28th. Finally, Bank of America increased their price objective on 3M from $143.00 to $160.00 and gave the company a "buy" rating in a report on Wednesday, October 23rd. Two research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $144.87.

3M Stock Performance

NYSE:MMM traded down $1.82 during trading hours on Friday, hitting $129.79. 1,929,226 shares of the company traded hands, compared to its average volume of 4,844,047. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. 3M has a twelve month low of $75.40 and a twelve month high of $141.34. The firm has a 50-day moving average of $132.80 and a 200 day moving average of $117.87. The stock has a market capitalization of $70.68 billion, a price-to-earnings ratio of 16.39, a P/E/G ratio of 2.17 and a beta of 0.95.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 EPS 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 business had revenue of $6.29 billion during the quarter, compared to analyst estimates of $6.06 billion. During the same quarter in the prior year, the business earned $2.68 earnings per share. The firm's revenue for the quarter was down 24.3% on a year-over-year basis. On average, analysts forecast that 3M will post 7.27 EPS for the current year.

3M Announces Dividend

The company 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. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date is Friday, November 15th. 3M's dividend payout ratio 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.