Kornitzer Capital Management Inc. KS Has $2.76 Million Stake in 3M (NYSE:MMM)

Kornitzer Capital Management Inc. KS decreased its position in 3M (NYSE:MMM - Free Report) by 45.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 20,164 shares of the conglomerate's stock after selling 16,995 shares during the quarter. Kornitzer Capital Management Inc. KS's holdings in 3M were worth $2,756,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in MMM. Vanguard Group Inc. lifted its holdings in 3M by 0.8% in the first quarter. Vanguard Group Inc. now owns 49,461,361 shares of the conglomerate's stock worth $5,246,367,000 after acquiring an additional 377,703 shares during the last quarter. Bank of New York Mellon Corp boosted its position in 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 purchasing an additional 533,520 shares during the period. Pacer Advisors Inc. grew its stake in 3M by 2.0% during the 2nd quarter. Pacer Advisors Inc. now owns 4,952,878 shares of the conglomerate's stock worth $506,135,000 after buying an additional 97,340 shares during the last quarter. AQR Capital Management LLC increased its position in 3M by 18.6% in the second quarter. AQR Capital Management LLC now owns 2,531,422 shares of the conglomerate's stock worth $258,686,000 after buying an additional 396,773 shares during the period. Finally, ProShare Advisors LLC lifted its stake in 3M by 1.8% in the first quarter. ProShare Advisors LLC now owns 2,006,221 shares of the conglomerate's stock valued at $212,800,000 after buying an additional 36,310 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on MMM. Morgan Stanley initiated coverage on shares of 3M in a research report on Friday, September 6th. They set an "underweight" rating and a $125.00 price target for the company. 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 report on Wednesday, October 23rd. Wells Fargo & Company boosted their price objective on 3M from $130.00 to $140.00 and gave the stock an "equal weight" rating in a research report on Monday, October 7th. Melius upgraded 3M from a "hold" rating to a "buy" rating in a research report on Tuesday, October 22nd. Finally, Bank of America boosted their price target on 3M from $143.00 to $160.00 and gave the stock a "buy" rating in a research report on Wednesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $139.27.

3M Stock Up 1.0 %

Shares of NYSE MMM traded up $1.27 during mid-day trading on Friday, reaching $134.34. The company had a trading volume of 3,466,066 shares, compared to its average volume of 4,182,127. The stock has a market capitalization of $73.16 billion, a PE ratio of 16.96, a price-to-earnings-growth ratio of 2.22 and a beta of 0.95. 3M has a twelve month low of $75.40 and a twelve month high of $141.34. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. The stock's 50 day moving average is $132.82 and its 200-day moving average is $116.50.

3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings results 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. 3M had a return on equity of 104.66% and a net margin of 15.37%. The company had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. During the same period last year, the business earned $2.68 EPS. The business's quarterly revenue was down 24.3% on a year-over-year basis. As a group, equities analysts anticipate that 3M will post 7.27 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.08%. The ex-dividend date of this dividend is Friday, November 15th. 3M's dividend payout ratio is 35.35%.

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.