M&G PLC reduced its stake in 3M (NYSE:MMM - Free Report) by 9.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 173,918 shares of the conglomerate's stock after selling 18,018 shares during the quarter. M&G PLC's holdings in 3M were worth $23,827,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. McClarren Financial Advisors Inc. increased its stake in 3M by 118.6% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate's stock valued at $30,000 after purchasing an additional 121 shares in the last quarter. MFA Wealth Advisors LLC acquired a new stake in shares of 3M during the 2nd quarter worth about $28,000. Meeder Asset Management Inc. grew its holdings in shares of 3M by 689.7% during the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate's stock worth $31,000 after buying an additional 269 shares in the last quarter. TruNorth Capital Management LLC acquired a new position in shares of 3M in the second quarter valued at approximately $33,000. Finally, Gradient Investments LLC grew its stake in 3M by 44.7% in the 2nd quarter. Gradient Investments LLC now owns 356 shares of the conglomerate's stock worth $36,000 after acquiring an additional 110 shares during the period. 65.25% of the stock is owned by institutional investors and hedge funds.
3M Stock Up 1.0 %
NYSE:MMM traded up $1.27 during trading hours on Friday, hitting $134.34. 3,376,744 shares of the stock traded hands, compared to its average volume of 4,182,127. The firm has a market cap of $73.16 billion, a price-to-earnings ratio of 16.96, a PEG ratio of 2.22 and a beta of 0.95. The firm has a 50 day moving average price of $132.82 and a 200 day moving average price of $116.50. 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 fifty-two week low of $75.40 and a fifty-two 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 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 firm had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. During the same period in the previous year, the firm posted $2.68 earnings per share. The firm's revenue was down 24.3% on a year-over-year basis. Equities research analysts anticipate that 3M will post 7.27 earnings per share for the current 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 dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 annualized dividend and a yield of 2.08%. 3M's dividend payout ratio (DPR) is currently 35.35%.
Wall Street Analysts Forecast Growth
Several equities analysts recently commented on the stock. Argus raised shares of 3M from a "hold" rating to a "buy" rating and set a $145.00 price target for the company in a research report on Tuesday, July 30th. Melius raised 3M from a "hold" rating to a "buy" rating in a research note on Tuesday, October 22nd. Deutsche Bank Aktiengesellschaft raised shares of 3M from a "hold" rating to a "buy" rating and increased their target price for the stock from $110.00 to $150.00 in a research report on Monday, July 29th. Citigroup boosted their price objective on shares of 3M from $100.00 to $133.00 and gave the stock a "neutral" rating in a research note on Monday, July 29th. Finally, Melius Research raised shares of 3M from a "hold" rating to a "buy" rating and set a $180.00 target price on the stock in a research note on Tuesday, October 22nd. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, 3M currently has an average rating of "Hold" and a consensus price target of $139.27.
Read Our Latest Analysis on 3M
About 3M
(
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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