AustralianSuper Pty Ltd Has $48.55 Million Holdings in 3M (NYSE:MMM)

AustralianSuper Pty Ltd trimmed its position in shares of 3M (NYSE:MMM - Free Report) by 41.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 355,188 shares of the conglomerate's stock after selling 254,156 shares during the period. AustralianSuper Pty Ltd owned about 0.06% of 3M worth $48,554,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. CVA Family Office LLC raised its holdings in shares of 3M by 1.9% during the third quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate's stock worth $571,000 after acquiring an additional 79 shares in the last quarter. Fortis Capital Advisors LLC raised its holdings in 3M by 2.9% during the second quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate's stock valued at $307,000 after buying an additional 84 shares in the last quarter. KMG Fiduciary Partners LLC raised its holdings in 3M by 0.5% during the third quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate's stock valued at $2,213,000 after buying an additional 84 shares in the last quarter. TCV Trust & Wealth Management Inc. raised its holdings in 3M by 1.3% during the third quarter. TCV Trust & Wealth Management Inc. now owns 6,464 shares of the conglomerate's stock valued at $884,000 after buying an additional 84 shares in the last quarter. Finally, Raleigh Capital Management Inc. raised its holdings in 3M by 2.9% during the third quarter. Raleigh Capital Management Inc. now owns 3,038 shares of the conglomerate's stock valued at $415,000 after buying an additional 87 shares in the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Stock Performance

MMM stock traded up $0.90 during trading on Thursday, reaching $128.46. 3,408,623 shares of the stock were exchanged, compared to its average volume of 4,922,852. 3M has a twelve month low of $74.51 and a twelve month high of $141.34. The company has a market capitalization of $69.95 billion, a P/E ratio of 16.22, a price-to-earnings-growth ratio of 2.42 and a beta of 0.95. The stock has a 50 day simple moving average of $133.07 and a 200-day simple moving average of $114.80. 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 (NYSE:MMM - Get Free Report) last released its 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. The business had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. The firm's revenue for the quarter was down 24.3% compared to the same quarter last year. During the same period last year, the business earned $2.68 earnings per share. As a group, sell-side analysts anticipate that 3M will post 7.26 earnings per share for the current year.

3M Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date was Monday, August 26th. 3M's dividend payout ratio is 35.35%.

Insiders Place Their Bets

In other news, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the transaction, the chief financial officer now owns 4,364 shares in the company, valued at approximately $541,659.68. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the transaction, the chief financial officer now owns 4,364 shares in the company, valued at approximately $541,659.68. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Michael F. Roman sold 5,675 shares of the business's stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the transaction, the chairman now owns 174,036 shares of the company's stock, valued at $21,486,484.56. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on MMM. Melius upgraded 3M from a "hold" rating to a "buy" rating in a report on Tuesday, October 22nd. Deutsche Bank Aktiengesellschaft upgraded 3M from a "hold" rating to a "buy" rating and raised their target price for the company from $110.00 to $150.00 in a report on Monday, July 29th. StockNews.com lowered 3M from a "buy" rating to a "hold" rating in a report on Monday, July 29th. Melius Research upgraded 3M from a "hold" rating to a "buy" rating and set a $180.00 target price on the stock in a report on Tuesday, October 22nd. Finally, Royal Bank of Canada raised their price target on 3M from $99.00 to $100.00 and gave the company an "underperform" rating in a research report on Wednesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, 3M currently has a consensus rating of "Hold" and an average price target of $139.27.

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.