33,244 Shares in 3M (NYSE:MMM) Acquired by Soros Fund Management LLC

Soros Fund Management LLC acquired a new stake in 3M (NYSE:MMM - Free Report) in the 3rd quarter, according to its most recent filing with the SEC. The fund acquired 33,244 shares of the conglomerate's stock, valued at approximately $4,544,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. State Street Corp lifted its position in 3M by 1.1% in the 3rd quarter. State Street Corp now owns 27,194,612 shares of the conglomerate's stock valued at $3,717,503,000 after acquiring an additional 302,900 shares in the last quarter. Stevens Capital Management LP bought a new stake in shares of 3M in the third quarter valued at about $363,000. SYM FINANCIAL Corp grew its holdings in shares of 3M by 8.8% during the third quarter. SYM FINANCIAL Corp now owns 2,592 shares of the conglomerate's stock worth $354,000 after buying an additional 210 shares in the last quarter. Quantinno Capital Management LP raised its position in 3M by 27.3% in the 3rd quarter. Quantinno Capital Management LP now owns 34,725 shares of the conglomerate's stock valued at $4,747,000 after buying an additional 7,456 shares during the last quarter. Finally, Quarry LP lifted its stake in 3M by 26.9% in the 3rd quarter. Quarry LP now owns 16,078 shares of the conglomerate's stock valued at $2,198,000 after acquiring an additional 3,405 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Stock Performance

Shares of NYSE MMM traded down $1.04 during mid-day trading on Friday, reaching $132.29. 748,158 shares of the company were exchanged, compared to its average volume of 4,715,431. The stock has a market capitalization of $72.04 billion, a P/E ratio of 16.80, a P/E/G ratio of 2.17 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. The company's 50-day simple moving average is $131.97 and its 200-day simple moving average is $120.97. 3M has a twelve month low of $75.40 and a twelve month high of $141.34.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $6.06 billion. During the same period last year, the business posted $2.68 earnings per share. The business's revenue for the quarter was down 24.3% compared to the same quarter last year. As a group, research analysts predict that 3M will post 7.27 earnings per share for the current year.

3M Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 2.12%. The ex-dividend date of this dividend is Friday, November 15th. 3M's payout ratio is 35.35%.

Analyst Ratings Changes

Several brokerages have recently weighed in on MMM. UBS Group raised shares of 3M from a "neutral" rating to a "buy" rating and raised their price target for the stock from $130.00 to $184.00 in a research note on Wednesday, November 13th. JPMorgan Chase & Co. lifted their price target on shares of 3M from $160.00 to $165.00 and gave the company an "overweight" rating in a research note on Monday, October 28th. Wells Fargo & Company increased their price objective on shares of 3M from $130.00 to $140.00 and gave the stock an "equal weight" rating in a research note on Monday, October 7th. Melius Research raised 3M from a "hold" rating to a "buy" rating and set a $180.00 target price on the stock in a research 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 note on Wednesday, October 23rd. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $144.87.

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.