State Street Corp Purchases 302,900 Shares of 3M (NYSE:MMM)

State Street Corp lifted its position in shares of 3M (NYSE:MMM - Free Report) by 1.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 27,194,612 shares of the conglomerate's stock after buying an additional 302,900 shares during the period. State Street Corp owned about 4.99% of 3M worth $3,717,503,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. FSA Wealth Management LLC bought a new position in shares of 3M during the third quarter valued at about $27,000. MFA Wealth Advisors LLC purchased a new stake in 3M during the 2nd quarter valued at about $28,000. Daymark Wealth Partners LLC grew its position in 3M by 8.6% during the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate's stock worth $30,000 after acquiring an additional 17,211 shares during the last quarter. 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 worth $30,000 after purchasing an additional 121 shares during the period. Finally, Meeder Asset Management Inc. lifted its position in 3M by 689.7% in the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate's stock valued at $31,000 after purchasing an additional 269 shares during the last quarter. Institutional investors own 65.25% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on MMM shares. Wells Fargo & Company upped their price objective 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. Mizuho boosted their target price on 3M from $105.00 to $146.00 and gave the company a "neutral" rating in a research note on Thursday, October 17th. Barclays raised their price target on 3M from $160.00 to $165.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 23rd. Melius Research upgraded shares of 3M from a "hold" rating to a "buy" rating and set a $180.00 price target on the stock in a report on Tuesday, October 22nd. Finally, JPMorgan Chase & Co. upped their price objective on shares of 3M from $160.00 to $165.00 and gave the stock an "overweight" rating in a report on Monday, October 28th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $144.87.

3M Stock Down 0.2 %

Shares of NYSE MMM traded down $0.25 on Friday, reaching $133.08. 1,912,349 shares of the company's stock traded hands, compared to its average volume of 4,720,475. The business's 50 day simple moving average is $131.97 and its two-hundred day simple moving average is $120.97. 3M has a 12 month low of $75.40 and a 12 month high of $141.34. The company has a market cap of $72.47 billion, a price-to-earnings ratio of 16.81, a price-to-earnings-growth 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.

3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating analysts' consensus estimates of $1.93 by $0.05. The company had revenue of $6.29 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter last year, the company earned $2.68 EPS. As a group, equities research analysts forecast that 3M will post 7.27 EPS for the current fiscal year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be given a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.10%. 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.