Sumitomo Mitsui Trust Group Inc. Has $236.29 Million Stock Position in 3M (NYSE:MMM)

Sumitomo Mitsui Trust Group Inc. grew its stake in shares of 3M (NYSE:MMM - Free Report) by 0.2% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 1,728,561 shares of the conglomerate's stock after buying an additional 4,201 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.32% of 3M worth $236,294,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in MMM. Sei Investments Co. boosted its stake in 3M by 13.2% during the first quarter. Sei Investments Co. now owns 154,810 shares of the conglomerate's stock worth $16,420,000 after buying an additional 18,054 shares in the last quarter. Russell Investments Group Ltd. boosted its position in shares of 3M by 0.8% during the 1st quarter. Russell Investments Group Ltd. now owns 262,119 shares of the conglomerate's stock valued at $27,719,000 after acquiring an additional 2,050 shares in the last quarter. Avantax Advisory Services Inc. increased its stake in 3M by 10.2% in the first quarter. Avantax Advisory Services Inc. now owns 40,181 shares of the conglomerate's stock valued at $4,262,000 after acquiring an additional 3,717 shares during the period. State Board of Administration of Florida Retirement System raised its position in 3M by 5.1% in the first quarter. State Board of Administration of Florida Retirement System now owns 620,152 shares of the conglomerate's stock worth $65,184,000 after purchasing an additional 30,362 shares in the last quarter. Finally, Fortis Capital Advisors LLC raised its position in 3M by 4.1% in the first quarter. Fortis Capital Advisors LLC now owns 2,917 shares of the conglomerate's stock worth $309,000 after purchasing an additional 114 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. UBS Group upgraded 3M from a "neutral" rating to a "buy" rating and upped their price objective for the company from $130.00 to $184.00 in a research note on Wednesday. StockNews.com cut 3M from a "buy" rating to a "hold" rating in a report on Monday, July 29th. JPMorgan Chase & Co. boosted their target price 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. Melius Research upgraded shares of 3M from a "hold" rating to a "buy" rating and set a $180.00 target price for the company in a research report on Tuesday, October 22nd. Finally, Morgan Stanley initiated coverage on shares of 3M in a research report on Friday, September 6th. They issued an "underweight" rating and a $125.00 price target on the stock. 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 stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $144.87.

3M Trading Up 0.8 %

Shares of MMM stock traded up $1.10 on Wednesday, reaching $131.45. 2,660,570 shares of the stock were exchanged, compared to its average volume of 4,868,936. The stock has a 50 day moving average price of $132.78 and a 200 day moving average price of $117.40. The stock has a market cap of $71.58 billion, a PE ratio of 16.64, a P/E/G ratio of 2.16 and a beta of 0.95. 3M has a one year low of $75.40 and a one year high of $141.34. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08.

3M (NYSE:MMM - Get Free Report) last released its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping analysts' consensus estimates of $1.93 by $0.05. The firm had revenue of $6.29 billion during the quarter, compared to analyst estimates of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The business's quarterly revenue was down 24.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.68 EPS. Equities research analysts forecast that 3M will post 7.27 EPS for the current fiscal year.

3M Dividend Announcement

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 paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.13%. The ex-dividend date of this dividend is Friday, November 15th. 3M's 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.