NorthCoast Asset Management LLC increased its position in shares of 3M (NYSE:MMM) by 1.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 58,932 shares of the conglomerate’s stock after purchasing an additional 705 shares during the period. NorthCoast Asset Management LLC’s holdings in 3M were worth $10,340,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in 3M by 13.2% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 107,193 shares of the conglomerate’s stock worth $21,292,000 after buying an additional 12,508 shares during the period. Family Management Corp purchased a new position in 3M during the second quarter worth about $349,000. Gabelli Funds LLC purchased a new position in 3M during the second quarter worth about $249,000. Lcnb Corp boosted its stake in 3M by 6.8% during the second quarter. Lcnb Corp now owns 3,143 shares of the conglomerate’s stock worth $624,000 after buying an additional 200 shares during the period. Finally, Ancora Advisors LLC boosted its stake in 3M by 1.3% during the second quarter. Ancora Advisors LLC now owns 34,948 shares of the conglomerate’s stock worth $6,942,000 after buying an additional 462 shares during the period. Hedge funds and other institutional investors own 66.20% of the company’s stock.
Shares of 3M stock opened at $159.54 on Friday. 3M has a 52-week low of $158.80 and a 52-week high of $208.95. The company has a 50 day moving average of $173.41 and a 200 day moving average of $181.16. The company has a quick ratio of 1.15, a current ratio of 1.70 and a debt-to-equity ratio of 1.06. The company has a market capitalization of $92.32 billion, a P/E ratio of 15.76, a P/E/G ratio of 1.62 and a beta of 0.96.
3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, January 25th. The conglomerate reported $2.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.02 by $0.29. 3M had a net margin of 16.75% and a return on equity of 40.84%. The company had revenue of $8.61 billion during the quarter, compared to the consensus estimate of $8.58 billion. During the same quarter in the previous year, the firm earned $2.38 earnings per share. The firm’s quarterly revenue was up .3% on a year-over-year basis. As a group, research analysts anticipate that 3M will post 10.45 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Saturday, March 12th. Shareholders of record on Friday, February 18th will be issued a dividend of $1.49 per share. The ex-dividend date is Thursday, February 17th. This represents a $5.96 dividend on an annualized basis and a yield of 3.74%. This is a boost from 3M’s previous quarterly dividend of $1.48. 3M’s dividend payout ratio (DPR) is presently 58.50%.
Several research analysts have weighed in on MMM shares. Mizuho started coverage on shares of 3M in a research note on Thursday, December 16th. They set a “neutral” rating and a $180.00 target price for the company. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of 3M from $192.00 to $182.00 and set a “hold” rating for the company in a research note on Friday, December 10th. Credit Suisse Group lowered their price objective on shares of 3M from $198.00 to $195.00 and set a “neutral” rating for the company in a research note on Wednesday, January 26th. Sanford C. Bernstein initiated coverage on shares of 3M in a research note on Monday, January 10th. They issued a “market perform” rating and a $175.00 price objective for the company. Finally, Royal Bank of Canada lowered shares of 3M from a “sector perform” rating to an “underperform” rating and lowered their price objective for the company from $199.00 to $166.00 in a research note on Wednesday, January 5th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, 3M currently has an average rating of “Hold” and an average target price of $187.57.
3M Company Profile
3M Co is a technology company, which manufactures industrial, safety, and consumer products. It operates through the following segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment consists of personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules.
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