By otakuyassine3@gmail.com 
Wedge Capital Management L L P NC cut its holdings in shares of 3M (NYSE:MMM – Free Report) by 1.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 90,277 shares of the conglomerate’s stock after selling 1,753 shares during the period. Wedge Capital Management L L P NC’s holdings in 3M were worth $11,654,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also added to or reduced their stakes in MMM. FMR LLC lifted its stake in 3M by 88.7% during the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock valued at $1,225,087,000 after purchasing an additional 4,212,409 shares during the last quarter. International Assets Investment Management LLC lifted its stake in 3M by 11,601.2% during the third quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock valued at $172,416,000 after purchasing an additional 1,250,491 shares during the last quarter. Electron Capital Partners LLC acquired a new stake in 3M during the second quarter valued at approximately $76,732,000. Jennison Associates LLC purchased a new stake in shares of 3M in the 3rd quarter valued at approximately $82,208,000. Finally, Parsifal Capital Management LP lifted its position in shares of 3M by 179.0% in the 3rd quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate’s stock valued at $112,107,000 after acquiring an additional 526,194 shares in the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.
3M Stock Performance
Shares of MMM opened at $141.02 on Friday. The company’s fifty day moving average is $131.24 and its 200-day moving average is $127.56. 3M has a 12 month low of $75.40 and a 12 month high of $141.66. The firm has a market cap of $76.80 billion, a price-to-earnings ratio of 17.81, a price-to-earnings-growth ratio of 2.01 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 announced its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 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 company had revenue of $6.29 billion for the quarter, compared to analyst estimates of $6.06 billion. During the same quarter in the prior year, the business posted $2.68 EPS. 3M’s quarterly revenue was down 24.3% on a year-over-year basis. Equities analysts expect that 3M will post 7.27 EPS for the current fiscal year.
3M Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Friday, November 15th were paid a $0.70 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a yield of 1.99%. 3M’s payout ratio is presently 35.35%.
Wall Street Analysts Forecast Growth
MMM has been the subject of several research analyst reports. Melius Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price target for the company in a research report on Tuesday, October 22nd. Mizuho upped their price target on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. JPMorgan Chase & Co. reduced their price target on shares of 3M from $165.00 to $162.00 and set an “overweight” rating for the company in a research report on Wednesday. Bank of America upped their price objective on shares of 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Finally, UBS Group upgraded shares of 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, November 13th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $144.13.
Get Our Latest Stock Analysis on MMM
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.
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