Securian Asset Management Inc grew its stake in 3M Co (NYSE:MMM) by 0.9% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 60,208 shares of the conglomerate’s stock after purchasing an additional 545 shares during the quarter. Securian Asset Management Inc’s holdings in 3M were worth $10,436,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of MMM. Norges Bank acquired a new position in shares of 3M in the 4th quarter valued at $918,305,000. Ronna Sue Cohen lifted its stake in shares of 3M by 20,703.2% in the 1st quarter. Ronna Sue Cohen now owns 2,685,486 shares of the conglomerate’s stock valued at $2,685,000 after purchasing an additional 2,672,577 shares during the period. Thoroughbred Financial Services LLC lifted its stake in shares of 3M by 17,524.1% in the 2nd quarter. Thoroughbred Financial Services LLC now owns 1,680,806 shares of the conglomerate’s stock valued at $168,081,000 after purchasing an additional 1,671,269 shares during the period. Geode Capital Management LLC lifted its stake in shares of 3M by 5.0% in the 4th quarter. Geode Capital Management LLC now owns 7,416,248 shares of the conglomerate’s stock valued at $1,410,584,000 after purchasing an additional 353,754 shares during the period. Finally, Jensen Investment Management Inc. lifted its stake in shares of 3M by 15.8% in the 2nd quarter. Jensen Investment Management Inc. now owns 2,296,670 shares of the conglomerate’s stock valued at $398,105,000 after purchasing an additional 312,811 shares during the period. 66.84% of the stock is currently owned by institutional investors.
MMM has been the topic of a number of analyst reports. Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating and set a $183.00 price target on the stock in a research note on Monday, July 29th. Barclays reissued a “sell” rating and issued a $162.00 price target on shares of 3M in a research note on Thursday, June 6th. Bank of America cut their price target on 3M from $193.00 to $185.00 and set a “neutral” rating on the stock in a research note on Thursday, June 27th. Credit Suisse Group increased their price target on 3M from $180.00 to $194.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. They noted that the move was a valuation call. Finally, JPMorgan Chase & Co. cut their price target on 3M from $143.00 to $140.00 and set an “underweight” rating on the stock in a research note on Tuesday, August 6th. Four analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $182.54.
3M stock traded down $1.36 during mid-day trading on Tuesday, hitting $161.59. 472,946 shares of the company’s stock were exchanged, compared to its average volume of 3,281,698. The firm has a market capitalization of $92.91 billion, a P/E ratio of 15.45, a PEG ratio of 1.83 and a beta of 1.09. 3M Co has a fifty-two week low of $155.63 and a fifty-two week high of $219.75. The company has a quick ratio of 1.34, a current ratio of 1.93 and a debt-to-equity ratio of 1.53. The company’s 50 day simple moving average is $169.96 and its 200-day simple moving average is $186.98.
3M (NYSE:MMM) last issued its quarterly earnings data on Thursday, July 25th. The conglomerate reported $2.20 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.04 by $0.16. The business had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $8.10 billion. 3M had a return on equity of 55.05% and a net margin of 15.27%. The firm’s revenue was down 2.6% compared to the same quarter last year. During the same quarter last year, the business posted $2.59 EPS. Research analysts expect that 3M Co will post 9.28 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Friday, August 16th will be paid a dividend of $1.44 per share. This represents a $5.76 annualized dividend and a yield of 3.56%. The ex-dividend date is Thursday, August 15th. 3M’s payout ratio is presently 55.07%.
3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.
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