Global X Management Co LLC lifted its stake in shares of 3M Co (NYSE:MMM) by 7.2% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 8,344 shares of the conglomerate’s stock after acquiring an additional 562 shares during the period. Global X Management Co LLC’s holdings in 3M were worth $1,641,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently bought and sold shares of MMM. Parnassus Investments CA acquired a new stake in shares of 3M during the 2nd quarter worth about $706,178,000. Charles Schwab Investment Advisory Inc. acquired a new stake in shares of 3M during the 2nd quarter worth about $213,286,000. Old Mutual Global Investors UK Ltd. increased its position in shares of 3M by 2,723.3% during the 1st quarter. Old Mutual Global Investors UK Ltd. now owns 1,071,810 shares of the conglomerate’s stock worth $235,283,000 after purchasing an additional 1,033,847 shares during the last quarter. Cornerstone Wealth Management LLC increased its position in shares of 3M by 21,835.8% during the 2nd quarter. Cornerstone Wealth Management LLC now owns 831,148 shares of the conglomerate’s stock worth $4,251,000 after purchasing an additional 827,359 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of 3M by 8.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 6,727,135 shares of the conglomerate’s stock worth $1,323,362,000 after purchasing an additional 537,325 shares during the last quarter. Institutional investors and hedge funds own 66.93% of the company’s stock.
NYSE MMM opened at $211.07 on Thursday. The stock has a market capitalization of $125.25 billion, a price-to-earnings ratio of 23.02, a PEG ratio of 2.04 and a beta of 1.16. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.56 and a quick ratio of 1.08. 3M Co has a 1-year low of $190.57 and a 1-year high of $259.77.
3M (NYSE:MMM) last released its earnings results on Tuesday, July 24th. The conglomerate reported $2.59 earnings per share for the quarter, beating the consensus estimate of $2.58 by $0.01. The company had revenue of $8.39 billion during the quarter, compared to the consensus estimate of $8.36 billion. 3M had a return on equity of 51.31% and a net margin of 13.44%. 3M’s revenue was up 7.4% compared to the same quarter last year. During the same period in the previous year, the company posted $2.58 EPS. sell-side analysts forecast that 3M Co will post 10.28 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 12th. Stockholders of record on Friday, August 24th were paid a $1.36 dividend. This represents a $5.44 annualized dividend and a dividend yield of 2.58%. The ex-dividend date of this dividend was Thursday, August 23rd. 3M’s payout ratio is presently 59.32%.
A number of brokerages recently issued reports on MMM. MED downgraded 3M from a “buy” rating to a “hold” rating and set a $208.00 price objective for the company. in a research report on Thursday, July 12th. Morgan Stanley began coverage on 3M in a research report on Monday, August 20th. They set an “equal weight” rating and a $212.00 price objective for the company. Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating in a research report on Monday, September 3rd. Deutsche Bank reaffirmed a “hold” rating and issued a $208.00 target price on shares of 3M in a research report on Thursday, July 12th. Finally, UBS Group lifted their target price on 3M from $215.00 to $220.00 and gave the company a “neutral” rating in a research report on Thursday, August 30th. Four research analysts have rated the stock with a sell rating, seven have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $234.97.
In other news, insider Jon T. Lindekugel sold 6,410 shares of 3M stock in a transaction dated Friday, August 10th. The stock was sold at an average price of $203.01, for a total value of $1,301,294.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Eric D. Hammes sold 1,272 shares of 3M stock in a transaction dated Monday, September 10th. The shares were sold at an average price of $216.00, for a total value of $274,752.00. Following the completion of the transaction, the insider now owns 5,634 shares of the company’s stock, valued at approximately $1,216,944. The disclosure for this sale can be found here. Company insiders own 0.72% of the company’s stock.
3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.
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