3M (NYSE:MMM) Shares Acquired by Vinva Investment Management Ltd

Vinva Investment Management Ltd boosted its holdings in 3M (NYSE:MMM) by 2.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 19,584 shares of the conglomerate’s stock after buying an additional 502 shares during the period. Vinva Investment Management Ltd’s holdings in 3M were worth $2,689,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. FMR LLC boosted its stake in 3M by 88.7% in the 3rd quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock worth $1,225,087,000 after buying an additional 4,212,409 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in 3M by 11.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock worth $517,617,000 after buying an additional 533,520 shares during the last quarter. Pacer Advisors Inc. boosted its stake in 3M by 2.0% in the 2nd quarter. Pacer Advisors Inc. now owns 4,952,878 shares of the conglomerate’s stock worth $506,135,000 after buying an additional 97,340 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in 3M by 1.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,815,625 shares of the conglomerate’s stock worth $521,596,000 after buying an additional 43,942 shares during the last quarter. Finally, AQR Capital Management LLC boosted its stake in 3M by 18.6% in the 2nd quarter. AQR Capital Management LLC now owns 2,531,422 shares of the conglomerate’s stock worth $258,686,000 after buying an additional 396,773 shares during the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Stock Performance

Shares of NYSE:MMM opened at $132.48 on Friday. The company has a market cap of $72.14 billion, a P/E ratio of 16.73, a PEG ratio of 2.19 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. 3M has a one year low of $75.40 and a one year high of $141.34. The business’s 50-day simple moving average is $132.42 and its 200 day simple moving average is $119.92.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The firm had revenue of $6.29 billion during the quarter, compared to analyst estimates of $6.06 billion. During the same quarter last year, the firm earned $2.68 EPS. 3M’s quarterly revenue was down 24.3% on a year-over-year basis. On average, sell-side analysts forecast that 3M will post 7.27 earnings per share for the current fiscal year.

3M Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.70 per share. The ex-dividend date is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a yield of 2.11%. 3M’s dividend payout ratio (DPR) is presently 35.35%.

Analyst Ratings Changes

A number of research firms have recently commented on MMM. Royal Bank of Canada raised their price objective on 3M from $99.00 to $100.00 and gave the stock an “underperform” rating in a report on Wednesday, October 23rd. Melius Research upgraded 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective on the stock in a report on Tuesday, October 22nd. Melius upgraded 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Wells Fargo & Company raised their price objective on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Finally, UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $130.00 to $184.00 in a report on Wednesday, November 13th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $144.87.

3M 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.