Ensign Peak Advisors Inc Increases Stock Position in 3M (NYSE:MMM)

Ensign Peak Advisors Inc increased its position in shares of 3M (NYSE:MMM) by 29.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 642,354 shares of the conglomerate’s stock after buying an additional 145,146 shares during the period. Ensign Peak Advisors Inc’s holdings in 3M were worth $82,921,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in MMM. Geode Capital Management LLC increased its position in shares of 3M by 2.5% during the fourth quarter. Geode Capital Management LLC now owns 11,574,414 shares of the conglomerate’s stock worth $1,493,655,000 after acquiring an additional 280,048 shares during the last quarter. Northern Trust Corp grew its stake in 3M by 12.6% during the 4th quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate’s stock valued at $871,738,000 after purchasing an additional 755,155 shares in the last quarter. Capital World Investors increased its holdings in 3M by 25.4% during the 4th quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate’s stock worth $794,410,000 after purchasing an additional 1,248,093 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of 3M by 9.2% in the 4th quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate’s stock valued at $734,456,000 after purchasing an additional 479,621 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of 3M during the 4th quarter valued at approximately $636,767,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Up 0.8 %

3M stock opened at $142.25 on Friday. The firm has a market capitalization of $76.56 billion, a P/E ratio of 18.84, a P/E/G ratio of 3.30 and a beta of 1.02. The company has a 50-day simple moving average of $141.31 and a 200-day simple moving average of $138.54. 3M has a one year low of $96.76 and a one year high of $156.35. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, beating the consensus estimate of $1.77 by $0.11. The company had revenue of $5.80 billion for the quarter, compared to analyst estimates of $5.78 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. As a group, equities analysts expect that 3M will post 7.8 earnings per share for the current year.

Analysts Set New Price Targets

MMM has been the subject of a number of research analyst reports. Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a research note on Thursday, April 24th. Citigroup cut their target price on shares of 3M from $152.00 to $142.00 and set a “neutral” rating on the stock in a research note on Monday, April 14th. Barclays lifted their price target on 3M from $160.00 to $164.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 23rd. Wells Fargo & Company raised 3M from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $140.00 to $170.00 in a report on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. reduced their target price on 3M from $165.00 to $140.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Two analysts have rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $147.00.

About 3M

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.