Mirae Asset Global Investments Co. Ltd. Acquires New Position in 3M Company $MMM

Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of 3M Company (NYSE:MMM) in the 3rd quarter, HoldingsChannel reports. The fund acquired 192,626 shares of the conglomerate’s stock, valued at approximately $31,620,000.

Several other hedge funds also recently modified their holdings of the stock. Northern Financial Advisors Inc boosted its stake in 3M by 1.2% during the third quarter. Northern Financial Advisors Inc now owns 12,754 shares of the conglomerate’s stock worth $2,094,000 after acquiring an additional 148 shares in the last quarter. Vise Technologies Inc. increased its stake in 3M by 21.5% in the third quarter. Vise Technologies Inc. now owns 25,397 shares of the conglomerate’s stock valued at $4,169,000 after purchasing an additional 4,500 shares in the last quarter. Grandfield & Dodd LLC increased its stake in 3M by 4.0% in the third quarter. Grandfield & Dodd LLC now owns 2,577 shares of the conglomerate’s stock valued at $423,000 after purchasing an additional 100 shares in the last quarter. Summit Global Investments increased its stake in 3M by 17.1% in the third quarter. Summit Global Investments now owns 3,617 shares of the conglomerate’s stock valued at $594,000 after purchasing an additional 528 shares in the last quarter. Finally, Sagace Wealth Management LLC raised its holdings in shares of 3M by 50.5% during the third quarter. Sagace Wealth Management LLC now owns 2,152 shares of the conglomerate’s stock valued at $353,000 after purchasing an additional 722 shares during the period. Institutional investors own 65.25% of the company’s stock.

3M Price Performance

Shares of MMM opened at $178.46 on Tuesday. The business’s fifty day moving average is $168.44 and its 200 day moving average is $161.40. 3M Company has a 12-month low of $139.34 and a 12-month high of $184.90. The company has a quick ratio of 1.06, a current ratio of 1.41 and a debt-to-equity ratio of 3.01. The stock has a market cap of $92.21 billion, a P/E ratio of 26.60, a P/E/G ratio of 2.25 and a beta of 0.99.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, October 20th. The conglomerate reported $2.50 EPS for the quarter, beating analysts’ consensus estimates of $2.38 by $0.12. The business had revenue of $6.60 billion during the quarter, compared to analyst estimates of $6.61 billion. 3M had a net margin of 14.01% and a return on equity of 123.11%. 3M’s quarterly revenue was up 1.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.19 EPS. Sell-side analysts anticipate that 3M Company will post 9.14 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 11th. Shareholders of record on Monday, August 24th were paid a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend was Monday, August 24th. 3M’s dividend payout ratio (DPR) is 46.50%.

Insider Activity

In other news, insider Karin Chavez sold 3,635 shares of 3M stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $182.51, for a total transaction of $663,423.85. Following the completion of the transaction, the insider directly owned 14,035 shares in the company, valued at $2,561,527.85. This trade represents a 20.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.19% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have recently issued reports on MMM. Weiss Ratings raised shares of 3M from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, October 23rd. HSBC raised 3M to a “strong-buy” rating in a research report on Thursday, October 22nd. Sanford C. Bernstein boosted their target price on 3M from $171.00 to $197.00 and gave the company a “market perform” rating in a research report on Wednesday, October 21st. Raymond James Financial reaffirmed a “market perform” rating on shares of 3M in a research note on Wednesday, October 21st. Finally, Mizuho increased their price target on 3M from $160.00 to $180.00 and gave the stock a “neutral” rating in a report on Thursday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, 3M has a consensus rating of “Hold” and an average target price of $185.36.

About 3M

3M is a diversified technology and manufacturing company headquartered in St. Paul, Minnesota. Founded in 1902 as Minnesota Mining and Manufacturing Company, it developed from a mining venture into a global enterprise known for applying materials science and engineering to a broad range of industrial, commercial and consumer applications.

The company develops and manufactures products including adhesives, abrasives, filtration systems, personal protective equipment, medical and dental supplies, electrical and electronic materials, automotive components, reflective materials and workplace safety solutions.