Paradoxiom Capital L.P. Buys Shares of 61,630 3M (NYSE:MMM)

Paradoxiom Capital L.P. acquired a new position in 3M (NYSE:MMM) in the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 61,630 shares of the conglomerate’s stock, valued at approximately $7,956,000. 3M makes up about 3.3% of Paradoxiom Capital L.P.’s investment portfolio, making the stock its 16th largest position.

A number of other institutional investors and hedge funds have also modified their holdings of MMM. Norges Bank acquired a new stake in shares of 3M in the fourth quarter worth $636,767,000. Invesco Ltd. increased its holdings in 3M by 51.6% in the 4th quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate’s stock valued at $576,845,000 after buying an additional 1,520,619 shares during the period. D1 Capital Partners L.P. bought a new stake in shares of 3M in the 4th quarter worth about $175,110,000. Capital World Investors grew its holdings in shares of 3M by 25.4% in 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. Finally, Amundi grew its holdings in shares of 3M by 55.7% in the 4th quarter. Amundi now owns 2,511,095 shares of the conglomerate’s stock worth $337,815,000 after purchasing an additional 898,244 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on MMM. Citigroup lowered their target price on shares of 3M from $152.00 to $142.00 and set a “neutral” rating on the stock in a report on Monday, April 14th. Barclays upped their price target on shares of 3M from $160.00 to $164.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 23rd. Wells Fargo & Company upgraded shares of 3M from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a research report on Saturday. Finally, Bank of America upped their price target on shares of 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research report on Thursday, March 6th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, 3M currently has an average rating of “Moderate Buy” and an average target price of $149.29.

3M Price Performance

NYSE MMM opened at $150.73 on Wednesday. The business has a 50 day simple moving average of $141.43 and a 200 day simple moving average of $138.96. 3M has a 52-week low of $96.76 and a 52-week 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. The stock has a market cap of $81.12 billion, a price-to-earnings ratio of 19.96, a PEG ratio of 3.30 and a beta of 1.02.

3M (NYSE:MMM) last posted its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.77 by $0.11. 3M had a return on equity of 100.77% and a net margin of 15.71%. The business had revenue of $5.80 billion during the quarter, compared to analysts’ expectations of $5.78 billion. Analysts anticipate that 3M will post 7.8 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd will be paid a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 1.94%. 3M’s dividend payout ratio is currently 36.87%.

3M Company 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.