Compagnie Lombard Odier SCmA boosted its position in 3M Co (NYSE:MMM) by 31.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 114,369 shares of the conglomerate’s stock after acquiring an additional 27,450 shares during the quarter. Compagnie Lombard Odier SCmA’s holdings in 3M were worth $24,101,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in MMM. Price Capital Management Inc. acquired a new stake in 3M in the third quarter valued at approximately $126,000. Psagot Investment House Ltd. acquired a new stake in 3M in the third quarter valued at approximately $131,000. SRS Capital Advisors Inc. boosted its position in 3M by 1,652.8% in the second quarter. SRS Capital Advisors Inc. now owns 631 shares of the conglomerate’s stock valued at $124,000 after buying an additional 595 shares in the last quarter. Braun Bostich & Associates Inc. boosted its position in 3M by 221.7% in the second quarter. Braun Bostich & Associates Inc. now owns 698 shares of the conglomerate’s stock valued at $137,000 after buying an additional 481 shares in the last quarter. Finally, Avestar Capital LLC boosted its position in 3M by 161.2% in the second quarter. Avestar Capital LLC now owns 700 shares of the conglomerate’s stock valued at $130,000 after buying an additional 432 shares in the last quarter. 67.00% of the stock is currently owned by institutional investors and hedge funds.
A number of analysts have weighed in on MMM shares. Credit Suisse Group started coverage on shares of 3M in a research report on Friday, October 12th. They issued an “outperform” rating and a $228.00 target price on the stock. Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating in a research report on Monday, October 29th. Barclays cut their target price on shares of 3M from $201.00 to $195.00 and set an “underweight” rating on the stock in a research report on Wednesday, October 24th. Citigroup cut their target price on shares of 3M from $251.00 to $228.00 and set a “buy” rating on the stock in a research report on Wednesday, October 24th. Finally, Morgan Stanley started coverage on shares of 3M in a research report on Monday, August 20th. They issued an “equal weight” rating and a $212.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $225.16.
Shares of NYSE:MMM opened at $198.24 on Friday. The firm has a market cap of $117.74 billion, a PE ratio of 21.62, a price-to-earnings-growth ratio of 2.00 and a beta of 1.18. The company has a current ratio of 1.97, a quick ratio of 1.36 and a debt-to-equity ratio of 1.31. 3M Co has a 52 week low of $181.98 and a 52 week high of $259.77.
3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, October 23rd. The conglomerate reported $2.58 EPS for the quarter, missing analysts’ consensus estimates of $2.70 by ($0.12). The business had revenue of $8.15 billion for the quarter, compared to analyst estimates of $8.41 billion. 3M had a return on equity of 54.60% and a net margin of 13.79%. 3M’s revenue for the quarter was down .2% on a year-over-year basis. During the same quarter last year, the firm posted $2.33 EPS. Equities analysts anticipate that 3M Co will post 9.95 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 12th. Stockholders of record on Friday, November 23rd will be issued a dividend of $1.36 per share. The ex-dividend date of this dividend is Wednesday, November 21st. This represents a $5.44 dividend on an annualized basis and a dividend yield of 2.74%. 3M’s dividend payout ratio (DPR) is presently 59.32%.
3M declared that its board has initiated a stock repurchase plan on Tuesday, November 13th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the conglomerate to buy up to 8.7% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
In other news, Director Gregory R. Page bought 1,000 shares of the company’s stock in a transaction that occurred on Friday, October 26th. The shares were acquired at an average price of $184.50 per share, for a total transaction of $184,500.00. Following the completion of the acquisition, the director now directly owns 1,500 shares in the company, valued at $276,750. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Eric D. Hammes sold 1,272 shares of the business’s stock in a transaction on Monday, September 10th. The shares were sold at an average price of $216.00, for a total transaction of $274,752.00. Following the completion of the transaction, the insider now owns 5,634 shares in the company, valued at approximately $1,216,944. The disclosure for this sale can be found here. 0.58% of the stock is currently owned by insiders.
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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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