Great Lakes Advisors LLC Acquires 497 Shares of 3M (NYSE:MMM)

Great Lakes Advisors LLC boosted its holdings in 3M (NYSE:MMM) by 2.4% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 21,033 shares of the conglomerate’s stock after acquiring an additional 497 shares during the quarter. Great Lakes Advisors LLC’s holdings in 3M were worth $4,177,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the business. BlackRock Inc. raised its stake in shares of 3M by 0.7% in the second quarter. BlackRock Inc. now owns 39,891,035 shares of the conglomerate’s stock worth $7,923,555,000 after purchasing an additional 265,185 shares during the last quarter. Geode Capital Management LLC raised its position in 3M by 11.8% in the 1st quarter. Geode Capital Management LLC now owns 9,843,874 shares of the conglomerate’s stock valued at $1,892,169,000 after buying an additional 1,036,538 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in 3M by 1.0% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 7,800,046 shares of the conglomerate’s stock valued at $1,502,913,000 after acquiring an additional 73,832 shares in the last quarter. Fisher Asset Management LLC boosted its holdings in 3M by 5.2% during the 2nd quarter. Fisher Asset Management LLC now owns 5,392,922 shares of the conglomerate’s stock worth $1,071,196,000 after acquiring an additional 265,476 shares during the last quarter. Finally, Morgan Stanley raised its holdings in shares of 3M by 15.6% in the first quarter. Morgan Stanley now owns 5,071,041 shares of the conglomerate’s stock valued at $977,086,000 after purchasing an additional 682,530 shares during the last quarter. Institutional investors and hedge funds own 66.82% of the company’s stock.

Shares of NYSE MMM opened at $181.04 on Friday. The business has a 50-day moving average of $193.57 and a 200-day moving average of $196.30. The firm has a market capitalization of $104.76 billion, a price-to-earnings ratio of 17.80, a PEG ratio of 1.92 and a beta of 0.96. The company has a current ratio of 1.73, a quick ratio of 1.22 and a debt-to-equity ratio of 1.12. 3M has a 12 month low of $156.13 and a 12 month high of $208.95.

3M (NYSE:MMM) last announced its earnings results on Monday, July 26th. The conglomerate reported $2.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.28 by $0.31. 3M had a net margin of 17.13% and a return on equity of 44.72%. The company had revenue of $8.90 billion during the quarter, compared to analyst estimates of $8.59 billion. During the same period in the previous year, the business earned $1.78 earnings per share. The firm’s quarterly revenue was up 24.0% compared to the same quarter last year. On average, analysts predict that 3M will post 10.11 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, September 12th. Stockholders of record on Monday, August 23rd were paid a $1.48 dividend. The ex-dividend date was Friday, August 20th. This represents a $5.92 dividend on an annualized basis and a dividend yield of 3.27%. 3M’s dividend payout ratio (DPR) is 67.73%.

In related news, SVP Denise R. Rutherford sold 3,135 shares of the firm’s stock in a transaction dated Monday, August 2nd. The stock was sold at an average price of $198.17, for a total value of $621,262.95. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Eric D. Hammes sold 1,765 shares of 3M stock in a transaction that occurred on Tuesday, August 3rd. The stock was sold at an average price of $201.83, for a total value of $356,229.95. Following the completion of the sale, the insider now owns 6,756 shares in the company, valued at $1,363,563.48. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 20,666 shares of company stock worth $4,103,569. 0.34% of the stock is owned by insiders.

A number of equities research analysts have issued reports on MMM shares. UBS Group decreased their price objective on shares of 3M from $183.00 to $172.00 and set a “sell” rating for the company in a research note on Friday, September 17th. Argus upped their price objective on 3M from $220.00 to $225.00 and gave the company a “buy” rating in a research note on Wednesday, July 28th. They noted that the move was a valuation call. Wolfe Research downgraded shares of 3M from a “peer perform” rating to an “underperform” rating and cut their price target for the stock from $218.00 to $215.00 in a report on Monday, July 12th. Zacks Investment Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $208.00 price objective on the stock in a research report on Friday, August 6th. Finally, Credit Suisse Group cut shares of 3M from an “outperform” rating to a “neutral” rating and lifted their price target for the stock from $210.00 to $212.00 in a report on Tuesday, July 6th. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $196.85.

3M Company Profile

3M Co is a technology company, which manufactures industrial, safety and consumer products. It operates through the following segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment consists of personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules.

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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