Mirae Asset Global Investments Co. Ltd. Buys New Stake in 3M Company $MMM

Mirae Asset Global Investments Co. Ltd. bought a new position in shares of 3M Company (NYSE:MMM) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund bought 192,626 shares of the conglomerate’s stock, valued at approximately $31,620,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Two West Capital Advisors LLC lifted its holdings in shares of 3M by 3.3% during the third quarter. Two West Capital Advisors LLC now owns 1,996 shares of the conglomerate’s stock worth $336,000 after purchasing an additional 63 shares during the period. Blue Jean Financial LLC grew its stake in shares of 3M by 4.5% in the third quarter. Blue Jean Financial LLC now owns 1,496 shares of the conglomerate’s stock worth $246,000 after purchasing an additional 64 shares during the last quarter. Capital Analysts LLC increased its holdings in 3M by 2.7% in the second quarter. Capital Analysts LLC now owns 2,576 shares of the conglomerate’s stock valued at $417,000 after purchasing an additional 67 shares during the period. Revisor Wealth Management LLC increased its holdings in 3M by 2.8% in the third quarter. Revisor Wealth Management LLC now owns 2,492 shares of the conglomerate’s stock valued at $411,000 after purchasing an additional 67 shares during the period. Finally, MBA Advisors LLC increased its holdings in 3M by 2.5% in the second quarter. MBA Advisors LLC now owns 2,839 shares of the conglomerate’s stock valued at $460,000 after purchasing an additional 68 shares during the period. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other 3M news, insider Karin Chavez sold 3,635 shares of the stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $182.51, for a total transaction of $663,423.85. Following the completion of the sale, the insider directly owned 14,035 shares in the company, valued at approximately $2,561,527.85. This trade represents a 20.57% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.19% of the company’s stock.

3M Trading Up 2.4%

NYSE:MMM opened at $178.46 on Tuesday. 3M Company has a 52 week low of $139.34 and a 52 week high of $184.90. The company has a debt-to-equity ratio of 3.01, a quick ratio of 1.06 and a current ratio of 1.41. The firm’s fifty day moving average is $168.44 and its 200-day moving average is $161.40. The firm 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 earnings results on Tuesday, October 20th. The conglomerate reported $2.50 earnings per share for the quarter, topping analysts’ consensus estimates of $2.38 by $0.12. 3M had a net margin of 14.01% and a return on equity of 123.11%. The business had revenue of $6.60 billion during the quarter, compared to the consensus estimate of $6.61 billion. During the same quarter last year, the firm earned $2.19 earnings per share. 3M’s quarterly revenue was up 1.5% on a year-over-year basis. Equities analysts expect that 3M Company will post 9.14 earnings per share for the current year.

3M Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several research analysts have commented on MMM shares. Sanford C. Bernstein lifted their target price on 3M from $171.00 to $197.00 and gave the stock a “market perform” rating in a report on Wednesday, October 21st. Wolfe Research reissued an “outperform” rating on shares of 3M in a research note on Thursday, July 9th. Royal Bank Of Canada increased their price target on 3M from $132.00 to $135.00 and gave the company an “underperform” rating in a research note on Wednesday, October 21st. Deutsche Bank Aktiengesellschaft restated a “hold” rating on shares of 3M in a research report on Wednesday, October 21st. Finally, Raymond James Financial reaffirmed a “market perform” rating on shares of 3M in a research note on Wednesday, October 21st. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $185.36.

3M Profile

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.