3M Company $MMM Position Trimmed by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA reduced its holdings in shares of 3M Company (NYSE:MMM) by 3.0% during the 3rd quarter, HoldingsChannel reports. The firm owned 273,490 shares of the conglomerate’s stock after selling 8,519 shares during the period. Pictet Asset Management Holding SA’s holdings in 3M were worth $44,893,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Ashton Thomas Private Wealth LLC increased its stake in 3M by 1.2% in the third quarter. Ashton Thomas Private Wealth LLC now owns 12,716 shares of the conglomerate’s stock valued at $2,087,000 after purchasing an additional 153 shares during the period. CenterBook Partners LP purchased a new stake in shares of 3M in the third quarter valued at about $2,718,000. Asset One Wealth Management LLC boosted its stake in shares of 3M by 32.6% during the third quarter. Asset One Wealth Management LLC now owns 2,205 shares of the conglomerate’s stock worth $362,000 after buying an additional 542 shares during the period. Heritage Family Offices LLP acquired a new stake in shares of 3M during the third quarter worth about $106,000. Finally, Allegiance Financial Group Advisory Services LLC boosted its stake in shares of 3M by 21.2% during the third quarter. Allegiance Financial Group Advisory Services LLC now owns 2,949 shares of the conglomerate’s stock worth $484,000 after buying an additional 516 shares during the period. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Stock Performance

Shares of MMM opened at $189.58 on Wednesday. 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 stock has a market capitalization of $97.96 billion, a P/E ratio of 28.25, a P/E/G ratio of 2.46 and a beta of 1.01. The company’s fifty day moving average is $169.60 and its two-hundred day moving average is $162.10. 3M Company has a 1 year low of $139.34 and a 1 year high of $196.90.

3M (NYSE:MMM) last released its earnings results on Tuesday, October 20th. The conglomerate reported $2.50 EPS for the quarter, topping the consensus estimate of $2.38 by $0.12. 3M had a net margin of 14.01% and a return on equity of 123.11%. The company had revenue of $6.60 billion during the quarter, compared to analysts’ expectations of $6.61 billion. During the same quarter last year, the business earned $2.19 EPS. The business’s revenue was up 1.5% on a year-over-year basis. On average, sell-side analysts predict that 3M Company will post 9.14 earnings per share for the current year.

3M announced that its board has initiated a share buyback plan on Wednesday, November 4th that authorizes the company to repurchase $6 billion in shares. This buyback authorization authorizes the conglomerate to reacquire up to 6.6% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its stock is undervalued.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be paid a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Friday, November 13th. 3M’s dividend payout ratio is 46.50%.

Wall Street Analyst Weigh In

MMM has been the topic of a number of research reports. Jefferies Financial Group reissued a “hold” rating and set a $186.00 price target on shares of 3M in a report on Wednesday, October 21st. The Goldman Sachs Group upped their price objective on 3M from $200.00 to $225.00 and gave the company a “buy” rating in a research note on Thursday, November 5th. Wells Fargo & Company started coverage on 3M in a research report on Thursday, September 24th. They set an “equal weight” rating and a $195.00 price objective for the company. Mizuho increased their price objective on 3M from $160.00 to $180.00 and gave the stock a “neutral” rating in a research report on Thursday, July 23rd. Finally, Raymond James Financial reiterated a “market perform” rating on shares of 3M in a research note on Wednesday, October 21st. Two investment analysts have 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. According to data from MarketBeat.com, 3M currently has a consensus rating of “Moderate Buy” and an average price target of $190.07.

About 3M

3M is a diversified science and manufacturing company that develops products for businesses and consumers. Its offerings include workplace safety equipment, adhesives and abrasives, filtration materials, automotive and electronics components, and home and office products such as Post-it Notes and Scotch brand tapes. Founded in 1902 as the Minnesota Mining and Manufacturing Company, 3M began as a mining venture before expanding into materials science and industrial manufacturing. The company adopted the name 3M in 2002 and is headquartered in St. Paul, Minnesota.