Russell Investments Group Ltd. Purchases 99,871 Shares of 3M Company $MMM

Russell Investments Group Ltd. raised its position in 3M Company (NYSE:MMM) by 36.5% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 373,137 shares of the conglomerate’s stock after buying an additional 99,871 shares during the period. Russell Investments Group Ltd. owned about 0.07% of 3M worth $61,388,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in MMM. Ariadne Wealth Management LP lifted its position in 3M by 8.8% during the 3rd quarter. Ariadne Wealth Management LP now owns 2,536 shares of the conglomerate’s stock valued at $416,000 after purchasing an additional 206 shares during the period. Maryland State Retirement & Pension System grew its position in shares of 3M by 11.7% during the 3rd quarter. Maryland State Retirement & Pension System now owns 31,383 shares of the conglomerate’s stock worth $5,152,000 after buying an additional 3,275 shares during the period. Ritholtz Wealth Management grew its position in shares of 3M by 11.7% during the 3rd quarter. Ritholtz Wealth Management now owns 12,049 shares of the conglomerate’s stock worth $1,978,000 after buying an additional 1,262 shares during the period. UNIVEST FINANCIAL Corp raised its stake in shares of 3M by 9.2% during the third quarter. UNIVEST FINANCIAL Corp now owns 1,702 shares of the conglomerate’s stock worth $279,000 after buying an additional 143 shares during the last quarter. Finally, Jacobi Capital Management LLC raised its stake in shares of 3M by 0.8% during the third quarter. Jacobi Capital Management LLC now owns 18,977 shares of the conglomerate’s stock worth $3,115,000 after buying an additional 152 shares during the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Trading Down 1.4%

Shares of MMM stock traded down $2.67 on Friday, hitting $183.57. The stock had a trading volume of 2,521,291 shares, compared to its average volume of 4,041,585. 3M Company has a twelve month low of $139.34 and a twelve month high of $196.90. The firm has a market cap of $94.86 billion, a P/E ratio of 27.36, a PEG ratio of 2.42 and a beta of 1.01. The company has a current ratio of 1.41, a quick ratio of 1.06 and a debt-to-equity ratio of 3.01. The company has a fifty day moving average price of $170.64 and a two-hundred day moving average price of $162.50.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, October 20th. The conglomerate reported $2.50 EPS for the quarter, topping the consensus estimate of $2.38 by $0.12. The business had revenue of $6.60 billion for the quarter, compared to the consensus estimate of $6.61 billion. 3M had a return on equity of 123.11% and a net margin of 14.01%. The firm’s revenue was up 1.5% compared to the same quarter last year. During the same quarter last year, the business posted $2.19 EPS. As a group, analysts forecast that 3M Company will post 9.14 earnings per share for the current fiscal year.

3M announced that its board has approved a share buyback program on Wednesday, November 4th that allows the company to buy back $6 billion in outstanding shares. This buyback authorization allows the conglomerate to reacquire up to 6.6% of its shares through open market purchases. Share buyback programs are usually an indication that the company’s board of directors believes its shares are undervalued.

3M Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be issued a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Friday, November 13th. 3M’s dividend payout ratio is 46.50%.

Analyst Ratings Changes

Several analysts have commented on MMM shares. Deutsche Bank reiterated a “hold” rating on shares of 3M in a research report on Wednesday, October 21st. The Goldman Sachs Group lifted their price objective on 3M from $200.00 to $225.00 and gave the stock a “buy” rating in a research note on Thursday, November 5th. Citigroup upped their price objective on 3M from $183.00 to $188.00 and gave the company a “neutral” rating in a report on Wednesday, October 21st. Wells Fargo & Company initiated coverage on 3M in a research note on Thursday, September 24th. They issued an “equal weight” rating and a $195.00 target price on the stock. Finally, UBS Group set a $230.00 target price on 3M in a report on Wednesday, November 4th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $190.07.

3M Profile

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.