Great West Life Assurance Co. Can increased its stake in 3M (NYSE:MMM – Free Report) by 14.9% during the second quarter, according to its most recent filing with the SEC. The fund owned 469,047 shares of the conglomerate’s stock after buying an additional 60,896 shares during the quarter. Great West Life Assurance Co. Can owned 0.08% of 3M worth $47,151,000 at the end of the most recent quarter.
Several other institutional investors also recently added to or reduced their stakes in the stock. Financial Freedom LLC purchased a new position in shares of 3M during the 4th quarter valued at $25,000. 25 LLC purchased a new stake in 3M during the first quarter valued at about $33,000. Retirement Group LLC boosted its position in 3M by 267.0% during the first quarter. Retirement Group LLC now owns 367 shares of the conglomerate’s stock worth $39,000 after purchasing an additional 267 shares during the period. Trivant Custom Portfolio Group LLC bought a new stake in shares of 3M in the first quarter valued at approximately $48,000. Finally, Pacific Center for Financial Services purchased a new stake in shares of 3M during the 1st quarter valued at approximately $52,000. Institutional investors own 65.24% of the company’s stock.
Wall Street Analyst Weigh In
A number of brokerages have issued reports on MMM. HSBC began coverage on shares of 3M in a report on Friday, September 15th. They set a “hold” rating and a $109.00 target price on the stock. Wells Fargo & Company lowered their price target on shares of 3M from $115.00 to $93.00 in a report on Monday, October 9th. Morgan Stanley raised shares of 3M from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $102.00 to $113.00 in a research note on Thursday, August 31st. Citigroup raised their price target on shares of 3M from $95.00 to $97.00 and gave the company a “neutral” rating in a report on Wednesday, October 25th. Finally, Mizuho reaffirmed a “neutral” rating and issued a $120.00 price target on shares of 3M in a report on Tuesday, August 29th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $104.30.
3M Stock Down 0.4 %
MMM opened at $94.98 on Tuesday. The business’s fifty day simple moving average is $92.83 and its 200 day simple moving average is $98.90. 3M has a 52 week low of $85.35 and a 52 week high of $130.02. The company has a quick ratio of 0.72, a current ratio of 1.05 and a debt-to-equity ratio of 2.72. The stock has a market cap of $52.46 billion, a PE ratio of -7.11, a P/E/G ratio of 1.43 and a beta of 0.98.
3M (NYSE:MMM – Get Free Report) last announced its quarterly earnings data on Tuesday, October 24th. The conglomerate reported $2.68 EPS for the quarter, beating the consensus estimate of $2.34 by $0.34. The firm had revenue of $8.31 billion for the quarter, compared to analyst estimates of $7.99 billion. 3M had a positive return on equity of 47.18% and a negative net margin of 22.59%. The company’s revenue was down 3.6% on a year-over-year basis. During the same period in the prior year, the company earned $2.69 EPS. As a group, research analysts expect that 3M will post 9.12 earnings per share for the current fiscal year.
3M Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 12th. Stockholders of record on Friday, November 17th will be paid a $1.50 dividend. The ex-dividend date is Thursday, November 16th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 6.32%. 3M’s dividend payout ratio (DPR) is -44.94%.
3M Company Profile
3M Company provides diversified technology services in the United States and internationally. The company operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.
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