31,706 3M Company $MMM Shares Sold by AIA Group Ltd

Key Points

• AIA Group cut its 3M stake by 41.8% in the third quarter, selling 31,706 shares; it retained 44,061 shares valued at about $7.23 million.
• 3M’s recent developments include a PFAS settlement commitment of $5.8 billion in present value (up to $7.35 billion in payments) and expanded AI data-center optics work with Amazon Web Services.
• The company authorized an additional $6 billion in share buybacks and declared a $0.78 quarterly dividend. Its latest quarterly EPS of $2.50 topped estimates, while revenue of $6.60 billion came in just below consensus.

AIA Group Ltd trimmed its position in 3M Company (NYSE:MMM - Free Report) by 41.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 44,061 shares of the conglomerate's stock after selling 31,706 shares during the quarter. AIA Group Ltd's holdings in 3M were worth $7,233,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the stock. Two West Capital Advisors LLC boosted its position in shares of 3M by 3.3% during the 3rd 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 raised its position in 3M by 4.5% in the 3rd quarter. Blue Jean Financial LLC now owns 1,496 shares of the conglomerate's stock valued at $246,000 after purchasing an additional 64 shares in the last quarter. Capital Analysts LLC raised 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 acquiring an additional 67 shares in the last quarter. Revisor Wealth Management LLC lifted its position in shares of 3M by 2.8% during the 3rd quarter. Revisor Wealth Management LLC now owns 2,492 shares of the conglomerate's stock worth $411,000 after purchasing an additional 67 shares during the last quarter. Finally, MBA Advisors LLC raised its stake 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 buying an additional 68 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company's stock.

3M News Summary

Here are the key news stories impacting 3M this week:

• Positive Sentiment: 3M agreed to a PFAS personal-injury settlement with a commitment of $5.8 billion in present value through 2034, or up to $7.35 billion in total payments. UBS said it covers about 99% of current claims and costs less than investors had expected, potentially removing a major litigation overhang. Article: 3M settlement removes major PFAS overhang, UBS says
• Positive Sentiment: 3M and Amazon Web Services are expanding work to scale 3M’s optical-connectivity platform for AI-focused data centers. The initiative is expected to create more than 500 jobs and contribute nearly $500 million to the economy, bolstering the company’s exposure to data-center growth. Article: 3M expands AI data center optics push
• Positive Sentiment: The board authorized an additional $6 billion in share repurchases, bringing total availability under its program to $7.5 billion, and declared a quarterly dividend of $0.78 per share. Buybacks and the dividend add to shareholder returns, though the authorization does not guarantee purchases. Article: 3M approves share repurchase authorization and declares dividend
• Positive Sentiment: JPMorgan raised its price target to $210 from $191 and maintained an Overweight rating, signaling a more favorable view of the shares. Article: JPMorgan raises 3M price target
• Negative Sentiment: The settlement remains a substantial cash commitment, and reports note that its final implementation depends on a claimant participation threshold that has not been publicly disclosed. Article: 3M's forever chemicals bill just grew by billions

3M Stock Performance

Shares of NYSE MMM opened at $194.03 on Thursday. The company has a market cap of $100.26 billion, a PE ratio of 28.92, a price-to-earnings-growth ratio of 2.31 and a beta of 1.01. 3M Company has a 12 month low of $139.34 and a 12 month high of $194.77. The company has a debt-to-equity ratio of 3.01, a current ratio of 1.41 and a quick ratio of 1.06. The company has a 50-day simple moving average of $168.68 and a 200-day simple moving average of $161.55.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings data on Tuesday, October 20th. The conglomerate reported $2.50 earnings per share (EPS) for the quarter, beating 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 net margin of 14.01% and a return on equity of 123.11%. The company's quarterly revenue was up 1.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.19 earnings per share. On average, equities analysts anticipate that 3M Company will post 9.14 earnings per share for the current year.

3M announced that its board has initiated a stock repurchase program on Wednesday, November 4th that allows the company to buy back $6 billion in outstanding shares. This buyback authorization allows the conglomerate to purchase up to 6.6% of its shares through open market purchases. Stock buyback programs are typically a sign that the company's board believes its shares are undervalued.

3M Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be paid a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend is Friday, November 13th. 3M's payout ratio is presently 46.50%.

Wall Street Analysts Forecast Growth

MMM has been the subject of a number of recent analyst reports. Raymond James Financial reaffirmed a "market perform" rating on shares of 3M in a report on Wednesday, October 21st. Wolfe Research restated an "outperform" rating on shares of 3M in a research report on Thursday, July 9th. Deutsche Bank Aktiengesellschaft restated a "hold" rating on shares of 3M in a research report on Wednesday, October 21st. UBS Group set a $230.00 price target on 3M in a report on Wednesday. Finally, Jefferies Financial Group restated a "hold" rating and set a $186.00 target price on shares of 3M in a research report 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 issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $187.57.

3M Company 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.

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