3M Company $MMM Stock: Beutel Goodman & Co Ltd. Lowers Position

Key Points

• Beutel Goodman cut its 3M stake by 57% in the third quarter, selling 9,835 shares and retaining 7,425 shares valued at about $1.22 million. Institutional investors collectively owned 65.25% of the stock, with some other funds increasing their holdings.
• 3M’s latest quarter beat earnings expectations, reporting $2.50 per share versus a $2.38 estimate; revenue was $6.60 billion, slightly below estimates but up 1.5% year over year.
• Analysts’ consensus rating was “Moderate Buy,” with an average price target of $190.07. 3M also announced a $6 billion share repurchase authorization and a quarterly dividend of $0.78 per share.

Beutel Goodman & Co Ltd. reduced its position in 3M Company (NYSE:MMM - Free Report) by 57.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,425 shares of the conglomerate's stock after selling 9,835 shares during the period. Beutel Goodman & Co Ltd.'s holdings in 3M were worth $1,218,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Engineers Gate Manager LP lifted its stake in 3M by 74.0% in the second quarter. Engineers Gate Manager LP now owns 287,652 shares of the conglomerate's stock valued at $46,574,000 after acquiring an additional 122,368 shares during the last quarter. North Star Asset Management Inc. acquired a new position in shares of 3M during the 2nd quarter worth $1,424,000. B.A. Schrock Wealth Management Inc. acquired a new position in shares of 3M during the 3rd quarter worth $1,770,000. Moore Capital Management LP acquired a new position in shares of 3M during the 2nd quarter worth $7,948,000. Finally, Amundi raised its holdings in shares of 3M by 67.0% during the 2nd quarter. Amundi now owns 4,536,148 shares of the conglomerate's stock valued at $734,448,000 after purchasing an additional 1,819,178 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on MMM. Sanford C. Bernstein lifted their price objective on shares of 3M from $171.00 to $197.00 and gave the company a "market perform" rating in a research note on Wednesday, October 21st. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating on shares of 3M in a report on Wednesday, October 21st. Weiss Ratings raised shares of 3M from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, October 23rd. Citigroup raised their target price on 3M from $183.00 to $188.00 and gave the company a "neutral" rating in a report on Wednesday, October 21st. Finally, Mizuho boosted their price target on 3M from $160.00 to $180.00 and gave the stock a "neutral" rating in a research report on Thursday, July 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $190.07.

3M Stock Up 1.9%

Shares of 3M stock opened at $188.60 on Tuesday. The stock has a market capitalization of $97.45 billion, a P/E ratio of 21.87, a PEG ratio of 2.53 and a beta of 1.01. The company has a quick ratio of 1.06, a current ratio of 1.41 and a debt-to-equity ratio of 3.01. The stock has a 50 day moving average price of $169.25 and a two-hundred day moving average price of $161.96. 3M Company has a 12-month low of $139.34 and a 12-month high of $196.90.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings results on Tuesday, October 20th. The conglomerate reported $2.50 EPS for the quarter, beating the consensus estimate of $2.38 by $0.12. 3M had a return on equity of 123.11% and a net margin of 14.01%. The company had revenue of $6.60 billion for the quarter, compared to the consensus estimate of $6.61 billion. During the same quarter last year, the company posted $2.19 earnings per share. The company's revenue for the quarter was up 1.5% compared to the same quarter last year. Equities analysts expect that 3M Company will post 9.14 earnings per share for the current year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Friday, November 13th will be paid a $0.78 dividend. The ex-dividend date is Friday, November 13th. This represents a $3.12 dividend on an annualized basis and a yield of 1.7%. 3M's dividend payout ratio (DPR) is presently 46.50%.

3M declared that its Board of Directors has approved a stock repurchase program on Wednesday, November 4th that permits the company to buy back $6 billion in outstanding shares. This repurchase authorization permits the conglomerate to purchase up to 6.6% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board believes its shares are undervalued.

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.

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