Amundi Has $423.47 Million Stock Position in 3M Company $MMM

Key Points

• Amundi increased its stake in 3M Company by 20.7% in the first quarter, now holding approximately $423.47 million worth of shares.
• 3M reported earnings of $2.16 per share for the last quarter, exceeding analyst expectations, with revenue up 1.4% year-over-year.
• A quarterly dividend of $0.73 per share has been announced, with a dividend yield of 1.9%, payable to investors of record on August 25th.

Amundi lifted its holdings in shares of 3M Company (NYSE:MMM - Free Report) by 20.7% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,030,397 shares of the conglomerate's stock after buying an additional 519,302 shares during the period. Amundi owned about 0.56% of 3M worth $423,471,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of MMM. Nuveen LLC acquired a new position in shares of 3M during the 1st quarter worth $235,020,000. J. Goldman & Co LP acquired a new position in 3M in the 4th quarter worth about $63,471,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in 3M in the 4th quarter worth about $51,289,000. Jennison Associates LLC increased its holdings in 3M by 84.7% in the 1st quarter. Jennison Associates LLC now owns 842,174 shares of the conglomerate's stock worth $123,682,000 after purchasing an additional 386,093 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in 3M by 18.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,516,729 shares of the conglomerate's stock worth $369,530,000 after purchasing an additional 383,539 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company's stock.

Analyst Ratings Changes

A number of brokerages have issued reports on MMM. Citigroup upped their target price on 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a report on Friday, May 30th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a report on Saturday, August 30th. Barclays set a $170.00 target price on 3M in a report on Friday, July 18th. Wells Fargo & Company reaffirmed an "overweight" rating on shares of 3M in a report on Friday, July 18th. Finally, JPMorgan Chase & Co. set a $167.00 target price on 3M in a report on Friday, July 18th. Seven investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, 3M has a consensus rating of "Hold" and an average target price of $158.10.

3M Trading Down 1.5%

Shares of MMM stock opened at $151.91 on Thursday. The stock has a market cap of $80.91 billion, a price-to-earnings ratio of 21.13, a PEG ratio of 3.01 and a beta of 1.04. The stock has a 50-day moving average of $153.64 and a 200-day moving average of $147.59. The company has a current ratio of 1.72, a quick ratio of 1.20 and a debt-to-equity ratio of 2.87. 3M Company has a 1-year low of $121.98 and a 1-year high of $164.15.

3M (NYSE:MMM - Get Free Report) last announced its earnings results on Friday, July 18th. The conglomerate reported $2.16 EPS for the quarter, beating the consensus estimate of $2.01 by $0.15. 3M had a return on equity of 96.48% and a net margin of 16.01%.The company had revenue of $6.16 billion for the quarter, compared to analyst estimates of $6.09 billion. During the same quarter in the prior year, the company earned $1.93 EPS. The firm's revenue for the quarter was up 1.4% compared to the same quarter last year. On average, equities research analysts forecast that 3M Company will post 7.8 earnings per share for the current year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Monday, August 25th will be given a dividend of $0.73 per share. The ex-dividend date is Monday, August 25th. This represents a $2.92 annualized dividend and a dividend yield of 1.9%. 3M's dividend payout ratio is presently 40.61%.

Insider Activity

In related news, insider Christian T. Goralski, Jr. sold 6,165 shares of the company's stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $150.18, for a total transaction of $925,859.70. Following the sale, the insider owned 2,900 shares in the company, valued at $435,522. This represents a 68.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Theresa E. Reinseth sold 3,477 shares of the company's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $150.63, for a total value of $523,740.51. Following the sale, the chief accounting officer owned 2,561 shares in the company, valued at approximately $385,763.43. The trade was a 57.59% decrease in their position. The disclosure for this sale can be found here. 0.48% of the stock is owned by corporate insiders.

3M Company Profile

3M Company provides diversified technology services in the United States and internationally. The company's 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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