CenterBook Partners LP Acquires New Stake in 3M Company $MMM

Key Points

• CenterBook Partners acquired 16,557 shares of 3M in the third quarter, valued at approximately $2.72 million; institutional investors own 65.25% of the stock.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $190.07. Recent targets range from $186 to $230.
• 3M beat quarterly EPS estimates ($2.50 versus $2.38), while revenue was slightly below expectations at $6.60 billion. The company also authorized up to $6 billion in share repurchases and declared a $0.78 quarterly dividend.

CenterBook Partners LP acquired a new position in shares of 3M Company (NYSE:MMM - Free Report) in the third quarter, according to its most recent disclosure with the SEC. The firm acquired 16,557 shares of the conglomerate's stock, valued at approximately $2,718,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Two West Capital Advisors LLC grew its position in 3M by 3.3% in the 3rd quarter. Two West Capital Advisors LLC now owns 1,996 shares of the conglomerate's stock valued at $336,000 after buying an additional 63 shares during the last quarter. Blue Jean Financial LLC lifted its stake in shares of 3M by 4.5% in the 3rd quarter. Blue Jean Financial LLC now owns 1,496 shares of the conglomerate's stock worth $246,000 after acquiring an additional 64 shares during the period. Capital Analysts LLC lifted its stake in shares of 3M by 2.7% in the 2nd quarter. Capital Analysts LLC now owns 2,576 shares of the conglomerate's stock worth $417,000 after acquiring an additional 67 shares during the period. Revisor Wealth Management LLC lifted its stake in shares of 3M by 2.8% in the 3rd quarter. Revisor Wealth Management LLC now owns 2,492 shares of the conglomerate's stock worth $411,000 after acquiring an additional 67 shares during the period. Finally, MBA Advisors LLC boosted its holdings in shares of 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 acquiring an additional 68 shares in the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. JPMorgan Chase & Co. boosted their price target on shares of 3M from $191.00 to $210.00 and gave the stock an "overweight" rating in a research note on Wednesday. UBS Group set a $230.00 price objective on shares of 3M in a research report on Wednesday. Citigroup raised their price objective on shares of 3M from $183.00 to $188.00 and gave the company a "neutral" rating 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 company a "buy" rating in a report on Thursday. Finally, Jefferies Financial Group reiterated a "hold" rating and set a $186.00 target price on shares of 3M in a research report on Wednesday, October 21st. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $190.07.

3M Stock Performance

NYSE:MMM opened at $185.23 on Friday. The firm's fifty day simple moving average is $168.96 and its 200-day simple moving average is $161.79. 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 market cap of $95.71 billion, a PE ratio of 27.60, a price-to-earnings-growth ratio of 2.41 and a beta of 1.01. 3M Company has a fifty-two week low of $139.34 and a fifty-two week high of $196.90.

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

3M Dividend Announcement

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

3M announced that its board has authorized a share 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 buy up to 6.6% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's management believes its stock is undervalued.

About 3M

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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