MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Increases Stock Position in 3M Company $MMM

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in 3M Company by 34.8% in Q1, holding 100,168 shares valued at approximately $14.71 million.
• Analysts have a consensus rating of "Moderate Buy" for 3M, with target prices ranging from $160.00 to $170.00.
• 3M announced a quarterly dividend of $0.73, reflecting an annual yield of 1.8%, with a payout ratio of 40.61%.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in 3M Company (NYSE:MMM - Free Report) by 34.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 100,168 shares of the conglomerate's stock after buying an additional 25,868 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.'s holdings in 3M were worth $14,711,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in the stock. Financial Gravity Asset Management Inc. bought a new stake in shares of 3M in the 1st quarter valued at about $2,506,000. Synergy Asset Management LLC raised its holdings in shares of 3M by 122.7% in the 1st quarter. Synergy Asset Management LLC now owns 4,512 shares of the conglomerate's stock valued at $663,000 after purchasing an additional 2,486 shares in the last quarter. Northstar Group Inc. bought a new stake in shares of 3M in the 1st quarter valued at about $262,000. Dynamic Advisor Solutions LLC bought a new stake in shares of 3M in the 1st quarter valued at about $786,000. Finally, Retirement Systems of Alabama raised its holdings in shares of 3M by 210.6% in the 1st quarter. Retirement Systems of Alabama now owns 366,236 shares of the conglomerate's stock valued at $53,785,000 after purchasing an additional 248,333 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MMM has been the subject of several recent research reports. Wells Fargo & Company restated an "overweight" rating on shares of 3M in a report on Friday, July 18th. JPMorgan Chase & Co. set a $167.00 price target on shares of 3M in a report on Friday, July 18th. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research note on Saturday, August 30th. Barclays set a $170.00 price objective on shares of 3M in a research note on Friday, July 18th. Finally, Citigroup boosted their price objective on shares of 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research note on Friday, May 30th. Seven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, 3M has an average rating of "Moderate Buy" and a consensus target price of $161.78.

3M Stock Performance

NYSE:MMM traded down $1.54 during trading hours on Friday, hitting $157.93. 2,865,088 shares of the company were exchanged, compared to its average volume of 2,519,973. The stock has a market capitalization of $84.12 billion, a price-to-earnings ratio of 21.97, a PEG ratio of 2.87 and a beta of 1.04. 3M Company has a 52-week low of $121.98 and a 52-week high of $164.15. The company has a debt-to-equity ratio of 2.87, a current ratio of 1.72 and a quick ratio of 1.20. The company's 50 day moving average price is $154.05 and its 200-day moving average price is $147.95.

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

3M Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 12th. Shareholders of record on Monday, August 25th were given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Monday, August 25th. 3M's payout ratio is currently 40.61%.

Insider Buying and Selling at 3M

In other news, insider Christian T. Goralski, Jr. sold 6,165 shares of the company's stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $150.18, for a total value of $925,859.70. Following the sale, the insider directly owned 2,900 shares of the company's stock, valued at $435,522. This represents a 68.01% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Theresa E. Reinseth sold 3,477 shares of the company's stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $150.63, for a total transaction of $523,740.51. Following the completion of the sale, the chief accounting officer directly owned 2,561 shares in the company, valued at $385,763.43. This trade represents a 57.59% decrease in their ownership of the stock. 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.