MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Increases Stake 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 position in shares of 3M Company (NYSE:MMM - Free Report) by 34.8% in the first quarter, according to its most recent filing with the SEC. The firm owned 100,168 shares of the conglomerate's stock after purchasing an additional 25,868 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.'s holdings in 3M were worth $14,711,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in MMM. Nuveen LLC acquired a new stake in shares of 3M during the 1st quarter worth approximately $235,020,000. Alliancebernstein L.P. grew its position in shares of 3M by 23.1% during the 1st quarter. Alliancebernstein L.P. now owns 3,127,734 shares of the conglomerate's stock worth $459,339,000 after buying an additional 586,851 shares during the period. Amundi grew its position in shares of 3M by 20.7% during the 1st quarter. Amundi now owns 3,030,397 shares of the conglomerate's stock worth $423,471,000 after buying an additional 519,302 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of 3M during the 4th quarter worth approximately $51,289,000. Finally, Jennison Associates LLC grew its position in shares of 3M by 84.7% during the 1st quarter. Jennison Associates LLC now owns 842,174 shares of the conglomerate's stock worth $123,682,000 after buying an additional 386,093 shares during the period. Institutional investors and hedge funds own 65.25% of the company's stock.

Insider Buying and Selling at 3M

In other news, insider Christian T. Goralski, Jr. sold 6,165 shares of the firm's stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $150.18, for a total transaction of $925,859.70. Following the completion of the sale, the insider directly owned 2,900 shares of the company's stock, valued at $435,522. This trade represents a 68.01% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Theresa E. Reinseth sold 3,477 shares of the firm's stock in a transaction on 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 directly owned 2,561 shares of the company's stock, valued at approximately $385,763.43. This represents a 57.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.34% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on MMM shares. JPMorgan Chase & Co. set a $167.00 price objective on shares of 3M in a research report on Friday, July 18th. Barclays set a $170.00 target price on 3M in a report on Friday, July 18th. Citigroup increased 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 reiterated a "hold (c+)" rating on shares of 3M in a report on Saturday, August 30th. Finally, Wells Fargo & Company reiterated an "overweight" rating on shares of 3M in a report on Friday, July 18th. Seven analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $161.78.

3M Stock Down 1.0%

NYSE:MMM traded down $1.54 during trading hours on Friday, hitting $157.93. 2,865,088 shares of the company traded hands, compared to its average volume of 2,572,781. The company has a quick ratio of 1.20, a current ratio of 1.72 and a debt-to-equity ratio of 2.87. The firm's 50-day simple moving average is $154.05 and its 200-day simple moving average is $147.97. 3M Company has a one year low of $121.98 and a one year high of $164.15. The company has a market cap of $84.12 billion, a PE ratio of 21.97, a PEG ratio of 2.90 and a beta of 1.04.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings data on Friday, July 18th. The conglomerate reported $2.16 earnings per share 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 business had revenue of $6.16 billion for the quarter, compared to analysts' expectations of $6.09 billion. During the same period last year, the business earned $1.93 EPS. The business's revenue was up 1.4% on a year-over-year basis. Equities analysts predict that 3M Company will post 7.8 earnings per share for the current year.

3M Announces Dividend

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

About 3M

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.