Investment Management Corp of Ontario boosted its holdings in shares of 3M (NYSE:MMM - Free Report) by 135.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 49,917 shares of the conglomerate's stock after acquiring an additional 28,713 shares during the period. Investment Management Corp of Ontario's holdings in 3M were worth $6,444,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently modified their holdings of MMM. Norges Bank purchased a new position in 3M in the 4th quarter valued at about $636,767,000. Invesco Ltd. boosted its holdings in shares of 3M by 51.6% in the 4th quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate's stock valued at $576,845,000 after purchasing an additional 1,520,619 shares during the last quarter. D1 Capital Partners L.P. acquired a new stake in shares of 3M during the 4th quarter worth $175,110,000. Capital World Investors increased its stake in 3M by 25.4% during the fourth quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock worth $794,410,000 after acquiring an additional 1,248,093 shares during the last quarter. Finally, Amundi grew its holdings in shares of 3M by 55.7% during the 4th quarter. Amundi now owns 2,511,095 shares of the conglomerate's stock worth $337,815,000 after purchasing an additional 898,244 shares during the period. Hedge funds and other institutional investors own 65.25% of the company's stock.
3M Trading Down 1.8%
Shares of NYSE:MMM traded down $2.70 during midday trading on Wednesday, reaching $148.04. The company had a trading volume of 3,777,888 shares, compared to its average volume of 4,026,380. The company has a fifty day simple moving average of $141.47 and a two-hundred day simple moving average of $139.02. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. The firm has a market cap of $79.67 billion, a price-to-earnings ratio of 19.61, a price-to-earnings-growth ratio of 3.30 and a beta of 1.02. 3M has a 1-year low of $96.76 and a 1-year high of $156.35.
3M (NYSE:MMM - Get Free Report) last released its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.77 by $0.11. 3M had a net margin of 15.71% and a return on equity of 100.77%. The business had revenue of $5.80 billion for the quarter, compared to analyst estimates of $5.78 billion. Research analysts predict that 3M will post 7.8 earnings per share for the current year.
3M Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Friday, May 23rd will be given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 1.97%. 3M's payout ratio is 36.87%.
Analyst Ratings Changes
Several equities analysts recently commented on MMM shares. JPMorgan Chase & Co. reduced their price target on 3M from $165.00 to $140.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Bank of America upped their target price on 3M from $175.00 to $179.00 and gave the company a "buy" rating in a report on Thursday, March 6th. Royal Bank of Canada raised their price target on 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a report on Wednesday, April 23rd. Citigroup lowered their price objective on 3M from $152.00 to $142.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research note on Saturday. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $149.29.
Check Out Our Latest Research Report on MMM
3M Company Profile
(
Free Report)
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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