J. Goldman & Co LP acquired a new stake in shares of 3M (NYSE:MMM - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 491,679 shares of the conglomerate's stock, valued at approximately $63,471,000. 3M accounts for 1.7% of J. Goldman & Co LP's portfolio, making the stock its 4th biggest position. J. Goldman & Co LP owned about 0.09% of 3M at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its holdings in 3M by 15.3% during the third quarter. Principal Financial Group Inc. now owns 737,075 shares of the conglomerate's stock worth $100,758,000 after buying an additional 97,741 shares in the last quarter. ORG Partners LLC lifted its position in shares of 3M by 44.1% during the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate's stock valued at $41,000 after acquiring an additional 98 shares during the last quarter. Czech National Bank boosted its stake in shares of 3M by 5.5% during the 4th quarter. Czech National Bank now owns 118,072 shares of the conglomerate's stock worth $15,242,000 after acquiring an additional 6,163 shares in the last quarter. Aprio Wealth Management LLC grew its holdings in shares of 3M by 19.1% in the 4th quarter. Aprio Wealth Management LLC now owns 3,195 shares of the conglomerate's stock worth $412,000 after acquiring an additional 513 shares during the last quarter. Finally, Matrix Trust Co lifted its holdings in shares of 3M by 602.9% during the fourth quarter. Matrix Trust Co now owns 738 shares of the conglomerate's stock valued at $95,000 after purchasing an additional 633 shares during the last quarter. Institutional investors own 65.25% of the company's stock.
Analysts Set New Price Targets
Several analysts have issued reports on the company. Bank of America boosted their price objective on 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a report on Thursday, March 6th. Royal Bank of Canada boosted their price objective on 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a report on Wednesday, April 23rd. Wells Fargo & Company upgraded 3M from an "equal weight" rating to an "overweight" rating and boosted their price objective for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. Citigroup cut their price objective on 3M from $152.00 to $142.00 and set a "neutral" rating on the stock in a report on Monday, April 14th. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a report on Saturday. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $149.29.
Check Out Our Latest Analysis on MMM
3M Stock Down 1.8%
Shares of MMM traded down $2.70 during trading hours on Wednesday, reaching $148.04. The company's stock had a trading volume of 3,777,888 shares, compared to its average volume of 4,026,380. The firm has a market cap of $79.67 billion, a price-to-earnings ratio of 19.61, a P/E/G 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. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. The company has a 50 day moving average of $141.47 and a two-hundred day moving average of $139.02.
3M (NYSE:MMM - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, topping analysts' consensus estimates of $1.77 by $0.11. 3M had a return on equity of 100.77% and a net margin of 15.71%. The firm had revenue of $5.80 billion for the quarter, compared to the consensus estimate of $5.78 billion. As a group, research analysts predict that 3M will post 7.8 EPS for the current fiscal year.
3M Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Friday, May 23rd will be issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 1.97%. 3M's dividend payout ratio is currently 36.87%.
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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