Newbrook Capital Advisors LP Purchases New Shares in 3M (NYSE:MMM)

Newbrook Capital Advisors LP purchased a new stake in 3M (NYSE:MMM - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 183,140 shares of the conglomerate's stock, valued at approximately $23,642,000. 3M makes up approximately 3.0% of Newbrook Capital Advisors LP's holdings, making the stock its 18th largest position.

Several other institutional investors also recently modified their holdings of MMM. Norges Bank acquired a new position in 3M during the fourth quarter worth $636,767,000. Invesco Ltd. increased its position in 3M by 51.6% during the fourth quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate's stock worth $576,845,000 after buying an additional 1,520,619 shares during the last quarter. D1 Capital Partners L.P. acquired a new position in 3M during the fourth quarter worth $175,110,000. Capital World Investors increased its position 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 buying an additional 1,248,093 shares during the last quarter. Finally, Amundi increased its position in 3M by 55.7% during the fourth quarter. Amundi now owns 2,511,095 shares of the conglomerate's stock worth $337,815,000 after buying an additional 898,244 shares during the last quarter. Institutional investors own 65.25% of the company's stock.

3M Stock Up 2.9%

Shares of 3M stock traded up $4.37 during trading hours on Friday, reaching $153.11. The company's stock had a trading volume of 3,556,311 shares, compared to its average volume of 4,010,736. 3M has a one year low of $96.76 and a one year high of $156.35. The company has a market capitalization of $82.40 billion, a P/E ratio of 20.28, a P/E/G ratio of 3.30 and a beta of 1.02. The stock's fifty day simple moving average is $141.60 and its two-hundred day simple moving average is $139.32. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share 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 firm had revenue of $5.80 billion for the quarter, compared to analyst estimates of $5.78 billion. On average, research analysts forecast that 3M will post 7.8 earnings per share for the current year.

3M Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd will be paid a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.91%. 3M's dividend payout ratio (DPR) is 36.87%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on MMM. Citigroup reduced their price objective on 3M from $152.00 to $142.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Wells Fargo & Company raised 3M from an "equal weight" rating to an "overweight" rating and increased their price objective for the company from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Barclays increased their target price on shares of 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a research note on Wednesday, April 23rd. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research note on Saturday, May 10th. Finally, Royal Bank of Canada increased their target price on shares of 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research note on Wednesday, April 23rd. Two research analysts have rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $152.08.

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.