Parsifal Capital Management LP Acquires 9,792 Shares of 3M (NYSE:MMM)

Parsifal Capital Management LP grew its holdings in 3M (NYSE:MMM - Free Report) by 1.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 829,886 shares of the conglomerate's stock after buying an additional 9,792 shares during the quarter. 3M comprises 8.9% of Parsifal Capital Management LP's investment portfolio, making the stock its 4th biggest holding. Parsifal Capital Management LP owned 0.15% of 3M worth $107,130,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Czech National Bank increased its stake in 3M by 5.5% in the 4th quarter. Czech National Bank now owns 118,072 shares of the conglomerate's stock valued at $15,242,000 after purchasing an additional 6,163 shares in the last quarter. Aprio Wealth Management LLC increased its stake in 3M by 19.1% in the 4th quarter. Aprio Wealth Management LLC now owns 3,195 shares of the conglomerate's stock valued at $412,000 after purchasing an additional 513 shares in the last quarter. Matrix Trust Co increased its stake in 3M by 602.9% in the 4th quarter. Matrix Trust Co now owns 738 shares of the conglomerate's stock valued at $95,000 after purchasing an additional 633 shares in the last quarter. Wedmont Private Capital increased its stake in 3M by 19.3% in the 4th quarter. Wedmont Private Capital now owns 2,951 shares of the conglomerate's stock valued at $387,000 after purchasing an additional 477 shares in the last quarter. Finally, Miracle Mile Advisors LLC increased its stake in 3M by 310.0% in the 4th quarter. Miracle Mile Advisors LLC now owns 6,552 shares of the conglomerate's stock valued at $846,000 after purchasing an additional 4,954 shares in the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Bank of America raised their price objective on 3M from $175.00 to $179.00 and gave the company a "buy" rating in a research note on Thursday, March 6th. Barclays raised their price objective on 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a research note on Wednesday, April 23rd. Wells Fargo & Company raised 3M from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $140.00 to $170.00 in a research note on Wednesday, January 22nd. JPMorgan Chase & Co. raised their price target on 3M from $140.00 to $167.00 and gave the stock an "overweight" rating in a research report on Friday. Finally, 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 research report on Wednesday, April 23rd. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $152.08.

3M Trading Up 2.9%

Shares of NYSE MMM traded up $4.37 on Friday, reaching $153.11. 3,556,311 shares of the company traded hands, compared to its average volume of 4,010,736. The stock has a market capitalization of $82.40 billion, a PE ratio of 20.28, a P/E/G ratio of 3.30 and a beta of 1.02. 3M has a fifty-two week low of $96.76 and a fifty-two week high of $156.35. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. The company has a 50 day moving average of $141.60 and a 200 day moving average of $139.32.

3M (NYSE:MMM - Get Free Report) last released its 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. The firm had revenue of $5.80 billion during the quarter, compared to the consensus estimate of $5.78 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. On average, equities research analysts forecast that 3M will post 7.8 earnings per share for the current fiscal year.

3M Announces Dividend

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

3M 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.