The Manufacturers Life Insurance Company Grows Position in 3M (NYSE:MMM)

The Manufacturers Life Insurance Company grew its position in 3M (NYSE:MMM - Free Report) by 55.9% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 573,293 shares of the conglomerate's stock after buying an additional 205,661 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.11% of 3M worth $74,006,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in MMM. Tudor Financial Inc. bought a new stake in 3M in the 3rd quarter worth approximately $259,000. World Investment Advisors LLC grew its holdings in 3M by 22.4% during the 3rd quarter. World Investment Advisors LLC now owns 11,768 shares of the conglomerate's stock valued at $1,609,000 after buying an additional 2,155 shares in the last quarter. Wilmington Savings Fund Society FSB increased its holdings in 3M by 255.1% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 78,978 shares of the conglomerate's stock valued at $10,796,000 after acquiring an additional 56,734 shares during the last quarter. Tidal Investments LLC lifted its position in shares of 3M by 44.7% in the third quarter. Tidal Investments LLC now owns 72,733 shares of the conglomerate's stock worth $9,943,000 after buying an additional 22,461 shares in the last quarter. Finally, Peapack Gladstone Financial Corp raised its holdings in shares of 3M by 0.7% during the 3rd quarter. Peapack Gladstone Financial Corp now owns 116,993 shares of the conglomerate's stock worth $15,993,000 after acquiring an additional 830 shares in the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Stock Performance

Shares of NYSE:MMM traded up $4.17 during midday trading on Friday, reaching $142.07. The company's stock had a trading volume of 2,729,425 shares, compared to its average volume of 4,052,651. 3M has a twelve month low of $95.01 and a twelve month 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 firm has a market capitalization of $76.46 billion, a PE ratio of 18.82, a P/E/G ratio of 3.30 and a beta of 1.01. The stock has a fifty day moving average of $142.33 and a 200 day moving average of $138.35.

3M (NYSE:MMM - Get Free Report) last issued 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. The business had revenue of $5.80 billion for the quarter, compared to analysts' expectations of $5.78 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. On average, equities analysts expect that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were given a dividend of $0.73 per share. This is a positive change from 3M's previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.06%. 3M's dividend payout ratio (DPR) is 36.87%.

Analyst Ratings Changes

Several research analysts recently commented on the company. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research report on Thursday, April 24th. Wells Fargo & Company raised shares of 3M from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Royal Bank of Canada raised their price target on 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research note on Wednesday, April 23rd. Bank of America boosted their price objective on shares of 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a research note on Thursday, March 6th. Finally, Citigroup lowered their price target on shares of 3M from $152.00 to $142.00 and set a "neutral" rating on the stock in a report on Monday, April 14th. Two analysts have rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, 3M presently has a consensus rating of "Moderate Buy" and an average price target of $147.00.

3M Company 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.