Exchange Capital Management Inc. lowered its stake in 3M Co (NYSE:MMM) by 9.1% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,684 shares of the conglomerate’s stock after selling 367 shares during the quarter. Exchange Capital Management Inc.’s holdings in 3M were worth $867,000 at the end of the most recent reporting period.
Several other large investors also recently added to or reduced their stakes in MMM. Schwab Charles Investment Management Inc. grew its position in 3M by 4.7% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 3,171,136 shares of the conglomerate’s stock valued at $746,391,000 after purchasing an additional 142,799 shares during the period. New York State Common Retirement Fund grew its position in 3M by 0.5% in the 3rd quarter. New York State Common Retirement Fund now owns 1,700,225 shares of the conglomerate’s stock valued at $356,877,000 after purchasing an additional 8,500 shares during the period. APG Asset Management N.V. grew its position in 3M by 128.1% in the 4th quarter. APG Asset Management N.V. now owns 1,427,350 shares of the conglomerate’s stock valued at $279,776,000 after purchasing an additional 801,639 shares during the period. Rhumbline Advisers grew its position in 3M by 0.9% in the 3rd quarter. Rhumbline Advisers now owns 1,124,531 shares of the conglomerate’s stock valued at $236,039,000 after purchasing an additional 9,617 shares during the period. Finally, Bank of Montreal Can grew its position in 3M by 38.9% in the 4th quarter. Bank of Montreal Can now owns 930,370 shares of the conglomerate’s stock valued at $218,981,000 after purchasing an additional 260,349 shares during the period. Institutional investors own 66.09% of the company’s stock.
MMM has been the subject of several research reports. ValuEngine downgraded shares of 3M from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Zacks Investment Research downgraded shares of 3M from a “buy” rating to a “hold” rating in a research report on Wednesday, January 3rd. Vetr raised shares of 3M from a “hold” rating to a “buy” rating and set a $250.06 price target for the company in a research report on Monday, February 5th. Barclays began coverage on shares of 3M in a research report on Thursday. They issued an “underweight” rating and a $235.00 price target for the company. Finally, Hilliard Lyons raised shares of 3M from a “neutral” rating to a “buy” rating and set a $285.00 price objective on the stock in a report on Wednesday, January 24th. Four analysts have rated the stock with a sell rating, five have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Hold” and an average price target of $254.25.
Shares of 3M Co (MMM) opened at $236.67 on Monday. The company has a market capitalization of $140,940.00, a price-to-earnings ratio of 25.81, a PEG ratio of 2.20 and a beta of 1.08. 3M Co has a 52 week low of $182.04 and a 52 week high of $259.77. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.33 and a current ratio of 1.86.
3M (NYSE:MMM) last released its earnings results on Thursday, January 25th. The conglomerate reported $2.10 EPS for the quarter, topping the Zacks’ consensus estimate of $2.03 by $0.07. The company had revenue of $7.99 billion for the quarter, compared to analysts’ expectations of $7.85 billion. 3M had a return on equity of 48.34% and a net margin of 15.35%. The business’s revenue for the quarter was up 9.0% compared to the same quarter last year. During the same period in the previous year, the business posted $1.88 EPS. research analysts predict that 3M Co will post 10.59 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, March 12th. Stockholders of record on Friday, February 16th will be paid a dividend of $1.36 per share. This represents a $5.44 dividend on an annualized basis and a dividend yield of 2.30%. This is a boost from 3M’s previous quarterly dividend of $0.01. The ex-dividend date of this dividend is Thursday, February 15th. 3M’s payout ratio is presently 59.32%.
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3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, , appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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