Intech Investment Management LLC Grows Holdings in 3M (NYSE:MMM)

Intech Investment Management LLC grew its stake in shares of 3M (NYSE:MMM) by 93.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 67,385 shares of the conglomerate’s stock after purchasing an additional 32,627 shares during the quarter. Intech Investment Management LLC’s holdings in 3M were worth $9,212,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its position in 3M by 8.9% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 389,209 shares of the conglomerate’s stock valued at $53,205,000 after buying an additional 31,923 shares during the period. Cornerstone Advisors LLC grew its stake in 3M by 5.4% in the third quarter. Cornerstone Advisors LLC now owns 19,600 shares of the conglomerate’s stock worth $2,679,000 after purchasing an additional 1,000 shares in the last quarter. Moors & Cabot Inc. raised its position in 3M by 20.9% during the 3rd quarter. Moors & Cabot Inc. now owns 17,420 shares of the conglomerate’s stock valued at $2,381,000 after purchasing an additional 3,017 shares in the last quarter. Altman Advisors Inc. lifted its holdings in shares of 3M by 1.2% in the 3rd quarter. Altman Advisors Inc. now owns 16,468 shares of the conglomerate’s stock worth $2,251,000 after buying an additional 191 shares during the period. Finally, Etfidea LLC bought a new position in shares of 3M during the 3rd quarter worth $209,000. 65.25% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have commented on MMM. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and raised their target price for the company from $130.00 to $184.00 in a research report on Wednesday, November 13th. Melius raised shares of 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and upped their target price for the stock from $110.00 to $150.00 in a report on Monday, July 29th. Royal Bank of Canada lifted their price target on 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a report on Wednesday, October 23rd. Finally, Bank of America upped their price objective on 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Two analysts have rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $144.87.

3M Trading Down 0.4 %

MMM stock opened at $127.32 on Friday. The business’s 50-day moving average is $132.66 and its 200 day moving average is $118.73. 3M has a 12-month low of $75.40 and a 12-month high of $141.34. The stock has a market cap of $69.33 billion, a price-to-earnings ratio of 16.08, a PEG ratio of 2.12 and a beta of 0.95. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. The company had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. 3M’s quarterly revenue was down 24.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.68 EPS. On average, sell-side analysts anticipate that 3M will post 7.27 EPS for the current fiscal year.

3M Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be issued a $0.70 dividend. The ex-dividend date is Friday, November 15th. This represents a $2.80 annualized dividend and a yield of 2.20%. 3M’s payout ratio is 35.35%.

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.