Public Sector Pension Investment Board Has $3.22 Million Stake in 3M (NYSE:MMM)

Public Sector Pension Investment Board boosted its holdings in shares of 3M (NYSE:MMM) by 10.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,580 shares of the conglomerate’s stock after buying an additional 2,200 shares during the period. Public Sector Pension Investment Board’s holdings in 3M were worth $3,223,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of MMM. FMR LLC raised its position in 3M by 88.7% in the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock worth $1,225,087,000 after purchasing an additional 4,212,409 shares in the last quarter. International Assets Investment Management LLC raised its holdings in shares of 3M by 11,601.2% in the 3rd quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock worth $172,416,000 after buying an additional 1,250,491 shares in the last quarter. Electron Capital Partners LLC acquired a new position in shares of 3M in the 2nd quarter worth approximately $76,732,000. Jennison Associates LLC bought a new position in shares of 3M during the 3rd quarter worth approximately $82,208,000. Finally, Bank of New York Mellon Corp boosted its stake in 3M by 11.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock valued at $517,617,000 after buying an additional 533,520 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

3M Price Performance

Shares of MMM stock opened at $131.15 on Wednesday. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. 3M has a 12 month low of $75.40 and a 12 month high of $141.34. The firm has a market cap of $71.42 billion, a price-to-earnings ratio of 16.56, a PEG ratio of 2.20 and a beta of 0.95. The stock has a 50-day moving average price of $132.22 and a 200 day moving average price of $120.81.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The business had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. During the same period in the previous year, the firm posted $2.68 earnings per share. 3M’s revenue for the quarter was down 24.3% compared to the same quarter last year. Research analysts expect that 3M will post 7.27 EPS for the current year.

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be paid a dividend of $0.70 per share. The ex-dividend date is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.13%. 3M’s dividend payout ratio (DPR) is presently 35.35%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on MMM shares. Melius Research upgraded 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective for the company in a research note on Tuesday, October 22nd. Mizuho increased their target price on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Melius upgraded shares of 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $130.00 to $184.00 in a report on Wednesday, November 13th. Finally, JPMorgan Chase & Co. boosted their target price on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $144.87.

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.