Barings LLC reduced its holdings in shares of 3M (NYSE:MMM) by 1.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 19,252 shares of the conglomerate’s stock after selling 291 shares during the period. Barings LLC’s holdings in 3M were worth $3,824,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of MMM. BlackRock Inc. boosted its stake in shares of 3M by 0.7% during the second quarter. BlackRock Inc. now owns 39,891,035 shares of the conglomerate’s stock valued at $7,923,555,000 after purchasing an additional 265,185 shares during the period. Geode Capital Management LLC lifted its stake in 3M by 11.8% in the first quarter. Geode Capital Management LLC now owns 9,843,874 shares of the conglomerate’s stock worth $1,892,169,000 after acquiring an additional 1,036,538 shares during the period. Massachusetts Financial Services Co. MA lifted its stake in 3M by 1.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 7,800,046 shares of the conglomerate’s stock worth $1,502,913,000 after acquiring an additional 73,832 shares during the period. Fisher Asset Management LLC lifted its stake in 3M by 5.2% in the second quarter. Fisher Asset Management LLC now owns 5,392,922 shares of the conglomerate’s stock worth $1,071,196,000 after acquiring an additional 265,476 shares during the period. Finally, Morgan Stanley lifted its stake in 3M by 15.6% in the first quarter. Morgan Stanley now owns 5,071,041 shares of the conglomerate’s stock worth $977,086,000 after acquiring an additional 682,530 shares during the period. Institutional investors and hedge funds own 66.82% of the company’s stock.
NYSE MMM opened at $179.84 on Thursday. 3M has a one year low of $156.13 and a one year high of $208.95. The stock has a 50-day moving average of $194.36 and a 200 day moving average of $196.42. The company has a market capitalization of $104.06 billion, a price-to-earnings ratio of 17.68, a PEG ratio of 1.92 and a beta of 0.96. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.22 and a current ratio of 1.73.
The company also recently announced a quarterly dividend, which was paid on Sunday, September 12th. Shareholders of record on Monday, August 23rd were given a $1.48 dividend. The ex-dividend date of this dividend was Friday, August 20th. This represents a $5.92 annualized dividend and a yield of 3.29%. 3M’s payout ratio is 67.73%.
In other news, insider Khandpur K. Ashish sold 6,505 shares of 3M stock in a transaction dated Monday, August 9th. The stock was sold at an average price of $196.86, for a total transaction of $1,280,574.30. Following the transaction, the insider now directly owns 26,855 shares of the company’s stock, valued at approximately $5,286,675.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Denise R. Rutherford sold 3,135 shares of 3M stock in a transaction dated Monday, August 2nd. The shares were sold at an average price of $198.17, for a total value of $621,262.95. The disclosure for this sale can be found here. Insiders sold 20,666 shares of company stock worth $4,103,569 over the last three months. Insiders own 0.34% of the company’s stock.
MMM has been the subject of a number of research analyst reports. Wolfe Research lowered 3M from a “peer perform” rating to an “underperform” rating and dropped their price target for the stock from $218.00 to $215.00 in a research note on Monday, July 12th. Credit Suisse Group downgraded 3M from an “outperform” rating to a “neutral” rating and increased their price objective for the stock from $210.00 to $212.00 in a report on Tuesday, July 6th. Morgan Stanley increased their price objective on 3M from $200.00 to $213.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 28th. UBS Group decreased their price objective on 3M from $183.00 to $172.00 and set a “sell” rating for the company in a report on Friday, September 17th. Finally, Argus raised their price target on 3M from $220.00 to $225.00 and gave the company a “buy” rating in a report on Wednesday, July 28th. They noted that the move was a valuation call. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $196.85.
3M Co is a technology company, which manufactures industrial, safety and consumer products. It operates through the following segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment consists of personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules.
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