3M (NYSE:MMM) Shares Sold by Marshall Wace North America L.P.

Marshall Wace North America L.P. reduced its stake in 3M (NYSE:MMM) by 61.9% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,865 shares of the conglomerate’s stock after selling 3,026 shares during the quarter. Marshall Wace North America L.P.’s holdings in 3M were worth $370,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of MMM. Lion Street Advisors LLC acquired a new position in shares of 3M in the 2nd quarter worth approximately $26,000. Newton One Investments LLC purchased a new stake in 3M during the 2nd quarter worth approximately $37,000. Anfield Capital Management LLC purchased a new stake in 3M during the 2nd quarter worth approximately $37,000. Lake Point Wealth Management purchased a new stake in 3M during the 2nd quarter worth approximately $38,000. Finally, Smith Asset Management Group LP purchased a new stake in 3M during the 2nd quarter worth approximately $40,000. Hedge funds and other institutional investors own 66.73% of the company’s stock.

Several equities research analysts recently weighed in on the stock. Credit Suisse Group cut their target price on shares of 3M from $202.00 to $201.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 27th. Royal Bank of Canada cut their target price on shares of 3M from $203.00 to $201.00 and set a “sector perform” rating on the stock in a research note on Wednesday, October 27th. Wells Fargo & Company upped their target price on shares of 3M from $179.00 to $180.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 27th. Morgan Stanley increased their price objective on shares of 3M from $193.00 to $194.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 27th. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on shares of 3M from $195.00 to $192.00 and set a “hold” rating on the stock in a research report on Wednesday, October 27th. Four research analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, 3M has a consensus rating of “Hold” and an average price target of $195.08.

Shares of 3M stock opened at $177.63 on Thursday. The company has a fifty day simple moving average of $180.19 and a 200-day simple moving average of $191.95. 3M has a 12-month low of $163.38 and a 12-month high of $208.95. The company has a current ratio of 1.70, a quick ratio of 1.19 and a debt-to-equity ratio of 1.11. The stock has a market cap of $102.78 billion, a price-to-earnings ratio of 17.43, a PEG ratio of 1.91 and a beta of 0.96.

3M (NYSE:MMM) last issued its earnings results on Monday, October 25th. The conglomerate reported $2.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.21 by $0.24. 3M had a net margin of 16.90% and a return on equity of 42.80%. The business had revenue of $8.94 billion during the quarter, compared to analysts’ expectations of $8.67 billion. During the same quarter in the prior year, the business posted $2.43 EPS. The company’s revenue for the quarter was up 7.1% on a year-over-year basis. On average, analysts forecast that 3M will post 9.87 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Sunday, December 12th. Investors of record on Friday, November 19th will be paid a dividend of $1.48 per share. This represents a $5.92 dividend on an annualized basis and a yield of 3.33%. The ex-dividend date of this dividend is Thursday, November 18th. 3M’s dividend payout ratio is currently 58.10%.

About 3M

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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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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