CIBC World Markets Inc. grew its stake in 3M Co (NYSE:MMM) by 7.1% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 157,478 shares of the conglomerate’s stock after purchasing an additional 10,472 shares during the quarter. CIBC World Markets Inc.’s holdings in 3M were worth $30,979,000 as of its most recent filing with the SEC.
Several other institutional investors also recently modified their holdings of MMM. BlackRock Inc. raised its stake in 3M by 0.8% during the first quarter. BlackRock Inc. now owns 39,148,990 shares of the conglomerate’s stock worth $8,593,985,000 after acquiring an additional 320,406 shares during the period. Massachusetts Financial Services Co. MA raised its stake in 3M by 2.3% during the second quarter. Massachusetts Financial Services Co. MA now owns 11,377,995 shares of the conglomerate’s stock worth $2,238,278,000 after acquiring an additional 257,182 shares during the period. Bank of New York Mellon Corp raised its stake in 3M by 8.7% during the second quarter. Bank of New York Mellon Corp now owns 6,727,135 shares of the conglomerate’s stock worth $1,323,362,000 after acquiring an additional 537,325 shares during the period. Schwab Charles Investment Management Inc. raised its stake in 3M by 14.9% during the first quarter. Schwab Charles Investment Management Inc. now owns 3,644,386 shares of the conglomerate’s stock worth $800,016,000 after acquiring an additional 473,250 shares during the period. Finally, Parnassus Investments CA acquired a new stake in 3M during the second quarter worth about $706,178,000. Institutional investors and hedge funds own 66.16% of the company’s stock.
In other 3M news, insider Jon T. Lindekugel sold 6,410 shares of the company’s stock in a transaction dated Friday, August 10th. The shares were sold at an average price of $203.01, for a total value of $1,301,294.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.58% of the stock is currently owned by corporate insiders.
NYSE MMM opened at $210.22 on Friday. 3M Co has a 52 week low of $190.57 and a 52 week high of $259.77. The company has a quick ratio of 1.08, a current ratio of 1.56 and a debt-to-equity ratio of 1.08. The stock has a market capitalization of $122.21 billion, a price-to-earnings ratio of 22.92, a PEG ratio of 1.98 and a beta of 1.17.
3M (NYSE:MMM) last posted its earnings results on Tuesday, July 24th. The conglomerate reported $2.59 EPS for the quarter, topping the consensus estimate of $2.58 by $0.01. 3M had a net margin of 13.44% and a return on equity of 51.31%. The firm had revenue of $8.39 billion during the quarter, compared to analysts’ expectations of $8.36 billion. During the same quarter in the prior year, the firm earned $2.58 EPS. 3M’s quarterly revenue was up 7.4% on a year-over-year basis. equities analysts expect that 3M Co will post 10.37 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 12th. Shareholders of record on Friday, August 24th will be given a $1.36 dividend. This represents a $5.44 annualized dividend and a yield of 2.59%. The ex-dividend date of this dividend is Thursday, August 23rd. 3M’s dividend payout ratio (DPR) is 59.32%.
Several research firms recently weighed in on MMM. UBS Group increased their price objective on shares of 3M from $215.00 to $220.00 and gave the stock a “neutral” rating in a research note on Thursday. Citigroup set a $263.00 price objective on shares of 3M and gave the stock a “buy” rating in a research note on Saturday, June 9th. Morgan Stanley began coverage on shares of 3M in a research note on Monday, August 20th. They set an “equal weight” rating and a $212.00 price objective on the stock. Barclays dropped their price objective on shares of 3M from $210.00 to $201.00 and set an “underweight” rating on the stock in a research note on Wednesday, July 25th. Finally, Jefferies Financial Group lowered shares of 3M from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $259.77 to $200.00 in a research note on Wednesday, May 16th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $234.97.
3M Company Profile
3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.
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