Advisor Partners LLC Raises Position in 3M Co (MMM)

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Advisor Partners LLC boosted its position in shares of 3M Co (NYSE:MMM) by 8.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 21,610 shares of the conglomerate’s stock after acquiring an additional 1,702 shares during the period. Advisor Partners LLC’s holdings in 3M were worth $4,117,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Bank of New York Mellon Corp increased 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 valued at $1,323,362,000 after acquiring an additional 537,325 shares during the period. Morgan Stanley increased its stake in 3M by 11.9% during the third quarter. Morgan Stanley now owns 4,042,904 shares of the conglomerate’s stock valued at $851,879,000 after acquiring an additional 430,262 shares during the period. Legal & General Group Plc increased its stake in 3M by 1.2% during the third quarter. Legal & General Group Plc now owns 2,681,574 shares of the conglomerate’s stock valued at $565,048,000 after acquiring an additional 31,448 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its stake in 3M by 0.4% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,112,753 shares of the conglomerate’s stock valued at $445,178,000 after acquiring an additional 7,957 shares during the period. Finally, Neuberger Berman Group LLC increased its stake in 3M by 5.1% during the third quarter. Neuberger Berman Group LLC now owns 1,899,813 shares of the conglomerate’s stock valued at $400,289,000 after acquiring an additional 91,831 shares during the period. Hedge funds and other institutional investors own 70.67% of the company’s stock.

NYSE:MMM opened at $209.72 on Thursday. 3M Co has a 52-week low of $176.87 and a 52-week high of $244.86. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.29 and a current ratio of 1.89. The firm has a market cap of $115.06 billion, a price-to-earnings ratio of 20.05, a PEG ratio of 1.84 and a beta of 1.06.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, January 29th. The conglomerate reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.28 by $0.03. 3M had a return on equity of 57.70% and a net margin of 16.33%. The firm had revenue of $7.95 billion for the quarter, compared to the consensus estimate of $7.87 billion. During the same quarter in the prior year, the business earned $2.10 EPS. The business’s revenue for the quarter was down .6% compared to the same quarter last year. On average, analysts expect that 3M Co will post 10.67 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 12th. Shareholders of record on Friday, February 15th will be issued a dividend of $1.44 per share. This is an increase from 3M’s previous quarterly dividend of $1.36. The ex-dividend date of this dividend is Thursday, February 14th. This represents a $5.76 annualized dividend and a yield of 2.75%. 3M’s dividend payout ratio is currently 52.01%.

3M declared that its board has authorized a share buyback plan on Tuesday, November 13th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the conglomerate to reacquire up to 8.7% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

MMM has been the topic of several analyst reports. Deutsche Bank set a $206.00 price objective on 3M and gave the company a “hold” rating in a research note on Wednesday, October 24th. Royal Bank of Canada decreased their price target on 3M to $223.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 24th. Credit Suisse Group decreased their price target on 3M from $228.00 to $222.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 24th. UBS Group decreased their price target on 3M from $220.00 to $211.00 and set a “hold” rating on the stock in a research report on Wednesday, October 24th. Finally, Morgan Stanley set a $198.00 price target on 3M and gave the stock a “hold” rating in a research report on Wednesday, October 24th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. 3M presently has an average rating of “Hold” and an average target price of $214.57.

In other news, Chairman Inge G. Thulin sold 13,499 shares of the stock in a transaction on Wednesday, January 30th. The stock was sold at an average price of $200.00, for a total value of $2,699,800.00. Following the transaction, the chairman now owns 230,458 shares of the company’s stock, valued at approximately $46,091,600. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Ippocratis Vrohidis sold 8,153 shares of the stock in a transaction on Thursday, February 7th. The shares were sold at an average price of $199.51, for a total value of $1,626,605.03. Following the completion of the transaction, the vice president now directly owns 786 shares in the company, valued at approximately $156,814.86. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 66,654 shares of company stock worth $13,320,320. Company insiders own 0.72% of the company’s stock.

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

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