3M Company $MMM Stock Purchased by Machina Capital S.A.S.

Machina Capital S.A.S. increased its holdings in shares of 3M Company (NYSE:MMM) by 19.1% in the 3rd quarter, HoldingsChannel reports. The firm owned 36,303 shares of the conglomerate’s stock after acquiring an additional 5,816 shares during the quarter. 3M makes up approximately 0.8% of Machina Capital S.A.S.’s holdings, making the stock its 11th largest holding. Machina Capital S.A.S.’s holdings in 3M were worth $5,959,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Security National Bank of SO Dak purchased a new stake in 3M in the second quarter valued at $32,000. DecisionPoint Financial LLC grew its position in 3M by 2,387.5% during the 3rd quarter. DecisionPoint Financial LLC now owns 199 shares of the conglomerate’s stock worth $32,000 after purchasing an additional 191 shares during the period. Trellis Wealth Advisors LLC acquired a new stake in 3M during the 3rd quarter worth about $33,000. Latitude Advisors LLC purchased a new position in shares of 3M during the 3rd quarter valued at about $34,000. Finally, Compass Financial Management LLC purchased a new position in shares of 3M during the 2nd quarter valued at about $38,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Stock Performance

MMM opened at $189.58 on Wednesday. The firm has a fifty day moving average price of $169.60 and a 200 day moving average price of $162.10. 3M Company has a 1 year low of $139.34 and a 1 year high of $196.90. The stock has a market cap of $97.96 billion, a P/E ratio of 28.25, a P/E/G ratio of 2.46 and a beta of 1.01. The company has a debt-to-equity ratio of 3.01, a current ratio of 1.41 and a quick ratio of 1.06.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, October 20th. The conglomerate reported $2.50 EPS for the quarter, beating the consensus estimate of $2.38 by $0.12. The company had revenue of $6.60 billion for the quarter, compared to analyst estimates of $6.61 billion. 3M had a net margin of 14.01% and a return on equity of 123.11%. The firm’s revenue was up 1.5% on a year-over-year basis. During the same quarter last year, the business earned $2.19 earnings per share. Equities research analysts anticipate that 3M Company will post 9.14 earnings per share for the current year.

3M announced that its board has approved a share buyback plan on Wednesday, November 4th that allows the company to buy back $6 billion in shares. This buyback authorization allows the conglomerate to repurchase up to 6.6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s management believes its stock is undervalued.

3M Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be given a $0.78 dividend. The ex-dividend date is Friday, November 13th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 1.6%. 3M’s dividend payout ratio is 46.50%.

Wall Street Analysts Forecast Growth

MMM has been the subject of several analyst reports. JPMorgan Chase & Co. boosted their price objective on 3M from $191.00 to $210.00 and gave the company an “overweight” rating in a report on Wednesday, November 4th. Sanford C. Bernstein upped their target price on 3M from $171.00 to $197.00 and gave the stock a “market perform” rating in a research note on Wednesday, October 21st. Mizuho raised their target price on 3M from $160.00 to $180.00 and gave the stock a “neutral” rating in a report on Thursday, July 23rd. Weiss Ratings upgraded 3M from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, October 23rd. Finally, The Goldman Sachs Group boosted their price target on 3M from $200.00 to $225.00 and gave the company a “buy” rating in a report on Thursday, November 5th. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $190.07.

About 3M

3M is a diversified science and manufacturing company that develops products for businesses and consumers. Its offerings include workplace safety equipment, adhesives and abrasives, filtration materials, automotive and electronics components, and home and office products such as Post-it Notes and Scotch brand tapes. Founded in 1902 as the Minnesota Mining and Manufacturing Company, 3M began as a mining venture before expanding into materials science and industrial manufacturing. The company adopted the name 3M in 2002 and is headquartered in St. Paul, Minnesota.