3M Company $MMM Stock Holdings Raised by M&G PLC

M&G PLC boosted its stake in shares of 3M Company (NYSE:MMM) by 2.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 186,629 shares of the conglomerate’s stock after purchasing an additional 5,235 shares during the quarter. M&G PLC’s holdings in 3M were worth $30,607,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in the stock. Amundi lifted its position in shares of 3M by 67.0% during the second quarter. Amundi now owns 4,536,148 shares of the conglomerate’s stock valued at $734,448,000 after buying an additional 1,819,178 shares during the last quarter. Ascentis Wealth Management LLC boosted its holdings in shares of 3M by 22,972.5% in the 2nd quarter. Ascentis Wealth Management LLC now owns 347,472 shares of the conglomerate’s stock valued at $56,259,000 after buying an additional 345,966 shares in the last quarter. Nippon Life Global Investors Americas Inc. purchased a new position in shares of 3M in the 3rd quarter worth approximately $56,678,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of 3M by 7.4% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,935,534 shares of the conglomerate’s stock worth $637,202,000 after buying an additional 270,458 shares during the last quarter. Finally, Calamos Advisors LLC grew its position in shares of 3M by 332.2% in the 3rd quarter. Calamos Advisors LLC now owns 303,723 shares of the conglomerate’s stock worth $49,856,000 after buying an additional 233,451 shares during the last quarter. Institutional investors own 65.25% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on MMM shares. UBS Group set a $230.00 price objective on shares of 3M in a research note on Wednesday, November 4th. Mizuho raised their target price on shares of 3M from $160.00 to $180.00 and gave the company a “neutral” rating in a research note on Thursday, July 23rd. Argus initiated coverage on shares of 3M in a report on Wednesday, November 4th. They issued a “strong-buy” rating on the stock. HSBC raised 3M to a “strong-buy” rating in a research report on Thursday, October 22nd. Finally, The Goldman Sachs Group increased their price objective on 3M from $200.00 to $225.00 and gave the company a “buy” rating in a report on Thursday, November 5th. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $190.07.

3M Price Performance

Shares of NYSE MMM opened at $188.60 on Tuesday. 3M Company has a fifty-two week low of $139.34 and a fifty-two week high of $196.90. The company has a market cap of $97.45 billion, a PE ratio of 28.11, a P/E/G ratio of 2.53 and a beta of 1.01. The company has a debt-to-equity ratio of 3.01, a quick ratio of 1.06 and a current ratio of 1.41. The business has a 50-day simple moving average of $169.25 and a two-hundred day simple moving average of $161.96.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, October 20th. The conglomerate reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.38 by $0.12. The firm had revenue of $6.60 billion for the quarter, compared to the consensus estimate of $6.61 billion. 3M had a net margin of 14.01% and a return on equity of 123.11%. The company’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.19 earnings per share. As a group, equities analysts expect that 3M Company will post 9.14 EPS for the current fiscal year.

3M Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be given a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Friday, November 13th. 3M’s payout ratio is currently 46.50%.

3M declared that its board has initiated a share buyback program on Wednesday, November 4th that authorizes the company to repurchase $6 billion in outstanding shares. This repurchase authorization authorizes the conglomerate to buy up to 6.6% of its shares through open market purchases. Share repurchase programs are often an indication that the company’s board believes its stock is undervalued.

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.