3M Company $MMM Holdings Increased by Keybank National Association OH

Keybank National Association OH lifted its stake in 3M Company (NYSE:MMM) by 2.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 378,545 shares of the conglomerate’s stock after purchasing an additional 9,676 shares during the period. Keybank National Association OH’s holdings in 3M were worth $62,138,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of MMM. DecisionPoint Financial LLC increased its holdings 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. Security National Bank of SO Dak acquired a new stake in 3M in the 2nd quarter valued at about $32,000. Trellis Wealth Advisors LLC purchased a new position in shares of 3M in the 3rd quarter valued at about $33,000. Latitude Advisors LLC purchased a new position in shares of 3M in the 3rd quarter valued at about $34,000. Finally, Compass Financial Management LLC purchased a new position in shares of 3M in the 2nd quarter valued at about $38,000. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Stock Performance

NYSE:MMM opened at $189.58 on Wednesday. The firm has a market capitalization of $97.96 billion, a PE ratio of 28.25, a price-to-earnings-growth ratio of 2.46 and a beta of 1.01. The business’s fifty day moving average price is $169.60 and its 200 day moving average price is $162.10. 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 Company has a 12 month low of $139.34 and a 12 month high of $196.90.

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

3M announced that its Board of Directors has authorized a stock repurchase program on Wednesday, November 4th that allows the company to buy back $6 billion in outstanding shares. This buyback authorization allows the conglomerate to purchase up to 6.6% of its stock through open market purchases. Share buyback programs are generally a sign that the company’s board believes its stock is undervalued.

3M Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Stockholders 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 dividend yield of 1.6%. The ex-dividend date of this dividend is Friday, November 13th. 3M’s dividend payout ratio is currently 46.50%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Argus assumed coverage on 3M in a research report on Wednesday, November 4th. They set a “strong-buy” rating for the company. Mizuho raised their target price on shares of 3M from $160.00 to $180.00 and gave the company a “neutral” rating in a report on Thursday, July 23rd. Raymond James Financial reaffirmed a “market perform” rating on shares of 3M in a report on Wednesday, October 21st. Citigroup lifted their price target on shares of 3M from $183.00 to $188.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 21st. Finally, UBS Group set a $230.00 price target on shares of 3M in a report on Wednesday, November 4th. Two equities research 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. Based on data from MarketBeat.com, 3M presently has a consensus rating of “Moderate Buy” and an average target price 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.