Alliancebernstein L.P. cut its stake in 3M Co (NYSE:MMM) by 2.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,259,432 shares of the conglomerate’s stock after selling 34,232 shares during the period. Alliancebernstein L.P. owned 0.21% of 3M worth $296,433,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Bluestein R H & Co. grew its position in shares of 3M by 183.8% during the 4th quarter. Bluestein R H & Co. now owns 8,427 shares of the conglomerate’s stock worth $1,983,000 after buying an additional 5,458 shares during the period. Risk Paradigm Group LLC grew its position in shares of 3M by 153.6% during the 4th quarter. Risk Paradigm Group LLC now owns 710 shares of the conglomerate’s stock worth $167,000 after buying an additional 430 shares during the period. Boulegeris Investments Inc. grew its position in shares of 3M by 21.5% during the 4th quarter. Boulegeris Investments Inc. now owns 1,980 shares of the conglomerate’s stock worth $466,000 after buying an additional 350 shares during the period. 180 Wealth Advisors LLC acquired a new stake in shares of 3M during the 4th quarter worth approximately $1,635,000. Finally, Unio Capital LLC acquired a new stake in shares of 3M during the 4th quarter worth approximately $479,000. 66.85% of the stock is owned by institutional investors.
A number of research analysts recently issued reports on MMM shares. Argus restated a “buy” rating on shares of 3M in a report on Friday, December 22nd. Citigroup boosted their price objective on shares of 3M from $268.00 to $278.00 and gave the company a “buy” rating in a report on Tuesday, January 16th. Hilliard Lyons upgraded shares of 3M from a “neutral” rating to a “buy” rating and set a $285.00 price objective for the company in a report on Wednesday, January 24th. JPMorgan Chase & Co. restated an “underweight” rating and set a $221.00 price objective (up previously from $208.00) on shares of 3M in a report on Thursday, January 18th. Finally, Zacks Investment Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $271.00 price objective for the company in a report on Monday, January 15th. Four research analysts have rated the stock with a sell rating, five have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $254.34.
MMM stock opened at $215.36 on Friday. The firm has a market cap of $139,430.38, a P/E ratio of 27.19, a PEG ratio of 2.17 and a beta of 1.10. 3M Co has a 1-year low of $188.62 and a 1-year high of $259.77. The company has a quick ratio of 1.33, a current ratio of 1.86 and a debt-to-equity ratio of 1.04.
3M (NYSE:MMM) last released its quarterly earnings results on Thursday, January 25th. The conglomerate reported $2.10 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.03 by $0.07. The company had revenue of $7.99 billion during the quarter, compared to analysts’ expectations of $7.85 billion. 3M had a net margin of 15.35% and a return on equity of 48.34%. The business’s quarterly revenue was up 9.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.88 earnings per share. sell-side analysts expect that 3M Co will post 10.59 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, March 12th. Stockholders of record on Friday, February 16th were issued a $1.36 dividend. This represents a $5.44 annualized dividend and a dividend yield of 2.53%. The ex-dividend date of this dividend was Thursday, February 15th. This is a boost from 3M’s previous quarterly dividend of $0.01. 3M’s dividend payout ratio is 68.69%.
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3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, , appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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