Amundi Pioneer Asset Management Inc. Buys Shares of 708,326 3M Co (MMM)

Amundi Pioneer Asset Management Inc. bought a new position in shares of 3M Co (NYSE:MMM) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 708,326 shares of the conglomerate’s stock, valued at approximately $166,718,000. Amundi Pioneer Asset Management Inc. owned approximately 0.12% of 3M at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. BlackRock Inc. increased its stake in 3M by 1.4% in the 4th quarter. BlackRock Inc. now owns 38,828,584 shares of the conglomerate’s stock valued at $9,139,087,000 after purchasing an additional 521,880 shares in the last quarter. Geode Capital Management LLC increased its stake in 3M by 5.1% in the 4th quarter. Geode Capital Management LLC now owns 6,901,534 shares of the conglomerate’s stock valued at $1,621,309,000 after purchasing an additional 332,651 shares in the last quarter. Bank of New York Mellon Corp increased its stake in 3M by 0.5% in the 4th quarter. Bank of New York Mellon Corp now owns 6,379,814 shares of the conglomerate’s stock valued at $1,501,619,000 after purchasing an additional 28,908 shares in the last quarter. Schwab Charles Investment Management Inc. increased its stake in 3M by 4.7% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 3,171,136 shares of the conglomerate’s stock valued at $746,391,000 after purchasing an additional 142,799 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its stake in 3M by 8.6% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,024,371 shares of the conglomerate’s stock valued at $476,476,000 after purchasing an additional 159,668 shares in the last quarter. 66.85% of the stock is owned by institutional investors and hedge funds.

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In other news, EVP Frank R. Jr. Little sold 3,133 shares of the firm’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $236.85, for a total transaction of $742,051.05. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Inge G. Thulin sold 35,236 shares of the firm’s stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $251.14, for a total value of $8,849,169.04. Following the sale, the chairman now owns 253,873 shares in the company, valued at approximately $63,757,665.22. The disclosure for this sale can be found here. Insiders have sold 52,806 shares of company stock worth $13,162,628 in the last 90 days. Insiders own 0.58% of the company’s stock.

Shares of MMM stock opened at $215.36 on Friday. 3M Co has a fifty-two week low of $188.62 and a fifty-two week high of $259.77. The company has a current ratio of 1.86, a quick ratio of 1.33 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $139,430.38, a price-to-earnings ratio of 27.19, a PEG ratio of 2.17 and a beta of 1.10.

3M (NYSE:MMM) last posted its quarterly earnings data on Thursday, January 25th. The conglomerate reported $2.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.03 by $0.07. 3M had a return on equity of 48.34% and a net margin of 15.35%. The business had revenue of $7.99 billion for the quarter, compared to analysts’ expectations of $7.85 billion. During the same quarter last year, the firm earned $1.88 earnings per share. The business’s revenue was up 9.0% on a year-over-year basis. research analysts expect that 3M Co will post 10.59 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 12th. Stockholders of record on Friday, February 16th were issued a dividend of $1.36 per share. This is a boost from 3M’s previous quarterly dividend of $0.01. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $5.44 annualized dividend and a dividend yield of 2.53%. 3M’s dividend payout ratio (DPR) is 68.69%.

Several research firms recently weighed in on MMM. Zacks Investment Research raised 3M from a “hold” rating to a “buy” rating and set a $290.00 price objective for the company in a research note on Tuesday, January 30th. Royal Bank of Canada reissued a “hold” rating and set a $254.00 price target on shares of 3M in a research report on Thursday, January 25th. JPMorgan Chase & Co. reissued an “underweight” rating and set a $221.00 price target (up previously from $208.00) on shares of 3M in a research report on Thursday, January 18th. UBS initiated coverage on 3M in a research report on Tuesday, January 23rd. They set a “neutral” rating and a $262.00 price target for the company. Finally, Hilliard Lyons raised 3M from a “neutral” rating to a “buy” rating and set a $285.00 price target for the company in a research report on Wednesday, January 24th. Four investment analysts have rated the stock with a sell rating, five have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $254.34.

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About 3M

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

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