Royal London Asset Management Ltd. increased its stake in 3M Co (NYSE:MMM) by 4.5% in the fourth quarter, Holdings Channel reports. The institutional investor owned 241,014 shares of the conglomerate’s stock after acquiring an additional 10,418 shares during the quarter. Royal London Asset Management Ltd.’s holdings in 3M were worth $45,641,000 as of its most recent SEC filing.
Other large investors also recently modified their holdings of the company. IMS Capital Management bought a new stake in 3M during the third quarter valued at $108,000. Arlington Partners LLC increased its stake in 3M by 177.8% during the fourth quarter. Arlington Partners LLC now owns 625 shares of the conglomerate’s stock valued at $119,000 after purchasing an additional 400 shares during the last quarter. NuWave Investment Management LLC increased its stake in 3M by 118.6% during the fourth quarter. NuWave Investment Management LLC now owns 634 shares of the conglomerate’s stock valued at $121,000 after purchasing an additional 344 shares during the last quarter. Vectors Research Management LLC bought a new stake in 3M during the third quarter valued at $122,000. Finally, Price Capital Management Inc. bought a new stake in 3M during the third quarter valued at $126,000. Institutional investors and hedge funds own 70.67% of the company’s stock.
Several analysts have weighed in on MMM shares. Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating in a research note on Monday, October 29th. Barclays lowered their target price on shares of 3M from $201.00 to $195.00 and set an “underweight” rating for the company in a research note on Wednesday, October 24th. Citigroup lowered their target price on shares of 3M from $251.00 to $228.00 and set a “buy” rating for the company in a research note on Wednesday, October 24th. Credit Suisse Group lowered their target price on shares of 3M from $228.00 to $222.00 and set an “outperform” rating for the company in a research note on Wednesday, October 24th. Finally, Royal Bank of Canada reiterated a “buy” rating and set a $213.00 target price on shares of 3M in a research note on Wednesday, December 19th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $214.57.
3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, January 29th. The conglomerate reported $2.31 EPS for the quarter, topping the consensus estimate of $2.28 by $0.03. The business had revenue of $7.95 billion during the quarter, compared to analyst estimates of $7.87 billion. 3M had a net margin of 16.33% and a return on equity of 57.70%. The company’s quarterly revenue was down .6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.10 earnings per share. Equities research analysts predict that 3M Co will post 10.67 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 12th. Stockholders of record on Friday, February 15th will be given a dividend of $1.44 per share. The ex-dividend date is Thursday, February 14th. This represents a $5.76 annualized dividend and a dividend yield of 2.88%. This is a positive change from 3M’s previous quarterly dividend of $1.36. 3M’s dividend payout ratio is currently 52.01%.
3M declared that its board has approved a stock repurchase program on Tuesday, November 13th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the conglomerate to buy up to 8.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.
In other news, Chairman Inge G. Thulin sold 13,499 shares of the company’s stock in a transaction dated Wednesday, January 30th. The shares were sold at an average price of $200.00, for a total transaction of $2,699,800.00. Following the completion of the transaction, the chairman now owns 230,458 shares in the company, valued at $46,091,600. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.72% of the stock is currently owned by corporate insiders.
3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.
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