GSA Capital Partners LLP Purchases 19,202 Shares of 3M (NYSE:MMM)

GSA Capital Partners LLP lifted its position in shares of 3M (NYSE:MMM) by 550.4% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 22,691 shares of the conglomerate’s stock after purchasing an additional 19,202 shares during the quarter. GSA Capital Partners LLP’s holdings in 3M were worth $3,102,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in MMM. Capital World Investors bought a new stake in shares of 3M during the first quarter valued at approximately $165,986,000. International Assets Investment Management LLC grew its stake in shares of 3M by 11,601.2% in the third quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock worth $172,416,000 after acquiring an additional 1,250,491 shares during the last quarter. National Bank of Canada FI grew its stake in shares of 3M by 218.3% in the first quarter. National Bank of Canada FI now owns 1,489,351 shares of the conglomerate’s stock worth $147,344,000 after acquiring an additional 1,021,440 shares during the last quarter. Janus Henderson Group PLC grew its stake in shares of 3M by 1,015.6% in the first quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate’s stock worth $94,247,000 after acquiring an additional 808,914 shares during the last quarter. Finally, Electron Capital Partners LLC purchased a new stake in shares of 3M in the second quarter worth $76,732,000. 65.25% of the stock is currently owned by institutional investors.

3M Stock Down 1.0 %

MMM stock opened at $133.00 on Tuesday. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $141.34. The business’s 50-day moving average is $132.82 and its two-hundred day moving average is $116.84. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. The company has a market cap of $72.43 billion, a price-to-earnings ratio of 16.79, a P/E/G ratio of 2.22 and a beta of 0.95.

3M (NYSE:MMM) last posted its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The company had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. During the same quarter in the prior year, the company earned $2.68 earnings per share. 3M’s revenue was down 24.3% on a year-over-year basis. As a group, analysts forecast that 3M will post 7.27 earnings per share for the current year.

3M Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date of this dividend is Friday, November 15th. 3M’s dividend payout ratio is 35.35%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on MMM. Mizuho increased their target price on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Argus raised 3M from a “hold” rating to a “buy” rating and set a $145.00 target price on the stock in a research note on Tuesday, July 30th. JPMorgan Chase & Co. increased their target price on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Barclays increased their target price on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Finally, Citigroup increased their target price on 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $139.27.

3M Company Profile

3M Company provides diversified technology services in the United States and internationally. The company’s Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.