Fmr LLC Acquires 4,212,409 Shares of 3M (NYSE:MMM)

Fmr LLC grew its holdings in shares of 3M (NYSE:MMM) by 88.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,961,866 shares of the conglomerate’s stock after buying an additional 4,212,409 shares during the quarter. Fmr LLC’s holdings in 3M were worth $1,225,087,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Dai ichi Life Insurance Company Ltd lifted its position in 3M by 33.5% during the 3rd quarter. Dai ichi Life Insurance Company Ltd now owns 44,265 shares of the conglomerate’s stock worth $6,051,000 after buying an additional 11,115 shares in the last quarter. Qsemble Capital Management LP lifted its position in 3M by 264.7% during the 3rd quarter. Qsemble Capital Management LP now owns 31,104 shares of the conglomerate’s stock worth $4,252,000 after buying an additional 22,576 shares in the last quarter. Bank of Montreal Can raised its holdings in shares of 3M by 39.1% in the 3rd quarter. Bank of Montreal Can now owns 1,099,794 shares of the conglomerate’s stock valued at $151,002,000 after purchasing an additional 308,912 shares during the period. Horizon Kinetics Asset Management LLC lifted its stake in 3M by 60.9% in the 3rd quarter. Horizon Kinetics Asset Management LLC now owns 9,575 shares of the conglomerate’s stock valued at $1,309,000 after purchasing an additional 3,625 shares during the last quarter. Finally, Whetstone Capital Advisors LLC acquired a new position in 3M during the third quarter worth approximately $222,000. 65.25% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently commented on MMM. Argus upgraded 3M from a “hold” rating to a “buy” rating and set a $145.00 target price for the company in a research note on Tuesday, July 30th. Mizuho increased their price objective on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Melius Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 target price for the company in a report on Tuesday, October 22nd. JPMorgan Chase & Co. raised their price objective on shares of 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Finally, Royal Bank of Canada increased their target price on 3M from $99.00 to $100.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, 3M has an average rating of “Moderate Buy” and an average price target of $144.87.

3M Price Performance

Shares of NYSE:MMM opened at $132.95 on Wednesday. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. The stock has a market capitalization of $72.40 billion, a PE ratio of 16.79, a PEG ratio of 2.16 and a beta of 0.95. The firm has a 50 day moving average of $132.46 and a 200-day moving average of $119.75. 3M has a 12 month low of $75.40 and a 12 month high of $141.34.

3M (NYSE:MMM) last released its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping the consensus estimate of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The firm had revenue of $6.29 billion during the quarter, compared to analysts’ expectations of $6.06 billion. During the same period in the prior year, the company earned $2.68 earnings per share. The company’s quarterly revenue was down 24.3% on a year-over-year basis. On average, equities research analysts predict that 3M will post 7.27 EPS for the current fiscal year.

3M Announces Dividend

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

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.