Panagora Asset Management Inc. increased its stake in shares of 3M (NYSE:MMM) by 1,712.2% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 367,482 shares of the conglomerate’s stock after acquiring an additional 347,204 shares during the period. Panagora Asset Management Inc. owned about 0.06% of 3M worth $70,806,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently modified their holdings of MMM. Financial Avengers Inc. acquired a new position in shares of 3M during the 4th quarter worth approximately $26,000. IronBridge Private Wealth LLC bought a new position in shares of 3M in the fourth quarter valued at $26,000. Goodwin Investment Advisory acquired a new position in 3M during the first quarter worth $33,000. Better Money Decisions LLC bought a new stake in 3M during the first quarter worth $38,000. Finally, Lederer & Associates Investment Counsel CA acquired a new stake in 3M in the first quarter valued at $52,000. 66.42% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts have recently issued reports on the stock. Barclays upped their target price on shares of 3M from $163.00 to $180.00 and gave the company an “underweight” rating in a report on Tuesday, April 6th. Morgan Stanley raised their price objective on 3M from $188.00 to $200.00 and gave the company an “equal weight” rating in a research report on Monday, April 12th. Royal Bank of Canada raised their price target on 3M from $198.00 to $200.00 and gave the company a “sector perform” rating in a report on Wednesday, April 28th. Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating and set a $206.00 price objective on the stock in a report on Thursday, April 29th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of 3M from $192.00 to $199.00 and gave the stock a “hold” rating in a research note on Wednesday, April 28th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the stock. 3M currently has an average rating of “Hold” and a consensus price target of $193.45.
3M (NYSE:MMM) last posted its quarterly earnings data on Monday, April 26th. The conglomerate reported $2.77 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.29 by $0.48. 3M had a net margin of 17.34% and a return on equity of 44.00%. The business had revenue of $8.85 billion during the quarter, compared to analysts’ expectations of $8.43 billion. During the same quarter in the prior year, the business posted $2.16 earnings per share. 3M’s revenue was up 9.6% compared to the same quarter last year. As a group, sell-side analysts forecast that 3M will post 9.73 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Saturday, June 12th. Investors of record on Friday, May 21st will be given a dividend of $1.48 per share. The ex-dividend date is Thursday, May 20th. This represents a $5.92 annualized dividend and a dividend yield of 2.90%. 3M’s dividend payout ratio is 67.73%.
In related news, EVP Kristen M. Ludgate sold 933 shares of the firm’s stock in a transaction dated Wednesday, April 21st. The stock was sold at an average price of $200.00, for a total value of $186,600.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Ivan K. Fong sold 12,059 shares of 3M stock in a transaction dated Friday, April 30th. The shares were sold at an average price of $198.46, for a total value of $2,393,229.14. Following the completion of the transaction, the vice president now owns 47,872 shares in the company, valued at approximately $9,500,677.12. The disclosure for this sale can be found here. Insiders sold 13,025 shares of company stock worth $2,586,414 over the last three months. 0.34% of the stock is currently owned by insiders.
3M Company develops, manufactures, and markets various products worldwide. It operates through four business segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment offers personal safety products, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules to industrial, electrical, and safety markets.
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