Toronto Dominion Bank lifted its stake in 3M (NYSE:MMM) by 22.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 445,846 shares of the conglomerate’s stock after acquiring an additional 81,568 shares during the period. Toronto Dominion Bank’s holdings in 3M were worth $88,556,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors also recently bought and sold shares of MMM. Geode Capital Management LLC grew its holdings in 3M by 11.8% during the first quarter. Geode Capital Management LLC now owns 9,843,874 shares of the conglomerate’s stock worth $1,892,169,000 after acquiring an additional 1,036,538 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in shares of 3M by 1.0% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 7,800,046 shares of the conglomerate’s stock worth $1,502,913,000 after purchasing an additional 73,832 shares in the last quarter. Fisher Asset Management LLC lifted its stake in 3M by 5.2% during the second quarter. Fisher Asset Management LLC now owns 5,392,922 shares of the conglomerate’s stock valued at $1,071,196,000 after purchasing an additional 265,476 shares during the last quarter. Morgan Stanley boosted its holdings in 3M by 15.6% during the first quarter. Morgan Stanley now owns 5,071,041 shares of the conglomerate’s stock worth $977,086,000 after buying an additional 682,530 shares in the last quarter. Finally, Royal Bank of Canada grew its position in 3M by 5.7% in the first quarter. Royal Bank of Canada now owns 4,164,326 shares of the conglomerate’s stock worth $802,381,000 after buying an additional 225,045 shares during the last quarter. Institutional investors and hedge funds own 66.82% of the company’s stock.
Shares of 3M stock opened at $182.42 on Wednesday. The stock has a 50 day moving average price of $196.65 and a two-hundred day moving average price of $196.42. The company has a quick ratio of 1.22, a current ratio of 1.73 and a debt-to-equity ratio of 1.12. 3M has a 12-month low of $156.13 and a 12-month high of $208.95. The stock has a market capitalization of $105.56 billion, a P/E ratio of 17.94, a PEG ratio of 1.92 and a beta of 0.96.
The business also recently announced a quarterly dividend, which was paid on Sunday, September 12th. Investors of record on Monday, August 23rd were paid a dividend of $1.48 per share. This represents a $5.92 annualized dividend and a yield of 3.25%. The ex-dividend date was Friday, August 20th. 3M’s payout ratio is currently 67.73%.
MMM has been the subject of several research reports. Zacks Investment Research raised 3M from a “hold” rating to a “buy” rating and set a $208.00 price objective for the company in a research note on Friday, August 6th. Credit Suisse Group cut shares of 3M from an “outperform” rating to a “neutral” rating and lifted their price objective for the stock from $210.00 to $212.00 in a research report on Tuesday, July 6th. Wolfe Research lowered 3M from a “peer perform” rating to an “underperform” rating and reduced their target price for the company from $218.00 to $215.00 in a report on Monday, July 12th. Morgan Stanley lifted their price target on 3M from $200.00 to $213.00 and gave the company an “equal weight” rating in a report on Wednesday, July 28th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on 3M from $196.00 to $201.00 and gave the company a “hold” rating in a report on Wednesday, July 28th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $198.92.
In other news, insider Khandpur K. Ashish sold 6,505 shares of the business’s stock in a transaction that occurred on Monday, August 9th. The stock was sold at an average price of $196.86, for a total transaction of $1,280,574.30. Following the sale, the insider now directly owns 26,855 shares in the company, valued at $5,286,675.30. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Denise R. Rutherford sold 3,135 shares of 3M stock in a transaction on Monday, August 2nd. The stock was sold at an average price of $198.17, for a total transaction of $621,262.95. The disclosure for this sale can be found here. Insiders sold a total of 20,666 shares of company stock worth $4,103,569 over the last 90 days. Company insiders own 0.34% of the company’s stock.
3M Company Profile
3M Co is a technology company, which manufactures industrial, safety and consumer products. It operates through the following segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment consists of personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules.
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