Quantbot Technologies LP Sells 13,677 Shares of 3M (NYSE:MMM)

Quantbot Technologies LP cut its holdings in 3M (NYSE:MMM) by 34.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 26,367 shares of the conglomerate’s stock after selling 13,677 shares during the period. Quantbot Technologies LP’s holdings in 3M were worth $3,604,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MMM. D.A. Davidson & CO. increased its stake in shares of 3M by 16.2% in the 3rd quarter. D.A. Davidson & CO. now owns 146,333 shares of the conglomerate’s stock valued at $20,004,000 after acquiring an additional 20,421 shares in the last quarter. FMR LLC grew its holdings in 3M by 88.7% in the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock worth $1,225,087,000 after purchasing an additional 4,212,409 shares during the period. Dai ichi Life Insurance Company Ltd increased its stake in 3M by 33.5% in the third quarter. Dai ichi Life Insurance Company Ltd now owns 44,265 shares of the conglomerate’s stock valued at $6,051,000 after purchasing an additional 11,115 shares in the last quarter. Qsemble Capital Management LP raised its holdings in shares of 3M by 264.7% during the third quarter. Qsemble Capital Management LP now owns 31,104 shares of the conglomerate’s stock valued at $4,252,000 after purchasing an additional 22,576 shares during the period. Finally, Bank of Montreal Can boosted its position in shares of 3M by 39.1% during the 3rd quarter. Bank of Montreal Can now owns 1,099,794 shares of the conglomerate’s stock worth $151,002,000 after purchasing an additional 308,912 shares in the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. JPMorgan Chase & Co. upped their price target on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Mizuho lifted their price target 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. Royal Bank of Canada raised their price target on shares of 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a research report on Wednesday, October 23rd. UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and lifted their price target for the company from $130.00 to $184.00 in a research note on Wednesday, November 13th. Finally, Bank of America increased their price objective on 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $144.87.

3M Stock Down 0.4 %

Shares of NYSE:MMM opened at $132.46 on Thursday. The company has a market capitalization of $72.13 billion, a PE ratio of 16.72, a price-to-earnings-growth ratio of 2.16 and a beta of 0.95. 3M has a 1 year low of $75.40 and a 1 year high of $141.34. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. The business has a fifty day moving average price of $132.45 and a two-hundred day moving average price of $119.84.

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

3M Dividend Announcement

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 given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date is Friday, November 15th. 3M’s dividend payout ratio is currently 35.35%.

3M 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.