Geode Capital Management LLC Grows Stock Holdings in 3M (NYSE:MMM)

Geode Capital Management LLC lifted its position in 3M (NYSE:MMM) by 0.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,294,366 shares of the conglomerate’s stock after purchasing an additional 6,767 shares during the quarter. Geode Capital Management LLC owned 2.07% of 3M worth $1,540,698,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. FMR LLC boosted its stake 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 buying an additional 4,212,409 shares in the last quarter. International Assets Investment Management LLC lifted its holdings in shares of 3M by 11,601.2% in the 3rd 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. Electron Capital Partners LLC purchased a new stake in shares of 3M in the 2nd quarter valued at $76,732,000. Jennison Associates LLC purchased a new stake in shares of 3M in the 3rd quarter valued at $82,208,000. Finally, Bank of New York Mellon Corp raised its position in 3M by 11.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock worth $517,617,000 after purchasing an additional 533,520 shares during the period. 65.25% of the stock is currently owned by institutional investors.

3M Trading Down 1.3 %

Shares of MMM opened at $129.77 on Wednesday. 3M has a 1-year low of $75.40 and a 1-year high of $141.34. 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 firm’s 50-day moving average price is $131.78 and its 200-day moving average price is $121.65. The firm has a market capitalization of $70.67 billion, a price-to-earnings ratio of 16.39, a PEG ratio of 2.18 and a beta of 0.95.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating 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 business had revenue of $6.29 billion for the quarter, compared to analysts’ expectations of $6.06 billion. During the same period in the previous year, the firm posted $2.68 EPS. The business’s revenue was down 24.3% on a year-over-year basis. Sell-side analysts anticipate that 3M will post 7.27 EPS for the current year.

3M Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be paid a $0.70 dividend. The ex-dividend date is Friday, November 15th. This represents a $2.80 annualized dividend and a yield of 2.16%. 3M’s payout ratio is 35.35%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Bank of America boosted their price target on shares of 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Wells Fargo & Company increased their target price on 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 price target on the stock in a research note on Tuesday, October 22nd. JPMorgan Chase & Co. increased their price objective on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Finally, Melius upgraded shares of 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Two analysts have rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, 3M currently has a consensus rating of “Moderate Buy” and a consensus price target of $144.87.

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.