M&G Plc Sells 18,018 Shares of 3M (NYSE:MMM)

M&G Plc decreased its holdings in 3M (NYSE:MMM) by 9.4% in the third quarter, Holdings Channel reports. The firm owned 173,918 shares of the conglomerate’s stock after selling 18,018 shares during the quarter. M&G Plc’s holdings in 3M were worth $23,827,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. GSA Capital Partners LLP purchased a new stake in 3M in the first quarter worth approximately $937,000. Geneos Wealth Management Inc. boosted its stake in shares of 3M by 2.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 5,302 shares of the conglomerate’s stock worth $562,000 after buying an additional 105 shares during the last quarter. Empirical Finance LLC grew its holdings in shares of 3M by 3.5% in the first quarter. Empirical Finance LLC now owns 20,113 shares of the conglomerate’s stock worth $2,133,000 after acquiring an additional 675 shares during the period. LSV Asset Management increased its position in 3M by 25.3% during the first quarter. LSV Asset Management now owns 12,400 shares of the conglomerate’s stock valued at $1,315,000 after acquiring an additional 2,500 shares during the last quarter. Finally, AIA Group Ltd lifted its holdings in 3M by 766.5% in the first quarter. AIA Group Ltd now owns 19,506 shares of the conglomerate’s stock valued at $2,069,000 after acquiring an additional 17,255 shares during the period. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Trading Down 0.6 %

3M stock opened at $133.07 on Friday. 3M has a 1 year low of $75.40 and a 1 year high of $141.34. The firm’s 50 day moving average price is $132.83 and its 200-day moving average price is $116.09. 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 stock has a market cap of $72.46 billion, a P/E ratio of 16.80, a PEG ratio of 2.03 and a beta of 0.95.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The company had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. During the same period in the previous year, the firm posted $2.68 EPS. 3M’s revenue for the quarter was down 24.3% compared to the same quarter last year. On average, equities analysts predict that 3M will post 7.28 earnings per share for the current fiscal 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 dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date is Friday, November 15th. 3M’s payout ratio is presently 35.35%.

Analyst Upgrades and Downgrades

MMM has been the subject of a number of recent research reports. Barclays boosted their price target on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Bank of America boosted their target price on shares of 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Royal Bank of Canada increased their price target on shares of 3M from $99.00 to $100.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 23rd. Argus raised shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price objective for the company in a research report on Tuesday, July 30th. Finally, JPMorgan Chase & Co. raised their target price on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $139.27.

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.