Soros Fund Management LLC Purchases Shares of 33,244 3M (NYSE:MMM)

Soros Fund Management LLC bought a new position in 3M (NYSE:MMM) during the third quarter, Holdings Channel reports. The fund bought 33,244 shares of the conglomerate’s stock, valued at approximately $4,544,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Park Avenue Securities LLC increased its position in shares of 3M by 25.5% in the second quarter. Park Avenue Securities LLC now owns 5,391 shares of the conglomerate’s stock worth $551,000 after acquiring an additional 1,096 shares in the last quarter. Lantz Financial LLC raised its stake in 3M by 8.0% during the 2nd quarter. Lantz Financial LLC now owns 2,469 shares of the conglomerate’s stock valued at $252,000 after purchasing an additional 183 shares during the period. QRG Capital Management Inc. lifted its holdings in shares of 3M by 2.6% in the second quarter. QRG Capital Management Inc. now owns 14,120 shares of the conglomerate’s stock valued at $1,443,000 after purchasing an additional 357 shares in the last quarter. Twelve Points Wealth Management LLC boosted its position in shares of 3M by 12.2% in the second quarter. Twelve Points Wealth Management LLC now owns 4,216 shares of the conglomerate’s stock worth $431,000 after buying an additional 460 shares during the period. Finally, Columbus Macro LLC purchased a new position in shares of 3M during the second quarter valued at $1,312,000. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Price Performance

NYSE MMM opened at $133.36 on Friday. The company has a market cap of $72.62 billion, a P/E ratio of 16.84, a P/E/G ratio of 2.17 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 current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. The company has a fifty day simple moving average of $131.97 and a 200 day simple moving average of $120.97.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.93 by $0.05. The company had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. The firm’s revenue was down 24.3% compared to the same quarter last year. During the same period last year, the business posted $2.68 earnings per share. On average, sell-side analysts predict that 3M will post 7.27 EPS for the current year.

3M Announces Dividend

The firm also recently declared 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 annualized dividend and a yield of 2.10%. The ex-dividend date is Friday, November 15th. 3M’s dividend payout ratio is currently 35.35%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on MMM shares. Melius upgraded 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. JPMorgan Chase & Co. upped their price objective on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Morgan Stanley started coverage on shares of 3M in a research report on Friday, September 6th. They issued an “underweight” rating and a $125.00 target price for the company. Barclays boosted their price target on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Finally, Mizuho lifted their price objective on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $144.87.

About 3M

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.