3M (NYSE:MMM) Shares Sold by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA cut its stake in 3M (NYSE:MMMFree Report) by 8.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,872,269 shares of the conglomerate’s stock after selling 164,205 shares during the quarter. Massachusetts Financial Services Co. MA owned about 0.34% of 3M worth $175,282,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. State Street Corp boosted its stake in 3M by 0.6% in the second quarter. State Street Corp now owns 33,311,747 shares of the conglomerate’s stock valued at $3,334,173,000 after acquiring an additional 196,238 shares during the period. Charles Schwab Investment Management Inc. raised its stake in 3M by 2.9% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 12,898,458 shares of the conglomerate’s stock valued at $1,285,246,000 after purchasing an additional 363,626 shares during the period. Geode Capital Management LLC grew its holdings in shares of 3M by 3.2% during the 2nd quarter. Geode Capital Management LLC now owns 11,846,089 shares of the conglomerate’s stock valued at $1,182,812,000 after acquiring an additional 371,298 shares in the last quarter. Morgan Stanley grew its holdings in shares of 3M by 8.3% during the 4th quarter. Morgan Stanley now owns 10,769,973 shares of the conglomerate’s stock valued at $1,291,535,000 after acquiring an additional 825,223 shares in the last quarter. Finally, Flossbach Von Storch AG boosted its holdings in 3M by 2.5% in the second quarter. Flossbach Von Storch AG now owns 9,580,844 shares of the conglomerate’s stock worth $958,947,000 after purchasing an additional 236,753 shares in the last quarter. 65.24% of the stock is owned by hedge funds and other institutional investors.

3M Trading Up 1.1 %

NYSE:MMM opened at $93.76 on Wednesday. 3M has a 12-month low of $85.35 and a 12-month high of $117.21. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.07 and a quick ratio of 0.76. The firm has a 50-day moving average price of $103.64 and a 200 day moving average price of $99.89.

3M (NYSE:MMMGet Free Report) last posted its quarterly earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.11. The firm had revenue of $8.01 billion during the quarter, compared to analyst estimates of $7.69 billion. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.28 earnings per share. Equities research analysts predict that 3M will post 9.57 earnings per share for the current year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th will be paid a dividend of $1.51 per share. This is a boost from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 annualized dividend and a dividend yield of 6.44%. 3M’s dividend payout ratio is -47.51%.

Wall Street Analysts Forecast Growth

MMM has been the subject of a number of research analyst reports. Barclays raised shares of 3M from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $98.00 to $107.00 in a research report on Monday, December 4th. Wells Fargo & Company cut their target price on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 24th. Royal Bank of Canada boosted their target price on shares of 3M from $83.00 to $87.00 and gave the stock an “underperform” rating in a research report on Wednesday, January 24th. StockNews.com raised shares of 3M from a “hold” rating to a “buy” rating in a research report on Wednesday, October 25th. Finally, Mizuho cut their price objective on shares of 3M from $120.00 to $105.00 and set a “neutral” rating for the company in a research report on Wednesday, January 24th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, 3M presently has a consensus rating of “Hold” and a consensus target price of $106.00.

Get Our Latest Stock Analysis on 3M

3M Profile

(Free Report)

3M Company provides diversified technology services in the United States and internationally. The company operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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