Edgestream Partners L.P. acquired a new stake in shares of 3M (NYSE:MMM – Free Report) during the 1st quarter, HoldingsChannel reports. The firm acquired 18,757 shares of the conglomerate’s stock, valued at approximately $1,990,000.
Several other large investors have also recently made changes to their positions in the business. Patten & Patten Inc. TN increased its stake in shares of 3M by 0.7% during the first quarter. Patten & Patten Inc. TN now owns 23,693 shares of the conglomerate’s stock valued at $2,513,000 after buying an additional 167 shares during the period. Osaic Holdings Inc. grew its position in shares of 3M by 6.5% during the first quarter. Osaic Holdings Inc. now owns 342,184 shares of the conglomerate’s stock worth $36,305,000 after purchasing an additional 20,900 shares in the last quarter. Acadian Asset Management LLC grew its position in shares of 3M by 116.6% during the first quarter. Acadian Asset Management LLC now owns 170,766 shares of the conglomerate’s stock worth $18,106,000 after purchasing an additional 91,941 shares in the last quarter. Vanguard Group Inc. boosted its stake in 3M by 0.8% during the first quarter. Vanguard Group Inc. now owns 49,461,361 shares of the conglomerate’s stock valued at $5,246,367,000 after buying an additional 377,703 shares during the last quarter. Finally, Intech Investment Management LLC lifted its stake in shares of 3M by 3.1% during the 1st quarter. Intech Investment Management LLC now owns 29,553 shares of the conglomerate’s stock worth $3,135,000 after acquiring an additional 875 shares during the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.
3M Trading Up 1.0 %
3M stock traded up $1.05 during midday trading on Monday, reaching $104.97. The stock had a trading volume of 2,668,194 shares, compared to its average volume of 5,262,667. 3M has a twelve month low of $71.12 and a twelve month high of $106.04. The company has a debt-to-equity ratio of 4.17, a current ratio of 1.64 and a quick ratio of 1.27. The firm has a market cap of $58.09 billion, a price-to-earnings ratio of -8.16, a PEG ratio of 1.93 and a beta of 0.95. The firm’s fifty day simple moving average is $101.40 and its two-hundred day simple moving average is $98.69.
3M Cuts Dividend
The business also recently announced a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th were paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.67%. The ex-dividend date was Thursday, May 23rd. 3M’s dividend payout ratio is presently -22.01%.
Wall Street Analyst Weigh In
Several brokerages recently weighed in on MMM. StockNews.com started coverage on 3M in a research note on Thursday, June 6th. They issued a “buy” rating for the company. Barclays raised their price target on 3M from $118.00 to $120.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 10th. JPMorgan Chase & Co. upgraded 3M from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $110.00 to $111.00 in a research report on Wednesday, May 1st. Citigroup lifted their target price on 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Finally, UBS Group lifted their target price on 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $112.17.
Check Out Our Latest Research Report on 3M
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.
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