Intech Investment Management LLC Raises Holdings in 3M (NYSE:MMM)

Intech Investment Management LLC increased its position in 3M (NYSE:MMM) by 93.9% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 67,385 shares of the conglomerate’s stock after acquiring an additional 32,627 shares during the quarter. Intech Investment Management LLC’s holdings in 3M were worth $9,212,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Bessemer Group Inc. lifted its stake in shares of 3M by 52.5% during the 1st quarter. Bessemer Group Inc. now owns 25,690 shares of the conglomerate’s stock valued at $2,725,000 after buying an additional 8,849 shares in the last quarter. Lake Street Advisors Group LLC purchased a new stake in shares of 3M during the first quarter worth $273,000. Shell Asset Management Co. bought a new position in shares of 3M in the first quarter worth $517,000. CreativeOne Wealth LLC boosted its holdings in shares of 3M by 51.6% in the first quarter. CreativeOne Wealth LLC now owns 7,544 shares of the conglomerate’s stock worth $800,000 after acquiring an additional 2,567 shares during the period. Finally, EP Wealth Advisors LLC grew its position in shares of 3M by 25.9% in the first quarter. EP Wealth Advisors LLC now owns 14,344 shares of the conglomerate’s stock valued at $1,521,000 after purchasing an additional 2,953 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on MMM. Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective on the stock in a report on Tuesday, October 22nd. 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 report on Wednesday, October 23rd. JPMorgan Chase & Co. boosted 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. Bank of America increased their target price 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. Finally, Melius upgraded shares of 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Two 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. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $144.87.

3M Stock Down 0.4 %

NYSE:MMM opened at $127.32 on Friday. 3M has a 1-year low of $75.40 and a 1-year high of $141.34. The company has a market capitalization of $69.33 billion, a PE ratio of 16.08, a P/E/G ratio of 2.12 and a beta of 0.95. The firm’s 50-day moving average price is $132.66 and its 200-day moving average price is $118.73. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08.

3M (NYSE:MMM) last released its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping the consensus estimate of $1.93 by $0.05. The business 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 company’s revenue for the quarter was down 24.3% compared to the same quarter last year. During the same period in the previous year, the company posted $2.68 earnings per share. On average, equities analysts predict that 3M will post 7.27 EPS for the current fiscal year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.20%. 3M’s dividend payout ratio is presently 35.35%.

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.