Longfellow Investment Management Co. LLC Has $465,000 Position in 3M (NYSE:MMM)

Longfellow Investment Management Co. LLC lessened its stake in shares of 3M (NYSE:MMM) by 56.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,399 shares of the conglomerate’s stock after selling 4,386 shares during the quarter. Longfellow Investment Management Co. LLC’s holdings in 3M were worth $465,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. International Assets Investment Management LLC boosted its holdings in 3M by 11,601.2% in the third quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock valued at $172,416,000 after acquiring an additional 1,250,491 shares during the last quarter. Janus Henderson Group PLC grew its holdings in shares of 3M by 1,015.6% during the first quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate’s stock worth $94,247,000 after buying an additional 808,914 shares in the last quarter. Electron Capital Partners LLC acquired a new stake in shares of 3M in the second quarter valued at approximately $76,732,000. Jennison Associates LLC acquired a new position in 3M during the third quarter valued at approximately $82,208,000. Finally, Bank of New York Mellon Corp grew its position in shares of 3M by 11.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock valued at $517,617,000 after acquiring an additional 533,520 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Trading Up 0.5 %

MMM opened at $129.09 on Monday. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. The firm has a market cap of $70.30 billion, a P/E ratio of 16.21, a P/E/G ratio of 2.12 and a beta of 0.95. The business has a fifty day simple moving average of $132.56 and a 200-day simple moving average of $119.28. 3M has a 52 week low of $75.40 and a 52 week high of $141.34.

3M (NYSE:MMM) last posted its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 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 firm had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. During the same period last year, the firm posted $2.68 EPS. The company’s revenue was down 24.3% on a year-over-year basis. On average, equities analysts expect that 3M will post 7.27 earnings per share for the current year.

3M Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be issued a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 annualized dividend and a yield of 2.17%. 3M’s dividend payout ratio is presently 35.35%.

Analysts Set New Price Targets

MMM has been the subject of a number of recent research reports. Barclays boosted their target price on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. Morgan Stanley started coverage on 3M in a report on Friday, September 6th. They issued an “underweight” rating and a $125.00 price objective for the company. Wells Fargo & Company upped their target price on 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Bank of America boosted their price target on shares of 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Finally, Citigroup lifted their price target on 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a report on Monday, July 29th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average 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.