3M Co (MMM) Shares Bought by American Century Companies Inc.
American Century Companies Inc. increased its holdings in 3M Co (NYSE:MMM) by 3.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,882,594 shares of the conglomerate’s stock after acquiring an additional 64,242 shares during the quarter. American Century Companies Inc.’s holdings in 3M were worth $396,681,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also made changes to their positions in MMM. Principal Financial Group Inc. lifted its stake in 3M by 10.9% in the first quarter. Principal Financial Group Inc. now owns 1,327,100 shares of the conglomerate’s stock worth $291,326,000 after acquiring an additional 130,527 shares during the period. Assenagon Asset Management S.A. lifted its stake in 3M by 318.2% in the second quarter. Assenagon Asset Management S.A. now owns 46,759 shares of the conglomerate’s stock worth $9,198,000 after acquiring an additional 35,578 shares during the period. Dubuque Bank & Trust Co. lifted its stake in 3M by 3.5% in the second quarter. Dubuque Bank & Trust Co. now owns 34,657 shares of the conglomerate’s stock worth $6,818,000 after acquiring an additional 1,185 shares during the period. Calamos Advisors LLC lifted its stake in 3M by 39.5% in the second quarter. Calamos Advisors LLC now owns 75,835 shares of the conglomerate’s stock worth $14,918,000 after acquiring an additional 21,467 shares during the period. Finally, Calamos Wealth Management LLC lifted its stake in 3M by 627.9% in the second quarter. Calamos Wealth Management LLC now owns 12,710 shares of the conglomerate’s stock worth $2,500,000 after acquiring an additional 10,964 shares during the period. 67.69% of the stock is owned by institutional investors.
In other news, insider Eric D. Hammes sold 1,272 shares of the firm’s stock in a transaction on Monday, September 10th. The stock was sold at an average price of $216.00, for a total transaction of $274,752.00. Following the completion of the transaction, the insider now directly owns 5,634 shares in the company, valued at $1,216,944. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gregory R. Page purchased 1,000 shares of 3M stock in a transaction dated Friday, October 26th. The shares were bought at an average price of $184.50 per share, with a total value of $184,500.00. Following the completion of the acquisition, the director now directly owns 1,500 shares of the company’s stock, valued at $276,750. The disclosure for this purchase can be found here. 0.72% of the stock is currently owned by corporate insiders.
3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, October 23rd. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.70 by ($0.12). The firm had revenue of $8.15 billion during the quarter, compared to the consensus estimate of $8.41 billion. 3M had a return on equity of 54.60% and a net margin of 13.79%. 3M’s revenue for the quarter was down .2% compared to the same quarter last year. During the same quarter last year, the company posted $2.33 EPS. On average, equities analysts predict that 3M Co will post 10.02 earnings per share for the current year.
3M declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, November 13th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the conglomerate to repurchase up to 8.7% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 12th. Shareholders of record on Friday, November 23rd will be issued a $1.36 dividend. The ex-dividend date is Wednesday, November 21st. This represents a $5.44 dividend on an annualized basis and a yield of 2.75%. 3M’s dividend payout ratio (DPR) is 59.32%.
A number of brokerages recently commented on MMM. Morgan Stanley began coverage on 3M in a research note on Monday, August 20th. They issued an “equal weight” rating and a $212.00 price target for the company. Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating in a research note on Monday, September 3rd. Barclays dropped their price target on 3M from $201.00 to $195.00 and set an “underweight” rating for the company in a research note on Wednesday, October 24th. Royal Bank of Canada reaffirmed a “buy” rating and issued a $234.00 price target on shares of 3M in a research note on Wednesday, July 25th. Finally, UBS Group increased their price objective on 3M from $215.00 to $220.00 and gave the stock a “neutral” rating in a report on Thursday, August 30th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $225.23.
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3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.
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