AMP Capital Investors Ltd cut its position in 3M Co (NYSE:MMM) by 9.3% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 304,905 shares of the conglomerate’s stock after selling 31,085 shares during the quarter. AMP Capital Investors Ltd’s holdings in 3M were worth $64,066,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Bank of New York Mellon Corp raised its holdings in shares of 3M by 8.7% during the second quarter. Bank of New York Mellon Corp now owns 6,727,135 shares of the conglomerate’s stock worth $1,323,362,000 after acquiring an additional 537,325 shares during the period. Schwab Charles Investment Management Inc. grew its position in 3M by 5.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 3,839,336 shares of the conglomerate’s stock valued at $755,275,000 after purchasing an additional 194,950 shares in the last quarter. Morgan Stanley grew its position in 3M by 17.3% in the second quarter. Morgan Stanley now owns 3,612,642 shares of the conglomerate’s stock valued at $710,678,000 after purchasing an additional 534,001 shares in the last quarter. Parnassus Investments CA bought a new position in 3M in the second quarter valued at $706,178,000. Finally, Fundsmith Equity Fund L.P. bought a new position in 3M in the second quarter valued at $668,488,000. Institutional investors own 67.00% of the company’s stock.

In other news, Director Gregory R. Page acquired 1,000 shares of the firm’s stock in a transaction dated Friday, October 26th. The stock was bought at an average price of $184.50 per share, with a total value of $184,500.00. Following the transaction, the director now directly owns 1,500 shares in the company, valued at approximately $276,750. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Eric D. Hammes sold 1,272 shares of 3M stock in a transaction dated Monday, September 10th. The shares were 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 of the company’s stock, valued at approximately $1,216,944. The disclosure for this sale can be found here. Company insiders own 0.58% of the company’s stock.

A number of research firms recently weighed in on MMM. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a research report on Wednesday. Barclays decreased their target price on shares of 3M from $195.00 to $190.00 and set an “underweight” rating for the company in a research report on Monday, November 19th. Deutsche Bank raised their target price on shares of 3M from $206.00 to $210.00 and gave the company a “hold” rating in a research report on Friday, November 16th. Argus decreased their target price on shares of 3M from $240.00 to $225.00 and set a “buy” rating for the company in a research report on Wednesday, October 24th. Finally, Citigroup decreased their target price on shares of 3M from $251.00 to $228.00 and set a “buy” rating for the company in a research report on Wednesday, October 24th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $225.16.

Shares of MMM opened at $198.24 on Friday. 3M Co has a one year low of $181.98 and a one year high of $259.77. The stock has a market capitalization of $117.74 billion, a PE ratio of 21.62, a PEG ratio of 2.00 and a beta of 1.18. The company has a quick ratio of 1.36, a current ratio of 1.97 and a debt-to-equity ratio of 1.31.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, October 23rd. The conglomerate reported $2.58 EPS for the quarter, missing analysts’ consensus estimates of $2.70 by ($0.12). 3M had a net margin of 13.79% and a return on equity of 54.60%. The firm had revenue of $8.15 billion during the quarter, compared to the consensus estimate of $8.41 billion. During the same period last year, the business earned $2.33 EPS. The business’s revenue was down .2% on a year-over-year basis. On average, research analysts forecast that 3M Co will post 9.95 earnings per share for the current fiscal year.

3M declared that its Board of Directors has approved a share repurchase plan on Tuesday, November 13th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the conglomerate to buy up to 8.7% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 12th. Stockholders of record on Friday, November 23rd will be given a $1.36 dividend. This represents a $5.44 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date is Wednesday, November 21st. 3M’s dividend payout ratio (DPR) is presently 59.32%.

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3M Profile

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

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