Parsifal Capital Management LP Purchases 9,792 Shares of 3M (NYSE:MMM)

Parsifal Capital Management LP grew its position in 3M (NYSE:MMM) by 1.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 829,886 shares of the conglomerate’s stock after buying an additional 9,792 shares during the period. 3M accounts for approximately 8.9% of Parsifal Capital Management LP’s investment portfolio, making the stock its 4th largest position. Parsifal Capital Management LP owned 0.15% of 3M worth $107,130,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in MMM. Investors Asset Management of Georgia Inc. GA ADV increased its stake in 3M by 1.3% during the fourth quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 5,377 shares of the conglomerate’s stock worth $694,000 after acquiring an additional 67 shares during the last quarter. Parkside Financial Bank & Trust increased its position in shares of 3M by 1.4% during the 4th quarter. Parkside Financial Bank & Trust now owns 5,153 shares of the conglomerate’s stock worth $665,000 after purchasing an additional 70 shares during the last quarter. LaSalle St. Investment Advisors LLC raised its holdings in 3M by 2.5% in the 4th quarter. LaSalle St. Investment Advisors LLC now owns 2,951 shares of the conglomerate’s stock valued at $381,000 after buying an additional 71 shares during the period. Gilbert & Cook Inc. lifted its position in 3M by 1.5% in the fourth quarter. Gilbert & Cook Inc. now owns 5,106 shares of the conglomerate’s stock valued at $659,000 after buying an additional 73 shares during the last quarter. Finally, Childress Capital Advisors LLC boosted its stake in 3M by 5.1% during the fourth quarter. Childress Capital Advisors LLC now owns 1,573 shares of the conglomerate’s stock worth $203,000 after buying an additional 76 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Trading Up 0.3%

Shares of 3M stock opened at $150.73 on Wednesday. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. The company has a market capitalization of $81.12 billion, a P/E ratio of 19.96, a PEG ratio of 3.30 and a beta of 1.02. 3M has a 1 year low of $96.76 and a 1 year high of $156.35. The company’s fifty day moving average is $141.43 and its two-hundred day moving average is $138.96.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.77 by $0.11. 3M had a return on equity of 100.77% and a net margin of 15.71%. The firm had revenue of $5.80 billion for the quarter, compared to analysts’ expectations of $5.78 billion. Analysts forecast that 3M will post 7.8 earnings per share for the current year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd will be given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 1.94%. 3M’s payout ratio is 36.87%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Barclays boosted their price target on shares of 3M from $160.00 to $164.00 and gave the company an “overweight” rating in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. cut their target price on 3M from $165.00 to $140.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a research report on Saturday. Finally, Royal Bank of Canada boosted their price target on shares of 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a research note on Wednesday, April 23rd. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $149.29.

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.