Quantinno Capital Management LP Buys 15,687 Shares of 3M (NYSE:MMM)

Quantinno Capital Management LP grew its stake in shares of 3M (NYSE:MMM) by 45.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 50,412 shares of the conglomerate’s stock after acquiring an additional 15,687 shares during the quarter. Quantinno Capital Management LP’s holdings in 3M were worth $6,508,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of MMM. Norges Bank bought a new position in shares of 3M during the fourth quarter valued at $636,767,000. Invesco Ltd. increased its holdings in shares of 3M by 51.6% during the fourth quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate’s stock valued at $576,845,000 after acquiring an additional 1,520,619 shares in the last quarter. D1 Capital Partners L.P. bought a new position in shares of 3M during the fourth quarter valued at $175,110,000. Capital World Investors increased its holdings in shares of 3M by 25.4% during the fourth quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate’s stock valued at $794,410,000 after acquiring an additional 1,248,093 shares in the last quarter. Finally, Amundi increased its holdings in shares of 3M by 55.7% during the fourth quarter. Amundi now owns 2,511,095 shares of the conglomerate’s stock valued at $337,815,000 after acquiring an additional 898,244 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors.

3M Trading Up 2.9%

Shares of NYSE:MMM opened at $153.11 on Friday. The stock has a market capitalization of $82.40 billion, a price-to-earnings ratio of 20.28, a PEG ratio of 3.30 and a beta of 1.02. 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 stock’s 50-day simple moving average is $141.60 and its two-hundred day simple moving average is $139.32. 3M has a 52-week low of $96.76 and a 52-week high of $156.35.

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

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd will be given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.91%. 3M’s payout ratio is currently 36.87%.

Wall Street Analyst Weigh In

MMM has been the subject of several analyst reports. Barclays raised their price target on 3M from $160.00 to $164.00 and gave the company an “overweight” rating in a report on Wednesday, April 23rd. Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a report on Saturday, May 10th. Royal Bank of Canada lifted their price objective on 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a report on Wednesday, April 23rd. Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. Finally, Citigroup reduced their price objective on 3M from $152.00 to $142.00 and set a “neutral” rating for the company in a report on Monday, April 14th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, 3M has a consensus rating of “Moderate Buy” and a consensus target price of $152.08.

3M 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.