M&G PLC Purchases 5,235 Shares of 3M Company $MMM

M&G PLC boosted its position in 3M Company (NYSE:MMM) by 2.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 186,629 shares of the conglomerate’s stock after purchasing an additional 5,235 shares during the period. M&G PLC’s holdings in 3M were worth $30,607,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. AlphaCore Capital LLC boosted its stake in shares of 3M by 83.7% during the third quarter. AlphaCore Capital LLC now owns 17,288 shares of the conglomerate’s stock valued at $2,838,000 after purchasing an additional 7,876 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in shares of 3M by 6.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 28,792 shares of the conglomerate’s stock worth $4,694,000 after purchasing an additional 1,729 shares during the last quarter. StoneRidge PMG Advisors LLC purchased a new position in 3M in the 3rd quarter worth about $708,000. Bryn Mawr Trust Advisors LLC increased its stake in 3M by 3.8% in the 3rd quarter. Bryn Mawr Trust Advisors LLC now owns 10,750 shares of the conglomerate’s stock worth $1,765,000 after buying an additional 390 shares during the period. Finally, M Holdings Securities Inc. purchased a new position in 3M in the 3rd quarter worth about $557,000. Institutional investors own 65.25% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on MMM. Citigroup boosted their price objective on shares of 3M from $183.00 to $188.00 and gave the company a “neutral” rating in a research report on Wednesday, October 21st. Argus started coverage on shares of 3M in a research note on Wednesday, November 4th. They issued a “strong-buy” rating on the stock. UBS Group set a $230.00 target price on shares of 3M in a research report on Wednesday, November 4th. Wells Fargo & Company initiated coverage on shares of 3M in a research note on Thursday, September 24th. They set an “equal weight” rating and a $195.00 price target for the company. Finally, JPMorgan Chase & Co. increased their price objective on 3M from $191.00 to $210.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 4th. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $190.07.

3M Stock Performance

MMM stock opened at $188.60 on Tuesday. 3M Company has a 1-year low of $139.34 and a 1-year high of $196.90. The business has a 50-day moving average price of $169.25 and a 200 day moving average price of $161.96. The company has a market capitalization of $97.45 billion, a P/E ratio of 28.11, a PEG ratio of 2.53 and a beta of 1.01. The company has a debt-to-equity ratio of 3.01, a current ratio of 1.41 and a quick ratio of 1.06.

3M (NYSE:MMM) last issued its earnings results on Tuesday, October 20th. The conglomerate reported $2.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.38 by $0.12. The company had revenue of $6.60 billion for the quarter, compared to analysts’ expectations of $6.61 billion. 3M had a net margin of 14.01% and a return on equity of 123.11%. The firm’s quarterly revenue was up 1.5% on a year-over-year basis. During the same period in the prior year, the business earned $2.19 EPS. As a group, equities research analysts forecast that 3M Company will post 9.14 EPS for the current fiscal year.

3M Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be paid a dividend of $0.78 per share. The ex-dividend date is Friday, November 13th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 1.7%. 3M’s dividend payout ratio (DPR) is currently 46.50%.

3M declared that its Board of Directors has initiated a stock buyback plan on Wednesday, November 4th that allows the company to buy back $6 billion in shares. This buyback authorization allows the conglomerate to buy up to 6.6% of its shares through open market purchases. Share buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

3M Company Profile

3M is a diversified science and manufacturing company that develops products for businesses and consumers. Its offerings include workplace safety equipment, adhesives and abrasives, filtration materials, automotive and electronics components, and home and office products such as Post-it Notes and Scotch brand tapes.

Founded in 1902 as the Minnesota Mining and Manufacturing Company, 3M began as a mining venture before expanding into materials science and industrial manufacturing. The company adopted the name 3M in 2002 and is headquartered in St.