3M Company $MMM Position Raised by Calamos Advisors LLC

Calamos Advisors LLC grew its position in 3M Company (NYSE:MMM) by 332.2% in the 3rd quarter, Holdings Channel.com reports. The firm owned 303,723 shares of the conglomerate’s stock after buying an additional 233,451 shares during the period. Calamos Advisors LLC’s holdings in 3M were worth $49,856,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in MMM. State Street Corp raised its holdings in shares of 3M by 0.4% during the second quarter. State Street Corp now owns 27,828,966 shares of the conglomerate’s stock valued at $4,505,788,000 after buying an additional 105,222 shares during the last quarter. Amundi raised its stake in 3M by 67.0% during the 2nd quarter. Amundi now owns 4,536,148 shares of the conglomerate’s stock valued at $734,448,000 after acquiring an additional 1,819,178 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in 3M by 7.4% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,935,534 shares of the conglomerate’s stock valued at $637,202,000 after acquiring an additional 270,458 shares in the last quarter. National Pension Service boosted its position in 3M by 3.6% during the 2nd quarter. National Pension Service now owns 1,401,543 shares of the conglomerate’s stock worth $226,924,000 after acquiring an additional 48,167 shares during the period. Finally, Fort Washington Investment Advisors Inc. OH boosted its position in 3M by 1.2% during the 3rd quarter. Fort Washington Investment Advisors Inc. OH now owns 376,784 shares of the conglomerate’s stock worth $61,849,000 after acquiring an additional 4,628 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.

Analysts Set New Price Targets

MMM has been the subject of several recent analyst reports. The Goldman Sachs Group increased their price target on 3M from $200.00 to $225.00 and gave the stock a “buy” rating in a research note on Thursday. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating on shares of 3M in a report on Wednesday, October 21st. Citigroup increased their target price 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. Raymond James Financial reiterated a “market perform” rating on shares of 3M in a report on Wednesday, October 21st. Finally, UBS Group set a $230.00 price objective on shares of 3M in a report on Wednesday. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $190.07.

3M Price Performance

Shares of MMM traded down $2.54 during midday trading on Friday, reaching $185.23. The stock had a trading volume of 3,370,294 shares, compared to its average volume of 3,459,884. 3M Company has a 52 week low of $139.34 and a 52 week high of $196.90. The company has a debt-to-equity ratio of 3.01, a current ratio of 1.41 and a quick ratio of 1.06. The firm’s 50 day moving average price is $168.96 and its 200-day moving average price is $161.79. The company has a market capitalization of $95.71 billion, a P/E ratio of 27.60, a P/E/G ratio of 2.32 and a beta of 1.01.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, October 20th. The conglomerate reported $2.50 earnings per share for the quarter, beating the consensus estimate of $2.38 by $0.12. 3M had a return on equity of 123.11% and a net margin of 14.01%. The business had revenue of $6.60 billion during the quarter, compared to analyst estimates of $6.61 billion. During the same quarter in the prior year, the firm posted $2.19 earnings per share. The company’s revenue was up 1.5% on a year-over-year basis. On average, analysts forecast that 3M Company will post 9.14 earnings per share for the current fiscal year.

3M announced that its board has approved a share repurchase program on Wednesday, November 4th that allows the company to buy back $6 billion in shares. This repurchase authorization allows the conglomerate to repurchase up to 6.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its shares are undervalued.

3M Dividend Announcement

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 given a dividend of $0.78 per share. The ex-dividend date is Friday, November 13th. This represents a $3.12 annualized dividend and a dividend yield of 1.7%. 3M’s dividend payout ratio (DPR) is 46.50%.

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.