3M Company $MMM Shares Purchased by Keybank National Association OH

Keybank National Association OH boosted its holdings in shares of 3M Company (NYSE:MMM) by 2.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 378,545 shares of the conglomerate’s stock after acquiring an additional 9,676 shares during the quarter. Keybank National Association OH owned about 0.07% of 3M worth $62,138,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Cornerstone Wealth Management LLC boosted its stake in 3M by 2.2% during the third quarter. Cornerstone Wealth Management LLC now owns 7,975 shares of the conglomerate’s stock worth $1,309,000 after buying an additional 172 shares during the period. Csenge Advisory Group increased its position in shares of 3M by 7.0% during the third quarter. Csenge Advisory Group now owns 2,842 shares of the conglomerate’s stock valued at $467,000 after acquiring an additional 185 shares during the last quarter. Cpwa LLC increased its position in shares of 3M by 6.4% during the third quarter. Cpwa LLC now owns 2,121 shares of the conglomerate’s stock valued at $341,000 after acquiring an additional 128 shares during the last quarter. 71 West Capital Partners raised its stake in shares of 3M by 7.4% in the 3rd quarter. 71 West Capital Partners now owns 2,962 shares of the conglomerate’s stock valued at $486,000 after acquiring an additional 204 shares during the period. Finally, Montis Financial LLC raised its stake in shares of 3M by 5.2% in the 3rd quarter. Montis Financial LLC now owns 1,835 shares of the conglomerate’s stock valued at $301,000 after acquiring an additional 90 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Performance

NYSE MMM opened at $189.58 on Wednesday. The company has a market cap of $97.96 billion, a P/E ratio of 28.25, a P/E/G ratio of 2.46 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. The stock has a 50-day moving average of $169.60 and a two-hundred day moving average of $162.10. 3M Company has a 1-year low of $139.34 and a 1-year high of $196.90.

3M (NYSE:MMM) last issued its quarterly 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 business 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 business’s quarterly revenue was up 1.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.19 earnings per share. As a group, analysts anticipate that 3M Company will post 9.14 EPS for the current year.

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

3M Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Friday, November 13th will be paid a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend is Friday, November 13th. 3M’s dividend payout ratio is presently 46.50%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on MMM shares. Wells Fargo & Company initiated coverage on shares of 3M in a report on Thursday, September 24th. They issued an “equal weight” rating and a $195.00 price objective on the stock. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating on shares of 3M in a report on Wednesday, October 21st. Royal Bank Of Canada boosted their target price on 3M from $132.00 to $135.00 and gave the company an “underperform” rating in a research report on Wednesday, October 21st. Argus started coverage on 3M in a research report on Wednesday, November 4th. They issued a “strong-buy” rating on the stock. Finally, Sanford C. Bernstein upped their price target on 3M from $171.00 to $197.00 and gave the stock a “market perform” rating in a research note on Wednesday, October 21st. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, 3M has an average rating of “Moderate Buy” and a consensus price target of $190.07.

3M 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. Paul, Minnesota.