Pacer Advisors Inc. increased its holdings in shares of 3M Co (NYSE:MMM) by 15.0% during the third quarter, HoldingsChannel reports. The firm owned 31,558 shares of the conglomerate’s stock after buying an additional 4,116 shares during the period. Pacer Advisors Inc.’s holdings in 3M were worth $6,650,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also made changes to their positions in the company. Price Capital Management Inc. bought a new position in shares of 3M during the third quarter valued at $126,000. Psagot Investment House Ltd. bought a new position in shares of 3M during the third quarter valued at $131,000. SRS Capital Advisors Inc. lifted its holdings in shares of 3M by 1,652.8% during the second quarter. SRS Capital Advisors Inc. now owns 631 shares of the conglomerate’s stock valued at $124,000 after purchasing an additional 595 shares in the last quarter. Braun Bostich & Associates Inc. lifted its holdings in shares of 3M by 221.7% during the second quarter. Braun Bostich & Associates Inc. now owns 698 shares of the conglomerate’s stock valued at $137,000 after purchasing an additional 481 shares in the last quarter. Finally, Avestar Capital LLC lifted its holdings in shares of 3M by 161.2% during the second quarter. Avestar Capital LLC now owns 700 shares of the conglomerate’s stock valued at $130,000 after purchasing an additional 432 shares in the last quarter. 67.01% of the stock is currently owned by hedge funds and other institutional investors.
3M stock opened at $196.10 on Friday. The firm has a market cap of $114.19 billion, a P/E ratio of 20.07, a PEG ratio of 1.94 and a beta of 1.18. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.97 and a quick ratio of 1.36. 3M Co has a one year low of $181.98 and a one year high of $259.77.
The business also recently declared a quarterly dividend, which was paid on Wednesday, December 12th. Shareholders of record on Friday, November 23rd were given a $1.36 dividend. This represents a $5.44 dividend on an annualized basis and a yield of 2.77%. The ex-dividend date was Wednesday, November 21st. 3M’s payout ratio is 59.32%.
3M announced that its Board of Directors has approved a share repurchase program on Tuesday, November 13th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the conglomerate to buy up to 8.7% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.
A number of research analysts have recently issued reports on the company. Morgan Stanley assumed coverage on 3M in a report on Monday, August 20th. They set an “equal weight” rating and a $212.00 price target on the stock. Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating in a report on Monday, September 3rd. UBS Group upped their price target on 3M from $215.00 to $220.00 and gave the company a “neutral” rating in a report on Thursday, August 30th. Barclays reduced their price objective on 3M from $201.00 to $195.00 and set an “underweight” rating for the company in a research report on Wednesday, October 24th. Finally, Argus reduced their price objective on 3M from $240.00 to $225.00 and set a “buy” rating for the company in a research report on Wednesday, October 24th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $225.16.
In related news, Director Gregory R. Page purchased 1,000 shares of 3M stock in a transaction on Friday, October 26th. The stock was acquired at an average price of $184.50 per share, for a total transaction of $184,500.00. Following the completion of the transaction, the director now directly owns 1,500 shares in the company, valued at approximately $276,750. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.72% of the company’s stock.
3M Company Profile
3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.
See Also: Liquidity
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