MetLife Investment Management LLC Decreases Stock Holdings in 3M (NYSE:MMM)

MetLife Investment Management LLC decreased its position in 3M (NYSE:MMM) by 1.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 139,987 shares of the conglomerate’s stock after selling 2,100 shares during the quarter. MetLife Investment Management LLC’s holdings in 3M were worth $14,011,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. Bank Julius Baer & Co. Ltd Zurich boosted its stake in shares of 3M by 102,920.1% during the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 39,317,632 shares of the conglomerate’s stock valued at $3,935,302,000 after purchasing an additional 39,279,467 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in 3M by 2.9% during the second quarter. Charles Schwab Investment Management Inc. now owns 12,898,458 shares of the conglomerate’s stock worth $1,285,246,000 after acquiring an additional 363,626 shares in the last quarter. Geode Capital Management LLC boosted its stake in 3M by 5.7% during the first quarter. Geode Capital Management LLC now owns 11,474,791 shares of the conglomerate’s stock worth $1,203,635,000 after acquiring an additional 619,370 shares in the last quarter. Morgan Stanley lifted its stake in shares of 3M by 8.3% in the fourth quarter. Morgan Stanley now owns 10,769,973 shares of the conglomerate’s stock worth $1,291,535,000 after buying an additional 825,223 shares in the last quarter. Finally, Flossbach Von Storch AG lifted its stake in shares of 3M by 2.5% in the second quarter. Flossbach Von Storch AG now owns 9,580,844 shares of the conglomerate’s stock worth $958,947,000 after buying an additional 236,753 shares in the last quarter. Hedge funds and other institutional investors own 65.24% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Wells Fargo & Company decreased their price objective on shares of 3M from $115.00 to $93.00 in a report on Monday, October 9th. Mizuho restated a “neutral” rating and set a $120.00 target price on shares of 3M in a research report on Tuesday, August 29th. Morgan Stanley upgraded shares of 3M from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $102.00 to $113.00 in a research report on Thursday, August 31st. StockNews.com upgraded shares of 3M from a “hold” rating to a “buy” rating in a research report on Wednesday, October 25th. Finally, Barclays increased their price objective on shares of 3M from $96.00 to $98.00 and gave the company an “underweight” rating in a research report on Wednesday, October 25th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $104.30.

3M Trading Down 0.2 %

Shares of MMM opened at $94.80 on Tuesday. 3M has a twelve month low of $85.35 and a twelve month high of $130.02. The company has a market cap of $52.36 billion, a P/E ratio of -7.11, a P/E/G ratio of 1.43 and a beta of 0.98. The company has a current ratio of 1.05, a quick ratio of 0.72 and a debt-to-equity ratio of 2.72. The company’s fifty day simple moving average is $92.83 and its 200-day simple moving average is $98.90.

3M (NYSE:MMM) last announced its earnings results on Tuesday, October 24th. The conglomerate reported $2.68 earnings per share for the quarter, beating the consensus estimate of $2.34 by $0.34. The business had revenue of $8.31 billion for the quarter, compared to the consensus estimate of $7.99 billion. 3M had a negative net margin of 22.59% and a positive return on equity of 47.18%. The business’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.69 earnings per share. As a group, analysts expect that 3M will post 9.12 EPS for the current year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 12th. Investors of record on Friday, November 17th will be paid a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 6.33%. The ex-dividend date of this dividend is Thursday, November 16th. 3M’s dividend payout ratio is presently -44.94%.

3M Profile

3M Company provides diversified technology services in the United States and internationally. The company operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.