1,564,870 Shares in 3M (NYSE:MMM) Bought by Capital World Investors

Capital World Investors bought a new position in 3M (NYSE:MMM) in the 1st quarter, HoldingsChannel.com reports. The firm bought 1,564,870 shares of the conglomerate’s stock, valued at approximately $165,986,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank purchased a new stake in 3M in the fourth quarter worth $502,585,000. Balyasny Asset Management L.P. boosted its position in 3M by 313.8% during the fourth quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate’s stock worth $289,803,000 after purchasing an additional 2,010,319 shares during the period. Los Angeles Capital Management LLC increased its stake in shares of 3M by 157.2% in the fourth quarter. Los Angeles Capital Management LLC now owns 1,805,496 shares of the conglomerate’s stock worth $197,377,000 after purchasing an additional 1,103,459 shares in the last quarter. International Assets Investment Management LLC raised its position in shares of 3M by 8,766.0% in the fourth quarter. International Assets Investment Management LLC now owns 1,080,940 shares of the conglomerate’s stock valued at $118,168,000 after purchasing an additional 1,068,748 shares during the period. Finally, National Bank of Canada FI lifted its stake in shares of 3M by 218.3% during the 1st quarter. National Bank of Canada FI now owns 1,489,351 shares of the conglomerate’s stock valued at $147,344,000 after buying an additional 1,021,440 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Price Performance

Shares of MMM stock traded up $23.77 during trading on Friday, hitting $127.16. The company had a trading volume of 32,748,920 shares, compared to its average volume of 3,111,316. The stock’s 50-day moving average is $102.05 and its two-hundred day moving average is $98.83. The stock has a market capitalization of $70.37 billion, a price-to-earnings ratio of -10.00, a price-to-earnings-growth ratio of 1.92 and a beta of 0.95. The company has a quick ratio of 1.27, a current ratio of 1.64 and a debt-to-equity ratio of 4.17. 3M has a 52 week low of $71.12 and a 52 week high of $128.02.

3M (NYSE:MMM) last released its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, topping analysts’ consensus estimates of $1.66 by $0.27. The business had revenue of $6.26 billion during the quarter, compared to analysts’ expectations of $5.85 billion. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. During the same quarter in the previous year, the company earned $2.17 EPS. As a group, analysts predict that 3M will post 7.17 EPS for the current fiscal year.

3M Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 12th. Investors of record on Friday, May 24th were paid a $0.70 dividend. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $2.80 dividend on an annualized basis and a yield of 2.20%. 3M’s dividend payout ratio is presently -22.01%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on MMM shares. Barclays boosted their target price on shares of 3M from $118.00 to $120.00 and gave the company an “overweight” rating in a report on Wednesday, July 10th. Citigroup boosted their price objective on 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. JPMorgan Chase & Co. upgraded 3M from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $110.00 to $111.00 in a research note on Wednesday, May 1st. HSBC raised 3M from a “hold” rating to a “buy” rating and lifted their target price for the company from $91.13 to $115.00 in a report on Friday, May 10th. Finally, UBS Group increased their price target on shares of 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $112.17.

3M Company Profile

3M Company provides diversified technology services in the United States and internationally. The company's 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.