Investors Research Corp Has $1.41 Million Position in 3M (NYSE:MMM)

Investors Research Corp cut its holdings in 3M (NYSE:MMM) by 4.7% during the third quarter, Holdings Channel.com reports. The fund owned 10,290 shares of the conglomerate’s stock after selling 509 shares during the period. Investors Research Corp’s holdings in 3M were worth $1,407,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Bank of New York Mellon Corp increased its position in shares of 3M by 11.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock valued at $517,617,000 after buying an additional 533,520 shares in the last quarter. Pacer Advisors Inc. increased its position in shares of 3M by 2.0% during the second quarter. Pacer Advisors Inc. now owns 4,952,878 shares of the conglomerate’s stock worth $506,135,000 after acquiring an additional 97,340 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of 3M by 18.6% during the second quarter. AQR Capital Management LLC now owns 2,531,422 shares of the conglomerate’s stock worth $258,686,000 after acquiring an additional 396,773 shares during the period. Dimensional Fund Advisors LP increased its holdings in 3M by 0.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,940,202 shares of the conglomerate’s stock worth $198,298,000 after purchasing an additional 11,315 shares in the last quarter. Finally, Capital World Investors acquired a new stake in shares of 3M in the 1st quarter valued at about $165,986,000. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Price Performance

NYSE MMM traded down $0.68 on Thursday, hitting $127.16. 635,498 shares of the company’s stock were exchanged, compared to its average volume of 4,790,409. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. 3M has a 52 week low of $75.40 and a 52 week high of $141.34. The stock has a market cap of $69.25 billion, a price-to-earnings ratio of 16.14, a P/E/G ratio of 2.12 and a beta of 0.95. The stock has a 50-day moving average of $132.75 and a 200-day moving average of $118.67.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. The company had revenue of $6.29 billion during the quarter, compared to analysts’ expectations of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. 3M’s revenue was down 24.3% compared to the same quarter last year. During the same period in the prior year, the company earned $2.68 EPS. Analysts expect that 3M will post 7.27 earnings per share for the current year.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be given a $0.70 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.20%. 3M’s dividend payout ratio (DPR) is presently 35.35%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. JPMorgan Chase & Co. increased their price objective on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $130.00 to $184.00 in a research report on Wednesday, November 13th. Mizuho raised their price objective on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Royal Bank of Canada boosted their price objective on shares of 3M from $99.00 to $100.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 23rd. Finally, Melius raised 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Two research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, 3M presently has an average rating of “Moderate Buy” and an average price target of $144.87.

About 3M

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.