Janus Henderson Group PLC Trims Stake in 3M (NYSE:MMM)

Janus Henderson Group PLC reduced its holdings in shares of 3M (NYSE:MMM) by 0.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,430,976 shares of the conglomerate’s stock after selling 16,209 shares during the period. Janus Henderson Group PLC’s holdings in 3M were worth $469,011,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. FSA Wealth Management LLC bought a new stake in shares of 3M in the 3rd quarter valued at about $27,000. McClarren Financial Advisors Inc. boosted its stake in shares of 3M by 118.6% in the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after purchasing an additional 121 shares during the period. MFA Wealth Advisors LLC acquired a new stake in 3M during the second quarter worth approximately $28,000. Meeder Asset Management Inc. grew its position in 3M by 689.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after buying an additional 269 shares during the last quarter. Finally, True Wealth Design LLC boosted its position in shares of 3M by 2,466.7% during the 3rd quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock worth $42,000 after purchasing an additional 296 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Trading Down 0.5 %

Shares of NYSE:MMM opened at $132.89 on Tuesday. The business has a 50 day moving average of $132.39 and a 200-day moving average of $120.43. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. 3M has a 12-month low of $75.40 and a 12-month high of $141.34. The stock has a market cap of $72.37 billion, a PE ratio of 16.78, a P/E/G ratio of 2.21 and a beta of 0.95.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The company had revenue of $6.29 billion for the quarter, compared to analysts’ expectations of $6.06 billion. During the same quarter in the previous year, the firm posted $2.68 EPS. 3M’s revenue was down 24.3% on a year-over-year basis. As a group, equities research analysts forecast that 3M will post 7.27 earnings per share for the current year.

3M Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be paid a dividend of $0.70 per share. The ex-dividend date is Friday, November 15th. This represents a $2.80 annualized dividend and a yield of 2.11%. 3M’s payout ratio is 35.35%.

Analyst Ratings Changes

MMM has been the subject of a number of analyst reports. JPMorgan Chase & Co. upped their price target on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Bank of America upped their price target on 3M from $143.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and increased their price objective for the company from $130.00 to $184.00 in a research report on Wednesday, November 13th. Barclays lifted their price target on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Finally, Royal Bank of Canada boosted their price target on 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a research note on Wednesday, October 23rd. Two investment 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. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $144.87.

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.