QV Investors Inc. Reduces Stock Holdings in 3M (NYSE:MMM)

QV Investors Inc. reduced its position in 3M (NYSE:MMM) by 3.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 97,585 shares of the conglomerate’s stock after selling 3,210 shares during the quarter. 3M makes up about 1.3% of QV Investors Inc.’s holdings, making the stock its 28th largest position. QV Investors Inc.’s holdings in 3M were worth $12,597,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in MMM. State Street Corp raised its stake in 3M by 1.1% in the 3rd quarter. State Street Corp now owns 27,194,612 shares of the conglomerate’s stock valued at $3,717,503,000 after acquiring an additional 302,900 shares during the period. FMR LLC raised its position in shares of 3M by 88.7% in the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock valued at $1,225,087,000 after purchasing an additional 4,212,409 shares during the period. Pacer Advisors Inc. lifted its stake in shares of 3M by 2.0% during the 2nd quarter. Pacer Advisors Inc. now owns 4,952,878 shares of the conglomerate’s stock valued at $506,135,000 after buying an additional 97,340 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in 3M by 1.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,815,625 shares of the conglomerate’s stock worth $521,596,000 after buying an additional 43,942 shares during the period. Finally, AQR Capital Management LLC grew its stake in 3M by 18.6% in the 2nd quarter. AQR Capital Management LLC now owns 2,531,422 shares of the conglomerate’s stock valued at $258,686,000 after buying an additional 396,773 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors.

3M Price Performance

Shares of 3M stock traded up $1.51 during trading on Monday, hitting $132.72. 1,213,884 shares of the stock traded hands, compared to its average volume of 3,213,650. The firm’s fifty day moving average is $130.51 and its 200-day moving average is $126.65. The stock has a market cap of $72.27 billion, a price-to-earnings ratio of 16.76, a PEG ratio of 2.15 and a beta of 0.95. 3M has a 52 week low of $75.40 and a 52 week high of $141.34. 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 (NYSE:MMM) last posted its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping the consensus estimate of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The firm had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. During the same period last year, the firm posted $2.68 earnings per share. The business’s revenue was down 24.3% compared to the same quarter last year. Research analysts expect that 3M will post 7.27 EPS for the current fiscal year.

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Friday, November 15th were paid a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.11%. 3M’s dividend payout ratio (DPR) is currently 35.35%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on MMM. Royal Bank of Canada cut their price target on 3M from $100.00 to $96.00 and set an “underperform” rating for the company in a report on Friday, January 3rd. Mizuho upped their price target on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Melius raised shares of 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Barclays lowered their target price on shares of 3M from $165.00 to $161.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 8th. Finally, Bank of America boosted their price target on shares of 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $144.33.

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.