3M Company $MMM Stock Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA decreased its position in 3M Company (NYSE:MMM) by 3.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 273,490 shares of the conglomerate’s stock after selling 8,519 shares during the period. Pictet Asset Management Holding SA owned 0.05% of 3M worth $44,893,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Ashton Thomas Private Wealth LLC grew its position in 3M by 1.2% in the third quarter. Ashton Thomas Private Wealth LLC now owns 12,716 shares of the conglomerate’s stock worth $2,087,000 after acquiring an additional 153 shares during the period. CenterBook Partners LP purchased a new stake in 3M in the third quarter valued at $2,718,000. Asset One Wealth Management LLC raised its position in 3M by 32.6% in the third quarter. Asset One Wealth Management LLC now owns 2,205 shares of the conglomerate’s stock valued at $362,000 after purchasing an additional 542 shares during the period. Heritage Family Offices LLP acquired a new position in shares of 3M in the 3rd quarter valued at $106,000. Finally, Allegiance Financial Group Advisory Services LLC lifted its stake in shares of 3M by 21.2% in the 3rd quarter. Allegiance Financial Group Advisory Services LLC now owns 2,949 shares of the conglomerate’s stock valued at $484,000 after purchasing an additional 516 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Up 0.5%

NYSE:MMM opened at $189.58 on Wednesday. The company has a quick ratio of 1.06, a current ratio of 1.41 and a debt-to-equity ratio of 3.01. The stock’s fifty day moving average is $169.60 and its two-hundred day moving average is $162.10. 3M Company has a 52 week low of $139.34 and a 52 week high of $196.90. The stock has a market capitalization of $97.96 billion, a price-to-earnings ratio of 28.25, a price-to-earnings-growth ratio of 2.46 and a beta of 1.01.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, October 20th. The conglomerate reported $2.50 EPS for the quarter, topping the consensus estimate of $2.38 by $0.12. The business had revenue of $6.60 billion during the quarter, compared to analyst estimates of $6.61 billion. 3M had a return on equity of 123.11% and a net margin of 14.01%. The company’s quarterly revenue was up 1.5% on a year-over-year basis. During the same period last year, the business posted $2.19 earnings per share. Research analysts anticipate that 3M Company will post 9.14 EPS for the current year.

3M announced that its Board of Directors has authorized a share buyback plan on Wednesday, November 4th that permits the company to repurchase $6 billion in outstanding shares. This repurchase authorization permits the conglomerate to reacquire up to 6.6% of its shares through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its shares are undervalued.

3M Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be paid a dividend of $0.78 per share. The ex-dividend date is Friday, November 13th. This represents a $3.12 dividend on an annualized basis and a yield of 1.6%. 3M’s dividend payout ratio is 46.50%.

Analyst Ratings Changes

MMM has been the subject of a number of research analyst reports. The Goldman Sachs Group increased their price target on 3M from $200.00 to $225.00 and gave the stock a “buy” rating in a report on Thursday, November 5th. Weiss Ratings upgraded shares of 3M from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, October 23rd. Jefferies Financial Group reaffirmed a “hold” rating and issued a $186.00 target price on shares of 3M in a research report on Wednesday, October 21st. Mizuho increased their target price on shares of 3M from $160.00 to $180.00 and gave the stock a “neutral” rating in a research note on Thursday, July 23rd. Finally, Argus assumed coverage on shares of 3M in a research note on Wednesday, November 4th. They set a “strong-buy” rating for the company. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $190.07.

3M Company Profile

3M is a diversified science and manufacturing company that develops products for businesses and consumers. Its offerings include workplace safety equipment, adhesives and abrasives, filtration materials, automotive and electronics components, and home and office products such as Post-it Notes and Scotch brand tapes. Founded in 1902 as the Minnesota Mining and Manufacturing Company, 3M began as a mining venture before expanding into materials science and industrial manufacturing. The company adopted the name 3M in 2002 and is headquartered in St. Paul, Minnesota.