Twinbeech Capital LP grew its holdings in 3M (NYSE:MMM – Get Rating) by 416.9% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 361,215 shares of the conglomerate’s stock after purchasing an additional 291,331 shares during the quarter. 3M makes up 1.1% of Twinbeech Capital LP’s portfolio, making the stock its 14th biggest position. Twinbeech Capital LP owned 0.07% of 3M worth $39,914,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Options Solutions LLC boosted its holdings in 3M by 3.1% during the second quarter. Options Solutions LLC now owns 2,454 shares of the conglomerate’s stock worth $318,000 after buying an additional 73 shares in the last quarter. Taylor Hoffman Wealth Management boosted its stake in 3M by 1.3% during the third quarter. Taylor Hoffman Wealth Management now owns 5,977 shares of the conglomerate’s stock worth $660,000 after buying an additional 77 shares during the period. Madison Wealth Management boosted its stake in shares of 3M by 1.3% in the third quarter. Madison Wealth Management now owns 6,086 shares of the conglomerate’s stock valued at $673,000 after purchasing an additional 78 shares during the period. Cadence Bank boosted its stake in shares of 3M by 0.3% in the second quarter. Cadence Bank now owns 29,677 shares of the conglomerate’s stock valued at $3,840,000 after purchasing an additional 79 shares during the period. Finally, Lumature Wealth Partners LLC boosted its stake in shares of 3M by 4.1% in the second quarter. Lumature Wealth Partners LLC now owns 2,179 shares of the conglomerate’s stock valued at $282,000 after purchasing an additional 86 shares during the period. Institutional investors own 65.61% of the company’s stock.
Wall Street Analyst Weigh In
A number of research firms have weighed in on MMM. Wells Fargo & Company cut their price objective on shares of 3M from $125.00 to $115.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 25th. Mizuho dropped their price objective on shares of 3M from $130.00 to $120.00 and set a “neutral” rating on the stock in a research note on Thursday, January 26th. UBS Group decreased their price objective on shares of 3M from $124.00 to $115.00 in a research report on Wednesday, January 25th. Barclays cut their target price on shares of 3M from $130.00 to $122.00 and set an “underweight” rating for the company in a research note on Wednesday, January 25th. Finally, Royal Bank of Canada dropped their price objective on shares of 3M from $113.00 to $106.00 in a research note on Wednesday, January 25th. Three equities research analysts have rated the stock with a sell rating and ten have given a hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $125.92.
3M Stock Down 0.5 %
Shares of NYSE MMM traded down $0.57 during mid-day trading on Wednesday, reaching $106.52. 1,139,876 shares of the company’s stock were exchanged, compared to its average volume of 3,457,203. The firm has a market capitalization of $58.64 billion, a price-to-earnings ratio of 10.55, a PEG ratio of 1.34 and a beta of 0.96. The company has a current ratio of 1.54, a quick ratio of 0.98 and a debt-to-equity ratio of 0.95. The business has a fifty day simple moving average of $117.09 and a 200 day simple moving average of $120.29. 3M has a twelve month low of $106.18 and a twelve month high of $154.66.
3M (NYSE:MMM – Get Rating) last released its quarterly earnings data on Tuesday, January 24th. The conglomerate reported $2.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.34 by ($0.06). The business had revenue of $8.10 billion during the quarter, compared to analyst estimates of $8.09 billion. 3M had a net margin of 16.88% and a return on equity of 39.72%. The business’s quarterly revenue was down 5.9% on a year-over-year basis. During the same period in the previous year, the business earned $2.31 earnings per share. As a group, equities analysts expect that 3M will post 8.64 EPS for the current fiscal year.
3M Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Sunday, March 12th. Shareholders of record on Friday, February 17th will be given a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 5.63%. The ex-dividend date is Thursday, February 16th. This is a positive change from 3M’s previous quarterly dividend of $1.49. 3M’s payout ratio is 59.11%.
About 3M
3M Co is a technology company, which manufactures industrial, safety, and consumer products. It operates through the following segments: Safety and Industrial, Transportation and Electronics, Health Care, Consumer, and Corporate and Unallocated. The Safety and Industrial segment consists of personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules.
