The Manufacturers Life Insurance Company Sells 33,922 Shares of 3M (NYSE:MMM)

The Manufacturers Life Insurance Company lowered its stake in shares of 3M (NYSE:MMM) by 8.4% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 367,632 shares of the conglomerate’s stock after selling 33,922 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in 3M were worth $50,255,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of MMM. Qsemble Capital Management LP boosted its holdings in 3M by 264.7% during the 3rd quarter. Qsemble Capital Management LP now owns 31,104 shares of the conglomerate’s stock valued at $4,252,000 after acquiring an additional 22,576 shares during the period. Bank of Montreal Can boosted its holdings in 3M by 39.1% during the 3rd quarter. Bank of Montreal Can now owns 1,099,794 shares of the conglomerate’s stock valued at $151,002,000 after acquiring an additional 308,912 shares during the period. Horizon Kinetics Asset Management LLC boosted its holdings in 3M by 60.9% during the 3rd quarter. Horizon Kinetics Asset Management LLC now owns 9,575 shares of the conglomerate’s stock valued at $1,309,000 after acquiring an additional 3,625 shares during the period. Whetstone Capital Advisors LLC purchased a new position in 3M during the 3rd quarter valued at $222,000. Finally, Canton Hathaway LLC boosted its holdings in 3M by 85.1% during the 3rd quarter. Canton Hathaway LLC now owns 2,175 shares of the conglomerate’s stock valued at $297,000 after acquiring an additional 1,000 shares during the period. Institutional investors own 65.25% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on MMM shares. Barclays boosted their price objective on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Bank of America boosted their price objective 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 upped their target price for the stock from $130.00 to $184.00 in a report on Wednesday, November 13th. Melius Research upgraded 3M from a “hold” rating to a “buy” rating and set a $180.00 target price for the company in a report on Tuesday, October 22nd. Finally, Melius upgraded 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, 3M currently has a consensus rating of “Moderate Buy” and a consensus price target of $144.87.

3M Trading Down 0.4 %

Shares of NYSE MMM opened at $132.48 on Friday. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. The stock has a market capitalization of $72.14 billion, a P/E ratio of 16.73, a price-to-earnings-growth ratio of 2.16 and a beta of 0.95. 3M has a 1-year low of $75.40 and a 1-year high of $141.34. The business has a fifty day moving average price of $132.42 and a 200 day moving average price of $119.92.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. The firm 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%. The firm’s quarterly revenue was down 24.3% on a year-over-year basis. During the same period in the prior year, the business posted $2.68 EPS. Equities research analysts expect that 3M will post 7.27 EPS for the current fiscal year.

3M Dividend Announcement

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

3M 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.