3M (NYSE:MMM) Shares Sold by Janus Henderson Group PLC

Janus Henderson Group PLC decreased its stake in 3M (NYSE:MMM) by 0.5% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,430,976 shares of the conglomerate’s stock after selling 16,209 shares during the quarter. Janus Henderson Group PLC owned approximately 0.63% of 3M worth $469,011,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in MMM. D.A. Davidson & CO. raised its stake in 3M by 16.2% during the 3rd quarter. D.A. Davidson & CO. now owns 146,333 shares of the conglomerate’s stock worth $20,004,000 after buying an additional 20,421 shares during the period. Ballentine Partners LLC grew its holdings in 3M by 40.1% during the 3rd quarter. Ballentine Partners LLC now owns 18,217 shares of the conglomerate’s stock worth $2,490,000 after acquiring an additional 5,210 shares during the period. Stonegate Investment Group LLC grew its stake in shares of 3M by 5.6% in the 3rd quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate’s stock valued at $34,564,000 after buying an additional 13,473 shares during the period. Ausdal Financial Partners Inc. lifted its position in shares of 3M by 6.7% during the 2nd quarter. Ausdal Financial Partners Inc. now owns 3,991 shares of the conglomerate’s stock worth $408,000 after buying an additional 249 shares in the last quarter. Finally, Candriam S.C.A. grew its stake in 3M by 19.2% in the 2nd quarter. Candriam S.C.A. now owns 38,469 shares of the conglomerate’s stock valued at $3,931,000 after buying an additional 6,185 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on MMM shares. Morgan Stanley began coverage on shares of 3M in a report on Friday, September 6th. They set an “underweight” rating and a $125.00 price target on the stock. JPMorgan Chase & Co. upped their price objective on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Wells Fargo & Company upped their target price on shares of 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Mizuho lifted their price target on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Finally, Barclays boosted their price objective on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, 3M currently has an average rating of “Moderate Buy” and an average price target of $144.87.

3M Price Performance

MMM opened at $132.89 on Tuesday. The company has a 50 day moving average of $132.39 and a two-hundred day moving average of $120.43. 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. The company has a market cap of $72.37 billion, a P/E ratio of 16.78, a P/E/G ratio of 2.21 and a beta of 0.95.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The firm had revenue of $6.29 billion during the quarter, compared to analysts’ expectations of $6.06 billion. During the same quarter last year, the firm earned $2.68 earnings per share. The business’s revenue for the quarter was down 24.3% on a year-over-year basis. On average, analysts expect that 3M will post 7.27 earnings per share for the current year.

3M Announces Dividend

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

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.