Empowered Funds LLC Boosts Stock Position in 3M (NYSE:MMM)

Empowered Funds LLC lifted its stake in 3M (NYSE:MMM) by 6.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 52,790 shares of the conglomerate’s stock after acquiring an additional 3,047 shares during the period. Empowered Funds LLC’s holdings in 3M were worth $7,216,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MMM. Capital World Investors bought a new stake in shares of 3M during the first quarter valued at about $165,986,000. International Assets Investment Management LLC increased its holdings in 3M by 11,601.2% during the 3rd quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock worth $172,416,000 after acquiring an additional 1,250,491 shares during the period. National Bank of Canada FI increased its holdings in 3M by 218.3% during the 1st quarter. National Bank of Canada FI now owns 1,489,351 shares of the conglomerate’s stock worth $147,344,000 after acquiring an additional 1,021,440 shares during the period. Janus Henderson Group PLC boosted its holdings in 3M by 1,015.6% in the 1st quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate’s stock valued at $94,247,000 after purchasing an additional 808,914 shares during the period. Finally, Electron Capital Partners LLC purchased a new position in shares of 3M during the 2nd quarter valued at $76,732,000. 65.25% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on MMM. StockNews.com downgraded 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. JPMorgan Chase & Co. boosted their price objective on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Citigroup raised their target price on shares of 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Wells Fargo & Company increased their price target 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. Finally, Mizuho lifted their price objective on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $144.87.

3M Trading Down 1.4 %

NYSE MMM opened at $129.79 on Friday. The firm has a market cap of $70.68 billion, a PE ratio of 16.39, a price-to-earnings-growth ratio of 2.17 and a beta of 0.95. 3M has a 1-year low of $75.40 and a 1-year high of $141.34. The stock has a 50-day moving average of $132.80 and a 200-day moving average of $118.01. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $6.06 billion. During the same quarter in the previous year, the company posted $2.68 earnings per share. The business’s revenue was down 24.3% on a year-over-year basis. As a group, sell-side analysts forecast that 3M will post 7.27 EPS for the current year.

3M Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be given a dividend of $0.70 per share. The ex-dividend date is Friday, November 15th. This represents a $2.80 annualized dividend and a yield of 2.16%. 3M’s payout ratio is currently 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.