3M (NYSE:MMM) Position Decreased by Nuance Investments LLC

Nuance Investments LLC lessened its holdings in shares of 3M (NYSE:MMM) by 66.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 878,688 shares of the conglomerate’s stock after selling 1,716,212 shares during the quarter. 3M comprises 4.0% of Nuance Investments LLC’s investment portfolio, making the stock its 9th largest position. Nuance Investments LLC’s holdings in 3M were worth $119,957,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Capital World Investors bought a new position in shares of 3M during the 1st quarter valued at about $165,986,000. International Assets Investment Management LLC boosted its stake in 3M by 11,601.2% in the third quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock worth $172,416,000 after buying an additional 1,250,491 shares in the last quarter. Janus Henderson Group PLC grew its position in 3M by 1,015.6% during the first quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate’s stock valued at $94,247,000 after acquiring an additional 808,914 shares during the last quarter. Electron Capital Partners LLC purchased a new position in shares of 3M during the second quarter worth approximately $76,732,000. Finally, Jennison Associates LLC bought a new stake in shares of 3M in the 3rd quarter worth approximately $82,208,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on MMM. Deutsche Bank Aktiengesellschaft raised shares of 3M from a “hold” rating to a “buy” rating and increased their target price for the company from $110.00 to $150.00 in a report on Monday, July 29th. Bank of America raised their price objective on 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. StockNews.com lowered 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Wells Fargo & Company raised their price target on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Finally, Barclays lifted their price target on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Two investment 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’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $144.87.

3M Stock Down 1.5 %

Shares of 3M stock opened at $128.18 on Wednesday. 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 has a 12-month low of $75.40 and a 12-month high of $141.34. The company has a market cap of $69.80 billion, a P/E ratio of 16.18, a PEG ratio of 2.15 and a beta of 0.95. The company’s fifty day simple moving average is $132.80 and its two-hundred day simple moving average is $118.61.

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

3M Dividend Announcement

The company also recently disclosed 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. This represents a $2.80 annualized dividend and a yield of 2.18%. The ex-dividend date of this dividend 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.