3M (NYSE:MMM) Position Cut by Janus Henderson Group PLC

Janus Henderson Group PLC decreased its holdings in 3M (NYSE:MMM) by 0.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,430,976 shares of the conglomerate’s stock after selling 16,209 shares during the period. Janus Henderson Group PLC’s holdings in 3M were worth $469,011,000 as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

MMM has been the subject of several recent research reports. Mizuho boosted 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. Melius Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective for the company in a research report on Tuesday, October 22nd. Barclays lifted their price objective on shares of 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Melius upgraded shares of 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Finally, Morgan Stanley assumed coverage on shares of 3M in a research report on Friday, September 6th. They issued an “underweight” rating and a $125.00 target price on the stock. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $144.87.

3M Stock Performance

MMM opened at $132.89 on Tuesday. 3M has a 1 year low of $75.40 and a 1 year high of $141.34. The stock 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. The firm has a fifty day moving average price of $132.39 and a 200 day moving average price of $120.43. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08.

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

3M Announces Dividend

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