SouthState Corp Lowers Holdings in 3M (NYSE:MMM)

SouthState Corp trimmed its holdings in 3M (NYSE:MMM) by 6.2% in the 3rd quarter, HoldingsChannel reports. The firm owned 5,648 shares of the conglomerate’s stock after selling 374 shares during the quarter. SouthState Corp’s holdings in 3M were worth $772,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Capital World Investors bought a new position in shares of 3M during the first quarter worth $165,986,000. International Assets Investment Management LLC boosted its holdings in shares of 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 valued at $172,416,000 after purchasing an additional 1,250,491 shares during the last quarter. Janus Henderson Group PLC grew its position in shares of 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 purchasing an additional 808,914 shares in the last quarter. Electron Capital Partners LLC bought a new stake in shares of 3M in the second quarter worth about $76,732,000. Finally, Bank of New York Mellon Corp lifted its position in shares of 3M by 11.8% in the second quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock worth $517,617,000 after buying an additional 533,520 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Trading Down 1.5 %

NYSE:MMM opened at $128.18 on Wednesday. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. 3M has a 1 year low of $75.40 and a 1 year high of $141.34. The stock has a fifty day moving average price of $132.80 and a two-hundred day moving average price of $118.61. The stock has a market capitalization of $69.80 billion, a price-to-earnings ratio of 16.18, a PEG ratio of 2.15 and a beta of 0.95.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 EPS 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% compared to the same quarter last year. During the same quarter last year, the business posted $2.68 EPS. As a group, sell-side analysts anticipate that 3M will post 7.27 earnings per share for the current fiscal year.

3M Announces Dividend

The business 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 $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.18%. The ex-dividend date is Friday, November 15th. 3M’s dividend payout ratio (DPR) is presently 35.35%.

Analysts Set New Price Targets

Several research firms have weighed in on MMM. JPMorgan Chase & Co. raised their price target on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Royal Bank of Canada boosted their price target on shares of 3M from $99.00 to $100.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 23rd. Morgan Stanley assumed coverage on 3M in a research note on Friday, September 6th. They set an “underweight” rating and a $125.00 price objective on the stock. Bank of America raised their price objective on shares of 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Finally, UBS Group upgraded shares of 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 research note on Wednesday, November 13th. Two analysts have rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $144.87.

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.