Mason Street Advisors LLC Takes Position in 3M Co. (MMM)
Mason Street Advisors LLC acquired a new position in shares of 3M Co. (NYSE:MMM) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 81,694 shares of the company’s stock, valued at approximately $14,306,000.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Thomaspartners Inc. raised its stake in shares of 3M by 2.1% in the first quarter. Thomaspartners Inc. now owns 800,816 shares of the company’s stock valued at $133,440,000 after buying an additional 16,194 shares during the period. Citizens Financial Group Inc RI raised its stake in shares of 3M by 0.9% in the first quarter. Citizens Financial Group Inc RI now owns 30,283 shares of the company’s stock valued at $5,046,000 after buying an additional 267 shares during the period. Renaissance Technologies LLC bought a new stake in shares of 3M during the first quarter valued at about $34,426,000. Nuveen Asset Management LLC raised its stake in shares of 3M by 0.5% in the first quarter. Nuveen Asset Management LLC now owns 346,770 shares of the company’s stock valued at $57,782,000 after buying an additional 1,757 shares during the period. Finally, National Pension Service raised its stake in shares of 3M by 4.2% in the first quarter. National Pension Service now owns 322,583 shares of the company’s stock valued at $53,752,000 after buying an additional 13,083 shares during the period. 65.78% of the stock is owned by institutional investors.
Shares of 3M Co. (NYSE:MMM) traded up 0.11% during trading on Friday, reaching $172.96. The company’s stock had a trading volume of 1,711,068 shares. 3M Co. has a one year low of $134.64 and a one year high of $182.27. The firm’s 50-day moving average price is $170.72 and its 200-day moving average price is $173.43. The company has a market capitalization of $104.03 billion, a price-to-earnings ratio of 21.81 and a beta of 1.04.
3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, October 25th. The company reported $2.15 EPS for the quarter, topping analysts’ consensus estimates of $2.14 by $0.01. 3M had a return on equity of 42.27% and a net margin of 16.40%. The firm had revenue of $7.70 billion for the quarter, compared to analysts’ expectations of $7.72 billion. During the same period in the previous year, the firm posted $2.05 EPS. The business’s revenue for the quarter was up .0% compared to the same quarter last year. On average, equities analysts anticipate that 3M Co. will post $8.17 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 12th. Stockholders of record on Friday, November 18th will be given a dividend of $1.11 per share. This represents a $4.44 annualized dividend and a dividend yield of 2.57%. The ex-dividend date of this dividend is Wednesday, November 16th. 3M’s dividend payout ratio is 55.92%.
A number of equities analysts recently weighed in on the stock. Zacks Investment Research lowered shares of 3M from a “hold” rating to a “sell” rating in a research report on Friday, October 28th. Royal Bank Of Canada cut their target price on shares of 3M from $159.00 to $155.00 and set an “underperform” rating on the stock in a research note on Wednesday, October 26th. Barclays PLC raised shares of 3M from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $171.00 to $194.00 in a research note on Monday, October 24th. RBC Capital Markets reaffirmed an “underperform” rating and set a $155.00 target price (down from $159.00) on shares of 3M in a research note on Wednesday, October 26th. Finally, Morgan Stanley reaffirmed a “sell” rating and set a $168.00 target price on shares of 3M in a research note on Tuesday, August 23rd. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $170.19.
In other 3M news, VP Eric D. Hammes sold 504 shares of the firm’s stock in a transaction that occurred on Monday, November 14th. The shares were sold at an average price of $173.69, for a total value of $87,539.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Julie L. Bushman sold 10,771 shares of the firm’s stock in a transaction that occurred on Friday, November 4th. The shares were sold at an average price of $166.71, for a total transaction of $1,795,633.41. Following the completion of the sale, the insider now owns 34,093 shares of the company’s stock, valued at $5,683,644.03. The disclosure for this sale can be found here. Insiders own 0.58% of the company’s stock.
3M Company Profile
3M Company is a technology company. The Company operates through five segments. Its Industrial segment serves markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. Its Safety and Graphics segment serves markets for the safety, security and productivity of people, facilities and systems.
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