3M Company $MMM Shares Acquired by Generali Asset Management SPA SGR

Generali Asset Management SPA SGR raised its holdings in shares of 3M Company (NYSE:MMM) by 8.9% in the third quarter, HoldingsChannel reports. The institutional investor owned 61,068 shares of the conglomerate’s stock after purchasing an additional 5,007 shares during the quarter. Generali Asset Management SPA SGR’s holdings in 3M were worth $10,024,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. Engineers Gate Manager LP lifted its position in shares of 3M by 74.0% during the 2nd quarter. Engineers Gate Manager LP now owns 287,652 shares of the conglomerate’s stock valued at $46,574,000 after acquiring an additional 122,368 shares during the last quarter. North Star Asset Management Inc. acquired a new position in shares of 3M in the 2nd quarter worth $1,424,000. Moore Capital Management LP acquired a new position in shares of 3M in the 2nd quarter worth $7,948,000. B.A. Schrock Wealth Management Inc. acquired a new stake in shares of 3M during the third quarter worth $1,770,000. Finally, Amundi raised its position in shares of 3M by 67.0% during the second quarter. Amundi now owns 4,536,148 shares of the conglomerate’s stock worth $734,448,000 after purchasing an additional 1,819,178 shares during the period. 65.25% of the stock is currently owned by institutional investors.

3M Trading Down 0.6%

Shares of MMM opened at $171.68 on Wednesday. The business’s 50-day moving average is $168.76 and its 200-day moving average is $161.22. 3M Company has a fifty-two week low of $139.34 and a fifty-two week high of $184.90.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, October 20th. The conglomerate reported $2.50 EPS for the quarter, topping the consensus estimate of $2.38 by $0.12. The company had revenue of $6.60 billion for the quarter, compared to analyst estimates of $6.61 billion. During the same quarter in the prior year, the business posted $2.19 earnings per share. The business’s revenue for the quarter was up 1.5% compared to the same quarter last year. Sell-side analysts predict that 3M Company will post 9.14 EPS for the current fiscal year.

3M Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 11th. Shareholders of record on Monday, August 24th were given a $0.78 dividend. The ex-dividend date was Monday, August 24th. This represents a $3.12 dividend on an annualized basis and a yield of 1.8%.

Insider Transactions at 3M

In other news, insider Karin Chavez sold 3,635 shares of the business’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $182.51, for a total transaction of $663,423.85. Following the transaction, the insider directly owned 14,035 shares in the company, valued at $2,561,527.85. The trade was a 20.57% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.19% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on MMM shares. HSBC raised 3M to a “strong-buy” rating in a report on Thursday, October 22nd. Wells Fargo & Company assumed coverage on 3M in a research report on Thursday, September 24th. They issued an “equal weight” rating and a $195.00 price target for the company. Citigroup lifted their price target on 3M from $183.00 to $188.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 21st. Jefferies Financial Group restated a “hold” rating and set a $186.00 price objective on shares of 3M in a report on Wednesday, October 21st. Finally, Raymond James Financial reaffirmed a “market perform” rating on shares of 3M in a research note on Wednesday, October 21st. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $185.36.

3M Company Profile

3M is a diversified technology and manufacturing company headquartered in St. Paul, Minnesota. Founded in 1902 as Minnesota Mining and Manufacturing Company, it developed from a mining venture into a global enterprise known for applying materials science and engineering to a broad range of industrial, commercial and consumer applications.

The company develops and manufactures products including adhesives, abrasives, filtration systems, personal protective equipment, medical and dental supplies, electrical and electronic materials, automotive components, reflective materials and workplace safety solutions.