Swiss National Bank Boosts Holdings in 3M (NYSE:MMM)

Swiss National Bank increased its stake in 3M (NYSE:MMM) by 0.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,639,339 shares of the conglomerate’s stock after buying an additional 2,900 shares during the period. Swiss National Bank owned about 0.30% of 3M worth $224,098,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. McClarren Financial Advisors Inc. boosted its holdings in shares of 3M by 118.6% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after buying an additional 121 shares during the period. MFA Wealth Advisors LLC acquired a new position in 3M in the second quarter valued at approximately $28,000. Meeder Asset Management Inc. boosted its stake in 3M by 689.7% in the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after acquiring an additional 269 shares during the period. TruNorth Capital Management LLC bought a new position in shares of 3M during the second quarter valued at approximately $33,000. Finally, Gradient Investments LLC raised its position in shares of 3M by 44.7% during the 2nd quarter. Gradient Investments LLC now owns 356 shares of the conglomerate’s stock worth $36,000 after purchasing an additional 110 shares during the period. Institutional investors own 65.25% of the company’s stock.

3M Price Performance

Shares of MMM opened at $129.79 on Monday. The business’s 50-day moving average is $132.80 and its 200-day moving average is $118.15. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $141.34. The company has a market capitalization of $70.68 billion, a price-to-earnings ratio of 16.39, a P/E/G ratio of 2.15 and a beta of 0.95. 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 posted its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping 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 firm had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. During the same period in the prior year, the business posted $2.68 earnings per share. The business’s quarterly revenue was down 24.3% on a year-over-year basis. Equities research analysts expect that 3M will post 7.27 EPS for the current fiscal year.

3M Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be issued a $0.70 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 annualized dividend and a yield of 2.16%. 3M’s dividend payout ratio (DPR) is presently 35.35%.

Analyst Ratings Changes

Several analysts recently weighed in on MMM shares. Citigroup boosted their price target on 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Barclays increased their target price on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. JPMorgan Chase & Co. raised their target price on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Mizuho upped 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. Finally, Royal Bank of Canada raised their price objective on shares of 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a research note on Wednesday, October 23rd. Two research 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. According to data from MarketBeat, 3M has an average rating of “Moderate Buy” and a consensus target price of $144.87.

About 3M

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.