Mirae Asset Global Investments Co. Ltd. Has $11.75 Million Stake in 3M (NYSE:MMM)

Mirae Asset Global Investments Co. Ltd. lowered its position in 3M (NYSE:MMM) by 16.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 85,579 shares of the conglomerate’s stock after selling 16,842 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in 3M were worth $11,750,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Capital World Investors acquired a new position in 3M during the first quarter worth approximately $165,986,000. International Assets Investment Management LLC boosted its stake 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 worth $172,416,000 after acquiring an additional 1,250,491 shares during the period. National Bank of Canada FI increased its holdings in shares of 3M by 218.3% during the 1st quarter. National Bank of Canada FI now owns 1,489,351 shares of the conglomerate’s stock worth $147,344,000 after acquiring an additional 1,021,440 shares during the last quarter. Janus Henderson Group PLC raised its stake in 3M by 1,015.6% in the 1st quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate’s stock valued at $94,247,000 after acquiring an additional 808,914 shares during the period. Finally, Electron Capital Partners LLC acquired a new stake in 3M during the 2nd quarter valued at $76,732,000. Institutional investors own 65.25% of the company’s stock.

Insider Transactions at 3M

In related news, CFO Theresa E. Reinseth sold 2,100 shares of the business’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total transaction of $260,652.00. Following the sale, the chief financial officer now owns 4,364 shares in the company, valued at $541,659.68. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the transaction, the chairman now owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on MMM shares. Melius Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective on the stock in a research report on Tuesday, October 22nd. Mizuho increased their price target on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. StockNews.com cut 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Melius upgraded 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Finally, Barclays boosted their price target on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $135.67.

3M Stock Down 1.4 %

MMM stock opened at $124.75 on Monday. 3M has a 52 week low of $72.47 and a 52 week high of $141.34. The business has a 50-day simple moving average of $133.00 and a 200 day simple moving average of $114.18. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. The company has a market cap of $69.03 billion, a PE ratio of -9.81, a price-to-earnings-growth ratio of 2.42 and a beta of 0.95.

3M (NYSE:MMM) last issued its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The firm had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. During the same quarter last year, the business posted $2.68 EPS. The company’s revenue was down 24.3% compared to the same quarter last year. Sell-side analysts anticipate that 3M will post 7.26 EPS for the current fiscal year.

3M Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were paid a dividend of $0.70 per share. The ex-dividend date was Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.24%. 3M’s payout ratio is presently -22.01%.

3M Company 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.