Public Sector Pension Investment Board Purchases 2,200 Shares of 3M (NYSE:MMM)

Public Sector Pension Investment Board lifted its position in shares of 3M (NYSE:MMM) by 10.3% during the third quarter, HoldingsChannel reports. The firm owned 23,580 shares of the conglomerate’s stock after buying an additional 2,200 shares during the quarter. Public Sector Pension Investment Board’s holdings in 3M were worth $3,223,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. D.A. Davidson & CO. grew its stake in 3M by 16.2% in the third quarter. D.A. Davidson & CO. now owns 146,333 shares of the conglomerate’s stock valued at $20,004,000 after acquiring an additional 20,421 shares during the period. Ballentine Partners LLC increased its stake in 3M by 40.1% during the 3rd quarter. Ballentine Partners LLC now owns 18,217 shares of the conglomerate’s stock worth $2,490,000 after purchasing an additional 5,210 shares in the last quarter. Stonegate Investment Group LLC raised its holdings in 3M by 5.6% during the 3rd quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate’s stock worth $34,564,000 after buying an additional 13,473 shares during the period. Ausdal Financial Partners Inc. lifted its stake in 3M by 6.7% in the second quarter. Ausdal Financial Partners Inc. now owns 3,991 shares of the conglomerate’s stock valued at $408,000 after buying an additional 249 shares in the last quarter. Finally, Candriam S.C.A. boosted its holdings in shares of 3M by 19.2% in the second quarter. Candriam S.C.A. now owns 38,469 shares of the conglomerate’s stock valued at $3,931,000 after buying an additional 6,185 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Performance

Shares of NYSE MMM opened at $131.15 on Wednesday. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. The company has a market capitalization of $71.42 billion, a P/E ratio of 16.56, a P/E/G ratio of 2.20 and a beta of 0.95. 3M has a 12 month low of $75.40 and a 12 month high of $141.34. The stock has a 50 day moving average of $132.22 and a 200-day moving average of $120.81.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, beating the consensus estimate of $1.93 by $0.05. The firm had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The company’s quarterly revenue was down 24.3% on a year-over-year basis. During the same period in the previous year, the company earned $2.68 earnings per share. As a group, equities research analysts predict that 3M will post 7.27 EPS for the current year.

3M Dividend Announcement

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 dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 annualized dividend and a yield of 2.13%. 3M’s dividend payout ratio (DPR) is presently 35.35%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Morgan Stanley assumed coverage on shares of 3M in a research report on Friday, September 6th. They issued an “underweight” rating and a $125.00 price objective on the stock. Bank of America increased their price objective on 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. JPMorgan Chase & Co. boosted their target price on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Mizuho raised 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, Melius raised shares of 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, 3M currently 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.