UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC Has $616.60 Million Stake in 3M Company $MMM

UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in 3M Company (NYSE:MMM) by 10.9% during the first quarter, HoldingsChannel.com reports. The fund owned 4,198,538 shares of the conglomerate’s stock after acquiring an additional 414,160 shares during the quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC’s holdings in 3M were worth $616,597,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC boosted its stake in shares of 3M by 26.6% during the 4th quarter. Brighton Jones LLC now owns 8,898 shares of the conglomerate’s stock worth $1,149,000 after acquiring an additional 1,872 shares during the period. Bison Wealth LLC increased its holdings in 3M by 10.2% during the 4th quarter. Bison Wealth LLC now owns 2,751 shares of the conglomerate’s stock worth $355,000 after purchasing an additional 255 shares in the last quarter. Lighthouse Investment Partners LLC increased its holdings in 3M by 141.7% during the 4th quarter. Lighthouse Investment Partners LLC now owns 58,000 shares of the conglomerate’s stock worth $7,487,000 after purchasing an additional 34,000 shares in the last quarter. Lazard Asset Management LLC grew its holdings in shares of 3M by 46.8% in the fourth quarter. Lazard Asset Management LLC now owns 313,892 shares of the conglomerate’s stock valued at $40,519,000 after acquiring an additional 100,140 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of 3M by 7.2% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,300 shares of the conglomerate’s stock worth $9,591,000 after acquiring an additional 4,964 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Trading Down 0.7%

Shares of 3M stock opened at $152.99 on Wednesday. The firm has a 50-day simple moving average of $153.81 and a two-hundred day simple moving average of $147.75. The company has a market cap of $81.49 billion, a P/E ratio of 21.28, a price-to-earnings-growth ratio of 2.80 and a beta of 1.04. 3M Company has a fifty-two week low of $121.98 and a fifty-two week high of $164.15. The company has a debt-to-equity ratio of 2.87, a quick ratio of 1.20 and a current ratio of 1.72.

3M (NYSE:MMM) last released its quarterly earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share for the quarter, topping the consensus estimate of $2.01 by $0.15. The firm had revenue of $6.16 billion during the quarter, compared to the consensus estimate of $6.09 billion. 3M had a net margin of 16.01% and a return on equity of 96.48%. The company’s revenue for the quarter was up 1.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.93 EPS. As a group, equities analysts predict that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Monday, August 25th will be issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Monday, August 25th. 3M’s dividend payout ratio (DPR) is presently 40.61%.

Analyst Ratings Changes

A number of research firms have weighed in on MMM. Barclays set a $170.00 price target on 3M in a research report on Friday, July 18th. Citigroup lifted their target price on shares of 3M from $141.00 to $160.00 and gave the company a “neutral” rating in a report on Friday, May 30th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a research report on Saturday, August 30th. Wells Fargo & Company reissued an “overweight” rating on shares of 3M in a research report on Friday, July 18th. Finally, JPMorgan Chase & Co. set a $167.00 price objective on shares of 3M in a report on Friday, July 18th. Seven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, 3M has a consensus rating of “Moderate Buy” and a consensus price target of $161.78.

Insiders Place Their Bets

In related news, insider Christian T. Goralski, Jr. sold 6,165 shares of the business’s stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $150.18, for a total value of $925,859.70. Following the completion of the sale, the insider directly owned 2,900 shares in the company, valued at approximately $435,522. The trade was a 68.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Theresa E. Reinseth sold 3,477 shares of the stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total transaction of $523,740.51. Following the sale, the chief accounting officer directly owned 2,561 shares in the company, valued at $385,763.43. This trade represents a 57.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.48% of the company’s stock.

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.