Lowe Brockenbrough & Co. Inc. increased its holdings in shares of 3M Co (NYSE:MMM) by 2.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 47,072 shares of the conglomerate’s stock after purchasing an additional 911 shares during the quarter. 3M makes up 1.4% of Lowe Brockenbrough & Co. Inc.’s portfolio, making the stock its 17th biggest holding. Lowe Brockenbrough & Co. Inc.’s holdings in 3M were worth $9,919,000 as of its most recent SEC filing.
Several other large investors have also added to or reduced their stakes in MMM. Blue Edge Capital LLC purchased a new position in 3M during the 3rd quarter valued at approximately $1,701,000. Halsey Associates Inc. CT boosted its holdings in shares of 3M by 6.9% in the 3rd quarter. Halsey Associates Inc. CT now owns 5,733 shares of the conglomerate’s stock worth $1,208,000 after purchasing an additional 368 shares during the period. Willis Investment Counsel boosted its holdings in shares of 3M by 31.2% in the 3rd quarter. Willis Investment Counsel now owns 56,333 shares of the conglomerate’s stock worth $11,870,000 after purchasing an additional 13,400 shares during the period. Vectors Research Management LLC purchased a new position in shares of 3M in the 3rd quarter worth approximately $122,000. Finally, Virginia National Bank purchased a new position in shares of 3M in the 3rd quarter worth approximately $355,000. Hedge funds and other institutional investors own 66.20% of the company’s stock.
Shares of MMM stock opened at $194.56 on Wednesday. 3M Co has a 52-week low of $181.98 and a 52-week high of $259.77. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.97 and a quick ratio of 1.36. The company has a market cap of $112.28 billion, a P/E ratio of 21.22, a price-to-earnings-growth ratio of 1.91 and a beta of 1.18.
The company also recently announced a quarterly dividend, which was paid on Wednesday, December 12th. Shareholders of record on Friday, November 23rd were given a dividend of $1.36 per share. This represents a $5.44 dividend on an annualized basis and a yield of 2.80%. The ex-dividend date of this dividend was Wednesday, November 21st. 3M’s dividend payout ratio (DPR) is presently 59.32%.
3M announced that its Board of Directors has authorized a share buyback plan on Tuesday, November 13th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the conglomerate to purchase up to 8.7% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its stock is undervalued.
MMM has been the subject of a number of recent research reports. Credit Suisse Group initiated coverage on 3M in a report on Friday, October 12th. They issued an “outperform” rating and a $228.00 target price for the company. Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating in a report on Monday, October 29th. Barclays decreased their price target on 3M from $201.00 to $195.00 and set an “underweight” rating for the company in a research note on Wednesday, October 24th. Citigroup decreased their price target on 3M from $251.00 to $228.00 and set a “buy” rating for the company in a research note on Wednesday, October 24th. Finally, Deutsche Bank set a $206.00 price target on 3M and gave the stock a “hold” rating in a research note on Wednesday, October 24th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $225.16.
In other news, Director Gregory R. Page bought 1,000 shares of the firm’s stock in a transaction on Friday, October 26th. The stock was acquired at an average cost of $184.50 per share, with a total value of $184,500.00. Following the transaction, the director now directly owns 1,500 shares in the company, valued at approximately $276,750. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.72% of the company’s stock.
3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.
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