Jones Financial Companies Lllp Increases Holdings in 3M Co (NYSE:MMM)

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Jones Financial Companies Lllp lifted its position in shares of 3M Co (NYSE:MMM) by 0.7% during the 2nd quarter, Holdings Channel.com reports. The fund owned 16,755 shares of the conglomerate’s stock after buying an additional 109 shares during the period. Jones Financial Companies Lllp’s holdings in 3M were worth $2,905,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Geode Capital Management LLC lifted its stake in 3M by 5.0% in the 4th quarter. Geode Capital Management LLC now owns 7,416,248 shares of the conglomerate’s stock valued at $1,410,584,000 after buying an additional 353,754 shares in the last quarter. Norges Bank purchased a new stake in 3M in the 4th quarter valued at approximately $918,305,000. Legal & General Group Plc lifted its stake in 3M by 6.4% in the 4th quarter. Legal & General Group Plc now owns 2,853,554 shares of the conglomerate’s stock valued at $543,682,000 after buying an additional 171,980 shares in the last quarter. Ronna Sue Cohen lifted its stake in 3M by 20,703.2% in the 1st quarter. Ronna Sue Cohen now owns 2,685,486 shares of the conglomerate’s stock valued at $2,685,000 after buying an additional 2,672,577 shares in the last quarter. Finally, Deutsche Bank AG lifted its stake in 3M by 3.7% in the 4th quarter. Deutsche Bank AG now owns 2,556,166 shares of the conglomerate’s stock valued at $487,042,000 after buying an additional 90,071 shares in the last quarter. 67.55% of the stock is currently owned by institutional investors and hedge funds.

In other 3M news, insider John Patrick Banovetz sold 1,040 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $170.40, for a total transaction of $177,216.00. Following the transaction, the insider now owns 5,974 shares of the company’s stock, valued at approximately $1,017,969.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.83% of the company’s stock.

MMM has been the topic of a number of recent research reports. Citigroup reduced their target price on 3M from $221.00 to $197.00 and set a “buy” rating on the stock in a research note on Monday, June 3rd. JPMorgan Chase & Co. reduced their target price on 3M from $143.00 to $140.00 and set an “underweight” rating on the stock in a research note on Tuesday, August 6th. Barclays reaffirmed a “sell” rating and issued a $162.00 target price on shares of 3M in a research note on Thursday, June 6th. Morgan Stanley upped their target price on 3M from $172.00 to $177.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Finally, Credit Suisse Group upped their target price on 3M from $180.00 to $194.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. They noted that the move was a valuation call. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $182.54.

Shares of 3M stock traded up $4.66 during trading hours on Friday, reaching $161.50. 3,434,000 shares of the company’s stock were exchanged, compared to its average volume of 3,225,629. 3M Co has a 52-week low of $155.63 and a 52-week high of $219.75. The firm has a market capitalization of $90.23 billion, a price-to-earnings ratio of 15.44, a price-to-earnings-growth ratio of 1.78 and a beta of 1.09. The company has a fifty day moving average of $170.65 and a 200-day moving average of $187.36. The company has a current ratio of 1.93, a quick ratio of 1.34 and a debt-to-equity ratio of 1.53.

3M (NYSE:MMM) last issued its quarterly earnings results on Thursday, July 25th. The conglomerate reported $2.20 earnings per share for the quarter, topping analysts’ consensus estimates of $2.04 by $0.16. 3M had a return on equity of 55.05% and a net margin of 15.27%. The company had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.10 billion. During the same quarter in the prior year, the company posted $2.59 EPS. The business’s revenue for the quarter was down 2.6% compared to the same quarter last year. On average, equities research analysts anticipate that 3M Co will post 9.28 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Friday, August 16th will be paid a dividend of $1.44 per share. This represents a $5.76 dividend on an annualized basis and a dividend yield of 3.57%. The ex-dividend date of this dividend is Thursday, August 15th. 3M’s dividend payout ratio is presently 55.07%.

3M Company Profile

3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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