QV Investors Inc. Has $13.78 Million Stock Position in 3M (NYSE:MMM)

by · The Cerbat Gem

QV Investors Inc. cut its holdings in shares of 3M (NYSE:MMM – Free Report) by 28.5% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 100,795 shares of the conglomerate’s stock after selling 40,105 shares during the quarter. QV Investors Inc.’s holdings in 3M were worth $13,779,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in 3M by 0.8% during the first quarter. Vanguard Group Inc. now owns 49,461,361 shares of the conglomerate’s stock valued at $5,246,367,000 after purchasing an additional 377,703 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of 3M by 11.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock valued at $517,617,000 after acquiring an additional 533,520 shares in the last quarter. Pacer Advisors Inc. raised its holdings in shares of 3M by 2.0% during the second quarter. Pacer Advisors Inc. now owns 4,952,878 shares of the conglomerate’s stock worth $506,135,000 after acquiring an additional 97,340 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of 3M by 18.6% during the second quarter. AQR Capital Management LLC now owns 2,531,422 shares of the conglomerate’s stock worth $258,686,000 after acquiring an additional 396,773 shares in the last quarter. Finally, Nordea Investment Management AB boosted its position in 3M by 8.2% during the first quarter. Nordea Investment Management AB now owns 2,168,811 shares of the conglomerate’s stock valued at $228,875,000 after purchasing an additional 164,236 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Trading Down 0.0 %

3M stock opened at $135.75 on Wednesday. The business’s 50-day simple moving average is $131.97 and its 200-day simple moving average is $111.97. 3M has a 52 week low of $71.12 and a 52 week high of $140.72. The firm has a market capitalization of $75.12 billion, a PE ratio of -10.67, a PEG ratio of 2.49 and a beta of 0.95. The company has a debt-to-equity ratio of 2.95, a quick ratio of 1.08 and a current ratio of 1.36.

3M (NYSE:MMM – Get Free Report) last issued its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, topping analysts’ consensus estimates of $1.68 by $0.25. The company had revenue of $6.26 billion during the quarter, compared to analyst estimates of $5.85 billion. 3M had a return on equity of 112.92% and a net margin of 3.08%. During the same period in the previous year, the company earned $2.17 earnings per share. Equities research analysts forecast that 3M will post 7.24 earnings per share for the current year.

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were issued a dividend of $0.70 per share. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.80 annualized dividend and a dividend yield of 2.06%. 3M’s payout ratio is -22.01%.

Analyst Ratings Changes

A number of research firms have recently weighed in on MMM. Morgan Stanley initiated coverage on 3M in a research note on Friday, September 6th. They set an “underweight” rating and a $125.00 price target for the company. Royal Bank of Canada raised their price objective on shares of 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a research report on Monday, July 29th. Citigroup boosted their target price on shares of 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Deutsche Bank Aktiengesellschaft upgraded shares of 3M from a “hold” rating to a “buy” rating and raised their price target for the company from $110.00 to $150.00 in a report on Monday, July 29th. Finally, Bank of America upped their price objective on shares of 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, 3M currently has an average rating of “Hold” and an average price target of $127.64.

Check Out Our Latest Stock Report on MMM

Insider Activity

In related news, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction dated 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 directly owns 4,364 shares of the company’s stock, valued at $541,659.68. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction 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 owns 4,364 shares in the company, valued at $541,659.68. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction 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 represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is owned by company insiders.

About 3M

(Free Report)

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.

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