Mediolanum International Funds Ltd Raises Holdings in 3M (NYSE:MMM)

by · The Markets Daily

Mediolanum International Funds Ltd raised its stake in 3M (NYSE:MMM – Free Report) by 78.9% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 217,572 shares of the conglomerate’s stock after buying an additional 95,980 shares during the quarter. Mediolanum International Funds Ltd’s holdings in 3M were worth $29,823,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in MMM. Tributary Capital Management LLC purchased a new stake in 3M in the 1st quarter valued at $25,000. MFA Wealth Advisors LLC purchased a new stake in 3M in the 2nd quarter valued at $28,000. Daymark Wealth Partners LLC grew its holdings in 3M by 8.6% in the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock valued at $30,000 after buying an additional 17,211 shares in the last quarter. McClarren Financial Advisors Inc. grew its holdings in 3M by 118.6% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after buying an additional 121 shares in the last quarter. Finally, Meeder Asset Management Inc. grew its holdings in 3M by 689.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after buying an additional 269 shares in the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at 3M

In other news, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s 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 completion of 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value of $700,635.50. Following the sale, the chairman now owns 174,036 shares of the company’s stock, valued at $21,486,484.56. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 value of $260,652.00. Following the completion of the transaction, the chief financial officer now owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

3M Stock Down 0.1 %

NYSE MMM traded down $0.12 during trading on Friday, reaching $126.35. 672,691 shares of the company’s stock were exchanged, compared to its average volume of 4,934,375. 3M has a fifty-two week low of $72.47 and a fifty-two week high of $141.34. The firm has a market capitalization of $69.41 billion, a PE ratio of 15.96, a P/E/G ratio of 2.42 and a beta of 0.95. 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’s fifty day simple moving average is $133.07 and its 200-day simple moving average is $113.57.

3M (NYSE:MMM – Get Free Report) last announced its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The firm had revenue of $6.29 billion during the quarter, compared to analyst estimates of $6.06 billion. During the same period last year, the company posted $2.68 EPS. The business’s quarterly revenue was down 24.3% compared to the same quarter last year. Sell-side analysts predict that 3M will post 7.26 EPS for the current year.

3M Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s dividend payout ratio (DPR) is presently 35.35%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on MMM. Wells Fargo & Company increased their target price on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Royal Bank of Canada raised their price target on 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a report on Wednesday. Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective for the company in a research report on Tuesday. Mizuho boosted their price target on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Finally, Argus raised 3M from a “hold” rating to a “buy” rating and set a $145.00 price target for the company in a research report on Tuesday, July 30th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $135.67.

View Our Latest Stock Report on 3M

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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