Nomura Asset Management Co. Ltd. grew its holdings in shares of 3M Co (NYSE:MMM) by 8.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 181,787 shares of the conglomerate’s stock after purchasing an additional 13,616 shares during the period. Nomura Asset Management Co. Ltd.’s holdings in 3M were worth $38,305,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also modified their holdings of the company. Cadinha & Co. LLC boosted its position in shares of 3M by 3.9% in the 2nd quarter. Cadinha & Co. LLC now owns 6,390 shares of the conglomerate’s stock valued at $1,257,000 after purchasing an additional 240 shares during the period. Montecito Bank & Trust boosted its position in shares of 3M by 3.8% in the 2nd quarter. Montecito Bank & Trust now owns 6,680 shares of the conglomerate’s stock valued at $1,314,000 after purchasing an additional 242 shares during the period. Trust Department MB Financial Bank N A boosted its position in shares of 3M by 12.0% in the 3rd quarter. Trust Department MB Financial Bank N A now owns 2,297 shares of the conglomerate’s stock valued at $484,000 after purchasing an additional 247 shares during the period. REDW Stanley Financial Advisors LLC boosted its position in shares of 3M by 8.2% in the 2nd quarter. REDW Stanley Financial Advisors LLC now owns 3,294 shares of the conglomerate’s stock valued at $648,000 after purchasing an additional 250 shares during the period. Finally, Ascension Asset Management LLC boosted its position in shares of 3M by 3.3% in the 2nd quarter. Ascension Asset Management LLC now owns 7,775 shares of the conglomerate’s stock valued at $1,529,000 after purchasing an additional 250 shares during the period. 66.23% of the stock is currently owned by institutional investors.
MMM has been the subject of a number of recent analyst reports. Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating in a research report on Monday, September 3rd. Morgan Stanley initiated coverage on 3M in a research report on Monday, August 20th. They issued an “equal weight” rating and a $212.00 price target for the company. UBS Group increased their price target on 3M from $215.00 to $220.00 and gave the company a “neutral” rating in a research report on Thursday, August 30th. Barclays decreased their price target on 3M from $201.00 to $195.00 and set an “underweight” rating for the company in a research report on Wednesday, October 24th. Finally, Gordon Haskett initiated coverage on 3M in a research report on Friday, October 12th. They issued a “buy” rating for the company. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $225.16.
3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, October 23rd. The conglomerate reported $2.58 EPS for the quarter, missing the Zacks’ consensus estimate of $2.70 by ($0.12). 3M had a return on equity of 54.60% and a net margin of 13.79%. The business had revenue of $8.15 billion for the quarter, compared to analyst estimates of $8.41 billion. During the same quarter in the previous year, the business posted $2.33 earnings per share. The company’s revenue was down .2% compared to the same quarter last year. Equities analysts expect that 3M Co will post 9.95 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 12th. Shareholders of record on Friday, November 23rd will be given a dividend of $1.36 per share. The ex-dividend date of this dividend is Wednesday, November 21st. This represents a $5.44 dividend on an annualized basis and a yield of 2.74%. 3M’s payout ratio is presently 59.32%.
3M announced that its Board of Directors has initiated a stock buyback plan on Tuesday, November 13th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the conglomerate to repurchase up to 8.7% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.
In other 3M news, insider Eric D. Hammes sold 1,272 shares of the firm’s stock in a transaction dated Monday, September 10th. The stock was sold at an average price of $216.00, for a total transaction of $274,752.00. Following the completion of the sale, the insider now directly owns 5,634 shares in the company, valued at approximately $1,216,944. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gregory R. Page acquired 1,000 shares of the firm’s stock in a transaction on Friday, October 26th. The shares were acquired at an average price of $184.50 per share, with a total value of $184,500.00. Following the completion of the transaction, the director now directly owns 1,500 shares in the company, valued at approximately $276,750. The disclosure for this purchase can be found here. Company insiders own 0.58% of the company’s stock.
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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.
Further Reading: Cost of Capital Explained
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