Migdal Insurance & Financial Holdings Ltd. Raises Holdings in 3M Co (MMM)

Migdal Insurance & Financial Holdings Ltd. raised its stake in shares of 3M Co (NYSE:MMM) by 71.8% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,832 shares of the conglomerate’s stock after buying an additional 3,690 shares during the period. Migdal Insurance & Financial Holdings Ltd.’s holdings in 3M were worth $1,861,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of MMM. Massachusetts Financial Services Co. MA lifted its stake in shares of 3M by 2.3% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 11,377,995 shares of the conglomerate’s stock valued at $2,238,278,000 after purchasing an additional 257,182 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of 3M by 8.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 6,727,135 shares of the conglomerate’s stock valued at $1,323,362,000 after purchasing an additional 537,325 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its stake in shares of 3M by 5.3% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 3,839,336 shares of the conglomerate’s stock valued at $755,275,000 after purchasing an additional 194,950 shares during the last quarter. Morgan Stanley lifted its stake in shares of 3M by 17.3% in the 2nd quarter. Morgan Stanley now owns 3,612,642 shares of the conglomerate’s stock valued at $710,678,000 after purchasing an additional 534,001 shares during the last quarter. Finally, Parnassus Investments CA acquired a new stake in shares of 3M in the 2nd quarter valued at $706,178,000. 66.23% of the stock is owned by institutional investors.

A number of research firms have weighed in on MMM. Morgan Stanley began coverage on shares of 3M in a research report on Monday, August 20th. They set an “equal weight” rating and a $212.00 target price for the company. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a research report on Monday, September 3rd. UBS Group boosted their target price on shares of 3M from $215.00 to $220.00 and gave the stock a “neutral” rating in a research report on Thursday, August 30th. Barclays cut their target price on shares of 3M from $201.00 to $195.00 and set an “underweight” rating for the company in a research report on Wednesday, October 24th. Finally, Argus cut their target price on shares of 3M from $240.00 to $225.00 and set a “buy” rating for the company in a research report on Wednesday, October 24th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $225.16.

In other news, insider Eric D. Hammes sold 1,272 shares of the business’s stock in a transaction dated Monday, September 10th. The shares were sold at an average price of $216.00, for a total transaction of $274,752.00. Following the transaction, the insider now owns 5,634 shares in the company, valued at approximately $1,216,944. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Gregory R. Page acquired 1,000 shares of the company’s stock in a transaction dated Friday, October 26th. The shares were bought at an average price of $184.50 per share, for a total transaction of $184,500.00. Following the acquisition, the director now owns 1,500 shares in the company, valued at approximately $276,750. The disclosure for this purchase can be found here. Insiders own 0.72% of the company’s stock.

NYSE:MMM opened at $196.80 on Monday. 3M Co has a 52-week low of $181.98 and a 52-week high of $259.77. The company has a current ratio of 1.97, a quick ratio of 1.36 and a debt-to-equity ratio of 1.31. The stock has a market cap of $114.59 billion, a PE ratio of 21.46, a P/E/G ratio of 1.95 and a beta of 1.18.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, October 23rd. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the 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 company had revenue of $8.15 billion for the quarter, compared to the consensus estimate of $8.41 billion. During the same quarter in the previous year, the firm posted $2.33 EPS. The business’s revenue for the quarter was down .2% compared to the same quarter last year. On average, research analysts expect that 3M Co will post 9.95 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 12th. Stockholders of record on Friday, November 23rd will be issued a dividend of $1.36 per share. The ex-dividend date is Wednesday, November 21st. This represents a $5.44 annualized dividend and a dividend yield of 2.76%. 3M’s payout ratio is 59.32%.

3M announced that its board has authorized a share buyback plan on Tuesday, November 13th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the conglomerate to buy up to 8.7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

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3M Company Profile

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

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