Qube Research & Technologies Ltd Purchases 4,720 Shares of 3M Co (NYSE:MMM)

Qube Research & Technologies Ltd boosted its position in 3M Co (NYSE:MMM) by 16.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 33,132 shares of the conglomerate’s stock after purchasing an additional 4,720 shares during the quarter. 3M makes up 1.4% of Qube Research & Technologies Ltd’s portfolio, making the stock its 13th biggest position. Qube Research & Technologies Ltd’s holdings in 3M were worth $5,743,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Norges Bank bought a new position in shares of 3M during the fourth quarter valued at $918,305,000. Ronna Sue Cohen increased its holdings in shares of 3M by 20,703.2% during the first quarter. Ronna Sue Cohen now owns 2,685,486 shares of the conglomerate’s stock valued at $2,685,000 after acquiring an additional 2,672,577 shares in the last quarter. Thoroughbred Financial Services LLC increased its holdings in shares of 3M by 17,524.1% during the second quarter. Thoroughbred Financial Services LLC now owns 1,680,806 shares of the conglomerate’s stock valued at $168,081,000 after acquiring an additional 1,671,269 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of 3M by 5.0% during the fourth quarter. Geode Capital Management LLC now owns 7,416,248 shares of the conglomerate’s stock valued at $1,410,584,000 after acquiring an additional 353,754 shares in the last quarter. Finally, Jensen Investment Management Inc. increased its holdings in shares of 3M by 15.8% during the second quarter. Jensen Investment Management Inc. now owns 2,296,670 shares of the conglomerate’s stock valued at $398,105,000 after acquiring an additional 312,811 shares in the last quarter. Institutional investors and hedge funds own 67.55% of the company’s stock.

In related news, insider John Patrick Banovetz sold 1,040 shares of 3M stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $170.40, for a total value of $177,216.00. Following the completion of the sale, the insider now directly owns 5,974 shares in the company, valued at approximately $1,017,969.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.83% of the stock is currently owned by company insiders.

Several brokerages have recently weighed in on MMM. Argus downgraded 3M from a “buy” rating to a “hold” rating in a report on Friday, April 26th. UBS Group reduced their price target on 3M from $201.00 to $182.00 and set a “neutral” rating for the company in a report on Friday, July 12th. Gordon Haskett downgraded 3M from a “buy” rating to a “hold” rating and set a $191.98 price target for the company. in a report on Monday, April 29th. Bank of America reduced their price target on 3M from $193.00 to $185.00 and set a “neutral” rating for the company in a report on Thursday, June 27th. Finally, JPMorgan Chase & Co. reduced their price target on 3M from $143.00 to $140.00 and set an “underweight” rating for the company in a report on Tuesday, August 6th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $182.54.

NYSE MMM traded up $4.66 during trading hours on Friday, hitting $161.50. The company’s stock had a trading volume of 3,434,000 shares, compared to its average volume of 3,225,629. 3M Co has a 12 month low of $155.63 and a 12 month high of $219.75. The company’s 50 day simple moving average is $170.65 and its two-hundred day simple moving average is $187.36. The company has a market cap of $90.23 billion, a P/E ratio of 15.44, a price-to-earnings-growth ratio of 1.78 and a beta of 1.09. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.93 and a quick ratio of 1.34.

3M (NYSE:MMM) last released its quarterly earnings data on Thursday, July 25th. The conglomerate reported $2.20 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $8.10 billion. During the same period last year, the company earned $2.59 EPS. 3M’s revenue for the quarter was down 2.6% on a year-over-year basis. As a group, research analysts predict that 3M Co will post 9.28 earnings per share for the current fiscal year.

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

About 3M

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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