Private Capital Group LLC Has $506,000 Holdings in 3M Co (MMM)

Private Capital Group LLC raised its stake in 3M Co (NYSE:MMM) by 19.1% during the fourth quarter, HoldingsChannel reports. The firm owned 2,654 shares of the conglomerate’s stock after purchasing an additional 426 shares during the quarter. Private Capital Group LLC’s holdings in 3M were worth $506,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Bank of New York Mellon Corp raised its position in shares of 3M by 8.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 6,727,135 shares of the conglomerate’s stock worth $1,323,362,000 after acquiring an additional 537,325 shares in the last quarter. Morgan Stanley raised its position in shares of 3M by 11.9% during the 3rd quarter. Morgan Stanley now owns 4,042,904 shares of the conglomerate’s stock worth $851,879,000 after acquiring an additional 430,262 shares in the last quarter. Legal & General Group Plc raised its position in shares of 3M by 1.2% during the 3rd quarter. Legal & General Group Plc now owns 2,681,574 shares of the conglomerate’s stock worth $565,048,000 after acquiring an additional 31,448 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of 3M by 0.4% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,112,753 shares of the conglomerate’s stock worth $445,178,000 after acquiring an additional 7,957 shares in the last quarter. Finally, Neuberger Berman Group LLC raised its position in shares of 3M by 5.1% during the 3rd quarter. Neuberger Berman Group LLC now owns 1,899,813 shares of the conglomerate’s stock worth $400,289,000 after acquiring an additional 91,831 shares in the last quarter. 66.08% of the stock is currently owned by institutional investors.

In related news, Chairman Inge G. Thulin sold 13,499 shares of the firm’s stock in a transaction that occurred on Wednesday, January 30th. The stock was sold at an average price of $200.00, for a total transaction of $2,699,800.00. Following the transaction, the chairman now owns 230,458 shares in the company, valued at approximately $46,091,600. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.72% of the company’s stock.

Several equities research analysts have recently weighed in on MMM shares. Zacks Investment Research lowered 3M from a “hold” rating to a “sell” rating in a research report on Thursday, December 13th. Barclays cut their target price on 3M from $190.00 to $189.00 and set an “underweight” rating on the stock in a research report on Thursday, January 3rd. Deutsche Bank raised their target price on 3M from $206.00 to $210.00 and gave the stock a “hold” rating in a research report on Friday, November 16th. Credit Suisse Group started coverage on 3M in a research report on Friday, October 12th. They set an “outperform” rating and a $228.00 target price on the stock. Finally, Royal Bank of Canada cut their target price on 3M to $223.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 24th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, five have given 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 target price of $214.57.

NYSE:MMM opened at $201.12 on Wednesday. The company has a market cap of $116.58 billion, a P/E ratio of 19.23, a PEG ratio of 1.85 and a beta of 1.06. The company has a current ratio of 1.89, a quick ratio of 1.29 and a debt-to-equity ratio of 1.36. 3M Co has a 52-week low of $176.87 and a 52-week high of $244.86.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, January 29th. The conglomerate reported $2.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.28 by $0.03. The firm had revenue of $7.95 billion for the quarter, compared to the consensus estimate of $7.87 billion. 3M had a return on equity of 57.70% and a net margin of 16.33%. The firm’s quarterly revenue was down .6% compared to the same quarter last year. During the same quarter last year, the business posted $2.10 EPS. On average, research analysts expect that 3M Co will post 10.67 EPS for the current fiscal year.

3M declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, November 13th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the conglomerate to purchase up to 8.7% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 12th. Investors of record on Friday, February 15th will be paid a dividend of $1.44 per share. This represents a $5.76 dividend on an annualized basis and a yield of 2.86%. This is an increase from 3M’s previous quarterly dividend of $1.36. 3M’s dividend payout ratio (DPR) is currently 52.01%.

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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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