3M (NYSE:MMM) Shares Acquired by Polar Asset Management Partners Inc.

Polar Asset Management Partners Inc. lifted its holdings in shares of 3M (NYSE:MMM) by 4.7% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 82,207 shares of the conglomerate’s stock after acquiring an additional 3,700 shares during the period. Polar Asset Management Partners Inc.’s holdings in 3M were worth $11,238,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Parsifal Capital Management LP raised its position in shares of 3M by 179.0% during the 3rd quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate’s stock worth $112,107,000 after acquiring an additional 526,194 shares in the last quarter. Motley Fool Asset Management LLC increased its position in 3M by 2.8% during the third quarter. Motley Fool Asset Management LLC now owns 22,110 shares of the conglomerate’s stock worth $3,030,000 after buying an additional 609 shares during the period. Investment Management Corp of Ontario increased its position in 3M by 73.4% during the third quarter. Investment Management Corp of Ontario now owns 21,204 shares of the conglomerate’s stock worth $2,899,000 after buying an additional 8,978 shares during the period. Harmony Asset Management LLC acquired a new position in 3M during the third quarter worth approximately $438,000. Finally, Hill City Capital LP increased its position in 3M by 146.7% during the third quarter. Hill City Capital LP now owns 370,000 shares of the conglomerate’s stock worth $50,579,000 after buying an additional 220,000 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on MMM shares. Wells Fargo & Company lifted their price target on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Royal Bank of Canada boosted their target price on 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a report on Wednesday, October 23rd. Melius raised 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Morgan Stanley assumed coverage on 3M in a report on Friday, September 6th. They issued an “underweight” rating and a $125.00 target price on the stock. Finally, Barclays boosted their target price on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Two research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $144.87.

3M Price Performance

Shares of NYSE MMM opened at $131.15 on Wednesday. 3M has a 1-year low of $75.40 and a 1-year high of $141.34. The business has a 50-day moving average of $132.22 and a 200-day moving average of $120.81. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. The company has a market capitalization of $71.42 billion, a price-to-earnings ratio of 16.56, a PEG ratio of 2.20 and a beta of 0.95.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, beating 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 the consensus estimate of $6.06 billion. During the same quarter in the prior year, the business posted $2.68 earnings per share. 3M’s revenue for the quarter was down 24.3% on a year-over-year basis. On average, equities analysts anticipate that 3M will post 7.27 EPS for the current fiscal year.

3M Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.13%. The ex-dividend date is Friday, November 15th. 3M’s dividend payout ratio (DPR) is presently 35.35%.

3M Company Profile

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.