ING Groep NV Has $28.70 Million Position in 3M (NYSE:MMM)

ING Groep NV boosted its stake in shares of 3M (NYSE:MMM) by 115.4% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 209,973 shares of the conglomerate’s stock after buying an additional 112,511 shares during the period. ING Groep NV’s holdings in 3M were worth $28,703,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. CVA Family Office LLC raised its position in 3M by 1.9% during the 3rd quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate’s stock worth $571,000 after purchasing an additional 79 shares during the last quarter. Harbour Investments Inc. raised its position in shares of 3M by 0.8% during the third quarter. Harbour Investments Inc. now owns 10,559 shares of the conglomerate’s stock worth $1,443,000 after acquiring an additional 81 shares during the last quarter. Fortis Capital Advisors LLC lifted its stake in shares of 3M by 2.9% in the second quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate’s stock worth $307,000 after acquiring an additional 84 shares during the period. KMG Fiduciary Partners LLC boosted its holdings in 3M by 0.5% in the third quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate’s stock valued at $2,213,000 after acquiring an additional 84 shares during the last quarter. Finally, TCV Trust & Wealth Management Inc. increased its position in 3M by 1.3% during the 3rd quarter. TCV Trust & Wealth Management Inc. now owns 6,464 shares of the conglomerate’s stock valued at $884,000 after purchasing an additional 84 shares during the period. Institutional investors own 65.25% of the company’s stock.

3M Stock Up 1.3 %

MMM stock traded up $1.76 during trading on Thursday, reaching $133.21. The stock had a trading volume of 566,454 shares, compared to its average volume of 4,849,468. 3M has a one year low of $75.40 and a one year high of $141.34. The company’s 50 day moving average is $132.76 and its two-hundred day moving average is $117.50. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. The company has a market capitalization of $72.54 billion, a price-to-earnings ratio of 16.60, a P/E/G ratio of 2.16 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. The company had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. 3M’s revenue was down 24.3% on a year-over-year basis. During the same period last year, the business posted $2.68 earnings per share. Equities research analysts forecast that 3M will post 7.27 EPS for the current year.

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be issued a dividend of $0.70 per share. The ex-dividend date is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a yield of 2.10%. 3M’s dividend payout ratio (DPR) is presently 35.35%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on MMM shares. Citigroup boosted their target price on shares of 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a report on Monday, July 29th. Morgan Stanley initiated coverage on 3M in a research report on Friday, September 6th. They set an “underweight” rating and a $125.00 target price on the stock. Barclays boosted their price target on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. raised their price objective on shares of 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Finally, Bank of America boosted their target price on shares of 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, 3M currently has a consensus rating of “Moderate Buy” and a consensus price target of $144.87.

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.