3M (NYSE:MMM) Shares Purchased by Hourglass Capital LLC

Hourglass Capital LLC increased its holdings in shares of 3M (NYSE:MMM) by 0.4% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 51,753 shares of the conglomerate’s stock after acquiring an additional 182 shares during the period. 3M makes up about 2.0% of Hourglass Capital LLC’s portfolio, making the stock its 18th largest holding. Hourglass Capital LLC’s holdings in 3M were worth $7,075,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the business. Capital World Investors purchased a new position in 3M in the 1st quarter worth approximately $165,986,000. International Assets Investment Management LLC increased its holdings in 3M by 11,601.2% in the 3rd quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock valued at $172,416,000 after purchasing an additional 1,250,491 shares during the last quarter. National Bank of Canada FI increased its holdings in 3M by 218.3% in the 1st quarter. National Bank of Canada FI now owns 1,489,351 shares of the conglomerate’s stock valued at $147,344,000 after purchasing an additional 1,021,440 shares during the last quarter. Janus Henderson Group PLC grew its stake in shares of 3M by 1,015.6% in the first quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate’s stock worth $94,247,000 after acquiring an additional 808,914 shares in the last quarter. Finally, Electron Capital Partners LLC acquired a new position in shares of 3M in the second quarter worth $76,732,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MMM has been the subject of several research reports. Mizuho boosted their price target on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Melius Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price target for the company in a research note on Tuesday, October 22nd. Citigroup boosted their price target on shares of 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. Morgan Stanley began coverage on shares of 3M in a research note on Friday, September 6th. They set an “underweight” rating and a $125.00 target price for the company. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of 3M from a “hold” rating to a “buy” rating and boosted their target price for the stock from $110.00 to $150.00 in a research note on Monday, July 29th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, 3M presently has a consensus rating of “Moderate Buy” and an average target price of $144.87.

3M Price Performance

Shares of NYSE MMM opened at $131.45 on Thursday. The firm has a market capitalization of $71.58 billion, a P/E ratio of 16.60, a PEG ratio of 2.16 and a beta of 0.95. 3M has a one year low of $75.40 and a one year high of $141.34. The company’s fifty day moving average is $132.78 and its two-hundred day moving average is $117.40. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43.

3M (NYSE:MMM) last issued its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping the consensus estimate of $1.93 by $0.05. The company had revenue of $6.29 billion for the quarter, compared to analyst estimates of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The business’s revenue was down 24.3% on a year-over-year basis. During the same period in the previous year, the firm earned $2.68 EPS. Analysts forecast 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 paid 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%.

About 3M

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.