Point72 Asia Hong Kong Ltd purchased a new stake in shares of 3M Co (NYSE:MMM) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,252 shares of the conglomerate’s stock, valued at approximately $714,000. 3M accounts for 0.4% of Point72 Asia Hong Kong Ltd’s holdings, making the stock its 19th largest position.
A number of other hedge funds and other institutional investors have also bought and sold shares of MMM. Ballew Advisors Inc purchased a new stake in shares of 3M during the first quarter worth about $122,000. Stelac Advisory Services LLC purchased a new stake in shares of 3M during the first quarter worth about $125,000. Virtue Capital Management LLC purchased a new stake in shares of 3M during the fourth quarter worth about $127,000. Ford Financial Group Inc. purchased a new stake in shares of 3M during the fourth quarter worth about $143,000. Finally, Risk Paradigm Group LLC boosted its holdings in shares of 3M by 153.6% during the fourth quarter. Risk Paradigm Group LLC now owns 710 shares of the conglomerate’s stock worth $167,000 after purchasing an additional 430 shares during the period. Institutional investors and hedge funds own 65.62% of the company’s stock.
A number of research firms have recently weighed in on MMM. UBS Group dropped their target price on shares of 3M from $250.00 to $215.00 and set a “neutral” rating for the company in a report on Thursday, April 26th. Barclays dropped their target price on shares of 3M from $235.00 to $230.00 and set an “underweight” rating for the company in a report on Monday, March 26th. Stifel Nicolaus dropped their target price on shares of 3M from $225.00 to $210.00 and set a “hold” rating for the company in a report on Wednesday, April 25th. Jefferies Financial Group lowered shares of 3M from a “buy” rating to a “hold” rating and dropped their target price for the stock from $259.77 to $200.00 in a report on Wednesday, May 16th. Finally, Argus dropped their target price on shares of 3M from $285.00 to $240.00 and set a “buy” rating for the company in a report on Wednesday, April 25th. Four analysts have rated the stock with a sell rating, six have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $240.65.
3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, April 24th. The conglomerate reported $2.50 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $2.50. 3M had a net margin of 12.83% and a return on equity of 50.11%. The company had revenue of $8.28 billion during the quarter, compared to the consensus estimate of $8.21 billion. During the same period in the prior year, the firm earned $2.16 earnings per share. 3M’s revenue was up 7.7% on a year-over-year basis. equities analysts anticipate that 3M Co will post 10.4 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 12th. Shareholders of record on Friday, May 18th were paid a dividend of $1.36 per share. This represents a $5.44 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date of this dividend was Thursday, May 17th. 3M’s dividend payout ratio is 59.32%.
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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