Verition Fund Management LLC Buys New Holdings in 3M Co (MMM)

Verition Fund Management LLC bought a new position in shares of 3M Co (NYSE:MMM) in the first quarter, HoldingsChannel reports. The fund bought 13,107 shares of the conglomerate’s stock, valued at approximately $2,877,000.

Other institutional investors have also added to or reduced their stakes in the company. Old Mutual Global Investors UK Ltd. grew its holdings in shares of 3M by 2,723.3% in the first quarter. Old Mutual Global Investors UK Ltd. now owns 1,071,810 shares of the conglomerate’s stock valued at $235,283,000 after purchasing an additional 1,033,847 shares during the period. Amundi Pioneer Asset Management Inc. purchased a new stake in shares of 3M in the fourth quarter valued at about $166,718,000. BlackRock Inc. grew its holdings in shares of 3M by 1.4% in the fourth quarter. BlackRock Inc. now owns 38,828,584 shares of the conglomerate’s stock valued at $9,139,087,000 after purchasing an additional 521,880 shares during the period. Schwab Charles Investment Management Inc. grew its holdings in shares of 3M by 14.9% in the first quarter. Schwab Charles Investment Management Inc. now owns 3,644,386 shares of the conglomerate’s stock valued at $800,016,000 after purchasing an additional 473,250 shares during the period. Finally, Geode Capital Management LLC grew its holdings in shares of 3M by 5.1% in the fourth quarter. Geode Capital Management LLC now owns 6,901,534 shares of the conglomerate’s stock valued at $1,621,309,000 after purchasing an additional 332,651 shares during the period. 65.62% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE:MMM opened at $205.38 on Thursday. The company has a market capitalization of $121.78 billion, a P/E ratio of 22.42, a PEG ratio of 1.94 and a beta of 1.16. 3M Co has a fifty-two week low of $191.44 and a fifty-two week high of $259.77. The company has a debt-to-equity ratio of 1.11, a quick ratio of 1.17 and a current ratio of 1.65.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, April 24th. The conglomerate reported $2.50 earnings per share for the quarter, hitting analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $8.21 billion. During the same quarter last year, the company earned $2.16 earnings per share. The firm’s revenue for the quarter was up 7.7% on a year-over-year basis. analysts predict that 3M Co will post 10.4 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 12th. Shareholders of record on Friday, May 18th were issued a dividend of $1.36 per share. The ex-dividend date was Thursday, May 17th. This represents a $5.44 dividend on an annualized basis and a yield of 2.65%. 3M’s payout ratio is currently 59.32%.

Several research analysts have weighed in on the stock. Citigroup set a $263.00 target price on shares of 3M and gave the stock a “buy” rating in a research note on Saturday, June 9th. Royal Bank of Canada raised shares of 3M from a “sector perform” rating to an “outperform” rating and set a $238.00 target price for the company in a research note on Thursday, May 3rd. They noted that the move was a valuation call. UBS Group lowered their target price on shares of 3M from $250.00 to $215.00 and set a “neutral” rating for the company in a research note on Thursday, April 26th. Stifel Nicolaus lowered their target price on shares of 3M from $225.00 to $210.00 and set a “hold” rating for the company in a research note on Wednesday, April 25th. Finally, Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a research note on Monday, May 28th. Four research analysts have rated the stock with a sell rating, six have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. 3M has a consensus rating of “Hold” and an average target price of $240.65.

3M 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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