SouthState Corp decreased its stake in 3M (NYSE:MMM) by 5.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,331 shares of the conglomerate’s stock after selling 580 shares during the period. SouthState Corp’s holdings in 3M were worth $1,637,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently modified their holdings of the company. Illinois Municipal Retirement Fund grew its stake in 3M by 7.4% during the third quarter. Illinois Municipal Retirement Fund now owns 11,665 shares of the conglomerate’s stock worth $2,046,000 after purchasing an additional 802 shares during the period. Carlson Capital Management grew its stake in 3M by 0.6% during the third quarter. Carlson Capital Management now owns 99,681 shares of the conglomerate’s stock worth $17,486,000 after purchasing an additional 618 shares during the period. 55I LLC grew its stake in 3M by 48.2% during the second quarter. 55I LLC now owns 6,894 shares of the conglomerate’s stock worth $1,370,000 after purchasing an additional 2,242 shares during the period. National Pension Service grew its stake in 3M by 1.4% during the second quarter. National Pension Service now owns 763,023 shares of the conglomerate’s stock worth $151,559,000 after purchasing an additional 10,595 shares during the period. Finally, Private Advisor Group LLC grew its stake in 3M by 59.3% in the third quarter. Private Advisor Group LLC now owns 142,970 shares of the conglomerate’s stock valued at $25,079,000 after acquiring an additional 53,239 shares during the period. 66.20% of the stock is owned by institutional investors.
A number of analysts have commented on MMM shares. Mizuho started coverage on shares of 3M in a research note on Thursday, December 16th. They set a “neutral” rating and a $180.00 price target for the company. Deutsche Bank Aktiengesellschaft decreased their price target on shares of 3M from $192.00 to $182.00 and set a “hold” rating for the company in a research note on Friday, December 10th. UBS Group decreased their price target on shares of 3M from $183.00 to $172.00 and set a “sell” rating for the company in a research note on Friday, September 17th. Morgan Stanley boosted their price target on shares of 3M from $193.00 to $194.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 27th. Finally, Barclays decreased their price target on shares of 3M from $182.00 to $177.00 and set an “underweight” rating for the company in a research note on Tuesday, January 4th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $190.57.
3M (NYSE:MMM) last issued its quarterly earnings results on Monday, October 25th. The conglomerate reported $2.45 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.21 by $0.24. The company had revenue of $8.94 billion for the quarter, compared to the consensus estimate of $8.67 billion. 3M had a net margin of 16.90% and a return on equity of 42.80%. The firm’s quarterly revenue was up 7.1% on a year-over-year basis. During the same period in the previous year, the firm earned $2.43 EPS. As a group, research analysts predict that 3M will post 9.86 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Sunday, December 12th. Shareholders of record on Friday, November 19th were issued a dividend of $1.48 per share. This represents a $5.92 annualized dividend and a yield of 3.32%. The ex-dividend date of this dividend was Thursday, November 18th. 3M’s dividend payout ratio (DPR) is presently 58.10%.
3M Company Profile
3M Co is a technology company, which manufactures industrial, safety and consumer products. It operates through the following segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment consists of personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules.
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