Verition Fund Management LLC acquired a new position in 3M Co (NYSE:MMM) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 13,107 shares of the conglomerate’s stock, valued at approximately $2,877,000.
Several other institutional investors have also recently modified their holdings of the company. Koch Industries Inc. purchased a new stake in 3M during the 4th quarter worth approximately $788,000. Bluestein R H & Co. grew its position in 3M by 1,211.9% during the 1st quarter. Bluestein R H & Co. now owns 110,558 shares of the conglomerate’s stock worth $24,270,000 after purchasing an additional 102,131 shares during the last quarter. Bank of Nova Scotia Trust Co. grew its position in 3M by 15.1% during the 4th quarter. Bank of Nova Scotia Trust Co. now owns 50,993 shares of the conglomerate’s stock worth $12,002,000 after purchasing an additional 6,688 shares during the last quarter. Reilly Herbert Faulkner III grew its position in 3M by 2.7% during the 4th quarter. Reilly Herbert Faulkner III now owns 20,808 shares of the conglomerate’s stock worth $4,898,000 after purchasing an additional 548 shares during the last quarter. Finally, Wall Street Access Asset Management LLC purchased a new stake in 3M during the 4th quarter worth approximately $355,000. 65.62% of the stock is currently owned by hedge funds and other institutional investors.
3M opened at $205.38 on Thursday, according to Marketbeat. The company has a quick ratio of 1.17, a current ratio of 1.65 and a debt-to-equity ratio of 1.11. 3M Co has a 1 year low of $191.44 and a 1 year high of $259.77. The firm 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.
The company also recently announced a quarterly dividend, which was paid on Tuesday, June 12th. Investors of record on Friday, May 18th were paid a $1.36 dividend. This represents a $5.44 annualized dividend and a dividend yield of 2.65%. The ex-dividend date of this dividend was Thursday, May 17th. 3M’s dividend payout ratio is currently 59.32%.
Several analysts have recently commented on the stock. UBS Group dropped their price objective on shares of 3M from $250.00 to $215.00 and set a “neutral” rating on the stock in a report on Thursday, April 26th. Barclays dropped their price objective on shares of 3M from $235.00 to $230.00 and set an “underweight” rating on the stock in a report on Monday, March 26th. Stifel Nicolaus dropped their price objective on shares of 3M from $225.00 to $210.00 and set a “hold” rating on the stock in a report on Wednesday, April 25th. Jefferies Financial Group downgraded shares of 3M from a “buy” rating to a “hold” rating and dropped their price objective for the company from $259.77 to $200.00 in a report on Wednesday, May 16th. Finally, Argus dropped their price objective on shares of 3M from $285.00 to $240.00 and set a “buy” rating on the stock in a report on Wednesday, April 25th. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $240.65.
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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