Legal & General Group Plc Buys 225,797 Shares of 3M (NYSE:MMM)

Legal & General Group Plc lifted its stake in shares of 3M (NYSE:MMM) by 5.9% in the 2nd quarter, Holdings Channel reports. The fund owned 4,029,999 shares of the conglomerate’s stock after acquiring an additional 225,797 shares during the quarter. Legal & General Group Plc’s holdings in 3M were worth $800,477,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. grew its position in shares of 3M by 0.7% in the 2nd quarter. BlackRock Inc. now owns 39,891,035 shares of the conglomerate’s stock valued at $7,923,555,000 after acquiring an additional 265,185 shares during the period. Geode Capital Management LLC grew its position in shares of 3M by 11.8% in the 1st quarter. Geode Capital Management LLC now owns 9,843,874 shares of the conglomerate’s stock valued at $1,892,169,000 after acquiring an additional 1,036,538 shares during the period. Massachusetts Financial Services Co. MA grew its position in shares of 3M by 1.0% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 7,800,046 shares of the conglomerate’s stock valued at $1,502,913,000 after acquiring an additional 73,832 shares during the period. Fisher Asset Management LLC grew its position in shares of 3M by 5.2% in the 2nd quarter. Fisher Asset Management LLC now owns 5,392,922 shares of the conglomerate’s stock valued at $1,071,196,000 after acquiring an additional 265,476 shares during the period. Finally, Morgan Stanley grew its position in shares of 3M by 15.6% in the 1st quarter. Morgan Stanley now owns 5,071,041 shares of the conglomerate’s stock valued at $977,086,000 after acquiring an additional 682,530 shares during the period. 66.82% of the stock is owned by institutional investors and hedge funds.

MMM traded down $0.12 during trading on Tuesday, hitting $181.67. 24,080 shares of the company’s stock were exchanged, compared to its average volume of 2,476,692. The company has a quick ratio of 1.22, a current ratio of 1.73 and a debt-to-equity ratio of 1.12. The business’s 50 day moving average is $193.26 and its two-hundred day moving average is $196.47. 3M has a fifty-two week low of $156.13 and a fifty-two week high of $208.95. The stock has a market cap of $105.12 billion, a P/E ratio of 17.93, a PEG ratio of 1.92 and a beta of 0.96.

3M (NYSE:MMM) last released its quarterly earnings data on Monday, July 26th. The conglomerate reported $2.59 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.28 by $0.31. 3M had a net margin of 17.13% and a return on equity of 44.72%. The firm had revenue of $8.90 billion for the quarter, compared to the consensus estimate of $8.59 billion. During the same quarter in the prior year, the company posted $1.78 earnings per share. The business’s revenue was up 24.0% on a year-over-year basis. On average, sell-side analysts forecast that 3M will post 10.11 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, September 12th. Shareholders of record on Monday, August 23rd were issued a dividend of $1.48 per share. The ex-dividend date was Friday, August 20th. This represents a $5.92 annualized dividend and a yield of 3.26%. 3M’s payout ratio is 67.73%.

A number of analysts have recently issued reports on MMM shares. Credit Suisse Group cut shares of 3M from an “outperform” rating to a “neutral” rating and raised their target price for the stock from $210.00 to $212.00 in a research note on Tuesday, July 6th. Deutsche Bank Aktiengesellschaft raised their target price on shares of 3M from $196.00 to $201.00 and gave the stock a “hold” rating in a research note on Wednesday, July 28th. Morgan Stanley raised their target price on shares of 3M from $200.00 to $213.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 28th. Wolfe Research cut shares of 3M from a “peer perform” rating to an “underperform” rating and cut their target price for the stock from $218.00 to $215.00 in a research note on Monday, July 12th. Finally, UBS Group dropped their price objective 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. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $196.85.

In related news, EVP John Patrick Banovetz sold 3,236 shares of the stock in a transaction dated Tuesday, August 10th. The shares were sold at an average price of $197.93, for a total transaction of $640,501.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Denise R. Rutherford sold 3,135 shares of the stock in a transaction dated Monday, August 2nd. The shares were sold at an average price of $198.17, for a total transaction of $621,262.95. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,666 shares of company stock worth $4,103,569. Corporate insiders own 0.34% of the company’s stock.

3M 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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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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