3M Co (MMM) Holdings Lifted by Congress Asset Management Co. MA

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Congress Asset Management Co. MA grew its position in 3M Co (NYSE:MMM) by 2.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 30,543 shares of the conglomerate’s stock after buying an additional 827 shares during the quarter. Congress Asset Management Co. MA’s holdings in 3M were worth $5,820,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Addenda Capital Inc. raised its position in shares of 3M by 2.4% in the fourth quarter. Addenda Capital Inc. now owns 9,694 shares of the conglomerate’s stock valued at $1,846,000 after purchasing an additional 223 shares during the period. Joel Isaacson & Co. LLC boosted its stake in 3M by 41.4% during the fourth quarter. Joel Isaacson & Co. LLC now owns 12,887 shares of the conglomerate’s stock worth $2,477,000 after buying an additional 3,776 shares in the last quarter. Morgan Stanley boosted its stake in 3M by 11.9% during the third quarter. Morgan Stanley now owns 4,042,904 shares of the conglomerate’s stock worth $851,879,000 after buying an additional 430,262 shares in the last quarter. Belpointe Asset Management LLC boosted its stake in 3M by 9.6% during the third quarter. Belpointe Asset Management LLC now owns 12,708 shares of the conglomerate’s stock worth $2,678,000 after buying an additional 1,108 shares in the last quarter. Finally, United Capital Management of KS Inc. boosted its stake in 3M by 8.7% during the fourth quarter. United Capital Management of KS Inc. now owns 8,429 shares of the conglomerate’s stock worth $1,606,000 after buying an additional 678 shares in the last quarter. Institutional investors own 66.08% of the company’s stock.

A number of equities research analysts have weighed in on the stock. Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating in a research note on Wednesday, December 5th. Barclays decreased their price target on shares of 3M from $201.00 to $195.00 and set an “underweight” rating on the stock in a research note on Wednesday, October 24th. Morgan Stanley set a $198.00 price target on shares of 3M and gave the stock a “hold” rating in a research note on Wednesday, October 24th. Credit Suisse Group reiterated an “outperform” rating and set a $220.00 price target (down previously from $230.00) on shares of 3M in a research note on Thursday, January 3rd. Finally, UBS Group cut their price objective on 3M from $220.00 to $211.00 and set a “hold” rating for the company in a report on Wednesday, October 24th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. 3M has an average rating of “Hold” and an average target price of $214.57.

In related news, Chairman Inge G. Thulin sold 13,499 shares of 3M stock in a transaction dated Wednesday, January 30th. The stock was sold at an average price of $200.00, for a total value of $2,699,800.00. Following the completion of the transaction, the chairman now directly owns 230,458 shares of the company’s stock, valued at $46,091,600. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.72% of the company’s stock.

3M stock opened at $201.12 on Wednesday. The company has a debt-to-equity ratio of 1.36, a current ratio of 1.89 and a quick ratio of 1.29. 3M Co has a 12-month low of $176.87 and a 12-month high of $244.86. The stock has a market capitalization of $116.58 billion, a P/E ratio of 20.06, a price-to-earnings-growth ratio of 1.85 and a beta of 1.06.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, January 29th. The conglomerate reported $2.31 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.28 by $0.03. 3M had a return on equity of 57.70% and a net margin of 16.33%. The business had revenue of $7.95 billion during the quarter, compared to analysts’ expectations of $7.87 billion. During the same period in the previous year, the business posted $2.10 earnings per share. The firm’s revenue for the quarter was down .6% compared to the same quarter last year. As a group, sell-side analysts predict that 3M Co will post 10.67 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 12th. Investors of record on Friday, February 15th will be issued a $1.44 dividend. This represents a $5.76 dividend on an annualized basis and a dividend yield of 2.86%. This is a boost from 3M’s previous quarterly dividend of $1.36. 3M’s payout ratio is currently 52.01%.

3M announced that its Board of Directors has authorized a stock buyback program on Tuesday, November 13th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the conglomerate to repurchase up to 8.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

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3M Company 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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