3M (NYSE:MMM) Shares Acquired by Swedbank AB

Swedbank AB lifted its position in 3M (NYSE:MMM) by 10.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 418,438 shares of the conglomerate’s stock after buying an additional 39,206 shares during the quarter. Swedbank AB’s holdings in 3M were worth $57,200,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Bank of New York Mellon Corp lifted its position in shares of 3M by 11.8% during the second quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock worth $517,617,000 after purchasing an additional 533,520 shares in the last quarter. Pacer Advisors Inc. increased its stake in 3M by 2.0% during the 2nd quarter. Pacer Advisors Inc. now owns 4,952,878 shares of the conglomerate’s stock worth $506,135,000 after buying an additional 97,340 shares during the period. AQR Capital Management LLC increased its stake in 3M by 18.6% during the 2nd quarter. AQR Capital Management LLC now owns 2,531,422 shares of the conglomerate’s stock worth $258,686,000 after buying an additional 396,773 shares during the period. Dimensional Fund Advisors LP lifted its holdings in 3M by 0.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,940,202 shares of the conglomerate’s stock worth $198,298,000 after buying an additional 11,315 shares in the last quarter. Finally, National Pension Service boosted its position in 3M by 14.5% in the 3rd quarter. National Pension Service now owns 1,268,003 shares of the conglomerate’s stock valued at $173,336,000 after buying an additional 161,036 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Price Performance

Shares of NYSE:MMM opened at $128.42 on Monday. 3M has a 12 month low of $75.40 and a 12 month high of $141.34. The firm has a market capitalization of $69.93 billion, a P/E ratio of 16.21, a P/E/G ratio of 2.12 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. The company’s fifty day moving average price is $132.56 and its 200 day moving average price is $119.28.

3M (NYSE:MMM) last posted its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The business had revenue of $6.29 billion for the quarter, compared to analysts’ expectations of $6.06 billion. During the same quarter in the previous year, the firm earned $2.68 earnings per share. The business’s revenue was down 24.3% compared to the same quarter last year. As a group, sell-side analysts predict that 3M will post 7.27 earnings per share for the current fiscal year.

3M Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date is Friday, November 15th. 3M’s dividend payout ratio is currently 35.35%.

Analyst Ratings Changes

A number of analysts have recently weighed in on MMM shares. Barclays upped their price objective on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Melius Research upgraded 3M from a “hold” rating to a “buy” rating and set a $180.00 price target on the stock in a report on Tuesday, October 22nd. Mizuho lifted their price objective on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. StockNews.com lowered shares of 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Finally, Melius upgraded shares of 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $144.87.

About 3M

3M Company provides diversified technology services in the United States and internationally. The company’s Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.