Mirae Asset Global Investments Co. Ltd. Has $11.75 Million Stake in 3M (NYSE:MMM)

Mirae Asset Global Investments Co. Ltd. lessened its position in shares of 3M (NYSE:MMM) by 16.4% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 85,579 shares of the conglomerate’s stock after selling 16,842 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in 3M were worth $11,750,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Stonegate Investment Group LLC boosted its holdings in shares of 3M by 5.6% during the 3rd quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate’s stock worth $34,564,000 after buying an additional 13,473 shares in the last quarter. Ausdal Financial Partners Inc. boosted its stake in 3M by 6.7% during the second quarter. Ausdal Financial Partners Inc. now owns 3,991 shares of the conglomerate’s stock worth $408,000 after acquiring an additional 249 shares in the last quarter. Candriam S.C.A. grew its holdings in 3M by 19.2% in the second quarter. Candriam S.C.A. now owns 38,469 shares of the conglomerate’s stock worth $3,931,000 after purchasing an additional 6,185 shares during the period. True Vision MN LLC bought a new stake in 3M in the second quarter valued at $512,000. Finally, Clifford Capital Partners LLC increased its stake in 3M by 21.3% in the second quarter. Clifford Capital Partners LLC now owns 171,152 shares of the conglomerate’s stock valued at $17,490,000 after purchasing an additional 30,009 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on MMM shares. Melius Research upgraded 3M from a “hold” rating to a “buy” rating and set a $180.00 target price for the company in a research note on Tuesday, October 22nd. Argus raised 3M from a “hold” rating to a “buy” rating and set a $145.00 price objective for the company in a research note on Tuesday, July 30th. Morgan Stanley started coverage on 3M in a report on Friday, September 6th. They set an “underweight” rating and a $125.00 price objective for the company. Royal Bank of Canada increased their target price on 3M from $99.00 to $100.00 and gave the stock an “underperform” rating in a report on Wednesday, October 23rd. Finally, Mizuho boosted their price target on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Two analysts have rated the stock with a sell rating, five have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $135.67.

3M Price Performance

Shares of NYSE MMM opened at $124.75 on Monday. The company has a market capitalization of $69.03 billion, a PE ratio of -9.81, a PEG ratio of 2.42 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. The stock’s 50 day moving average price is $133.00 and its 200-day moving average price is $114.18. 3M has a twelve month low of $72.47 and a twelve month high of $141.34.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping the consensus estimate 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% on a year-over-year basis. On average, equities analysts anticipate that 3M will post 7.26 EPS for the current year.

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were issued a dividend of $0.70 per share. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a yield of 2.24%. 3M’s dividend payout ratio (DPR) is presently -22.01%.

Insiders Place Their Bets

In other news, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the transaction, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at $541,659.68. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the sale, the chairman now directly owns 174,036 shares of the company’s stock, valued at $21,486,484.56. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total transaction of $260,652.00. Following the transaction, the chief financial officer now owns 4,364 shares of the company’s stock, valued at $541,659.68. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

3M Company Profile

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.