Assenagon Asset Management S.A. Boosts Stock Position in 3M (NYSE:MMM)

Assenagon Asset Management S.A. boosted its holdings in 3M (NYSE:MMM) by 8.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 22,465 shares of the conglomerate’s stock after purchasing an additional 1,844 shares during the period. Assenagon Asset Management S.A.’s holdings in 3M were worth $3,071,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. boosted its position in 3M by 0.8% in the first quarter. Vanguard Group Inc. now owns 49,461,361 shares of the conglomerate’s stock worth $5,246,367,000 after purchasing an additional 377,703 shares during the last quarter. Bank of New York Mellon Corp boosted its position in 3M by 11.8% in 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 during the last quarter. Pacer Advisors Inc. boosted its position in 3M by 2.0% in the second quarter. Pacer Advisors Inc. now owns 4,952,878 shares of the conglomerate’s stock worth $506,135,000 after purchasing an additional 97,340 shares during the last quarter. AQR Capital Management LLC boosted its position in 3M by 18.6% in the second quarter. AQR Capital Management LLC now owns 2,531,422 shares of the conglomerate’s stock worth $258,686,000 after purchasing an additional 396,773 shares during the last quarter. Finally, Nordea Investment Management AB boosted its position in 3M by 8.2% in the first quarter. Nordea Investment Management AB now owns 2,168,811 shares of the conglomerate’s stock worth $228,875,000 after purchasing an additional 164,236 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Price Performance

Shares of NYSE MMM opened at $127.59 on Thursday. The firm has a market capitalization of $70.60 billion, a P/E ratio of -10.03, a P/E/G 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 simple moving average is $133.07 and its two-hundred day simple moving average is $114.80. 3M has a twelve month low of $74.51 and a twelve month high of $141.34.

3M (NYSE:MMM) last announced its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. The business had revenue of $6.29 billion for the quarter, compared to analyst estimates of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. The company’s quarterly revenue was down 24.3% compared to the same quarter last year. During the same period in the prior year, the company earned $2.68 EPS. As a group, equities analysts anticipate that 3M will post 7.26 EPS for the current fiscal year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were paid a $0.70 dividend. The ex-dividend date was Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a yield of 2.19%. 3M’s dividend payout ratio is currently -22.01%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Morgan Stanley assumed coverage on 3M in a research report on Friday, September 6th. They set an “underweight” rating and a $125.00 price target on the stock. JPMorgan Chase & Co. upped their price target on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research report on Monday. Mizuho upped their price target on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Barclays upped their price target on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. Finally, Royal Bank of Canada upped their price target on 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a research report on Wednesday, October 23rd. Two analysts have rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $139.27.

Insiders Place Their Bets

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 stock was sold at an average price of $123.46, for a total value of $700,635.50. Following the transaction, the chairman now directly owns 174,036 shares in the company, valued at $21,486,484.56. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, 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 directly owns 4,364 shares in the company, valued at approximately $541,659.68. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the transaction, the chairman now owns 174,036 shares in the company, valued at $21,486,484.56. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate 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.