QRG Capital Management Inc. Raises Stock Position in 3M (NYSE:MMM)

QRG Capital Management Inc. increased its holdings in 3M (NYSE:MMM) by 1.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,319 shares of the conglomerate’s stock after acquiring an additional 199 shares during the quarter. QRG Capital Management Inc.’s holdings in 3M were worth $1,957,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of MMM. Capital World Investors acquired a new position in shares of 3M in the 1st quarter valued at $165,986,000. International Assets Investment Management LLC increased its holdings in shares of 3M by 11,601.2% in the 3rd quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock valued at $172,416,000 after acquiring an additional 1,250,491 shares during the period. National Bank of Canada FI increased its stake in 3M by 218.3% in the 1st quarter. National Bank of Canada FI now owns 1,489,351 shares of the conglomerate’s stock valued at $147,344,000 after buying an additional 1,021,440 shares during the period. Janus Henderson Group PLC increased its stake in 3M by 1,015.6% in the 1st quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate’s stock valued at $94,247,000 after buying an additional 808,914 shares during the period. Finally, Electron Capital Partners LLC acquired a new position in 3M in the 2nd quarter valued at $76,732,000. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Trading Down 0.6 %

Shares of MMM stock opened at $133.07 on Friday. The firm has a market cap of $72.46 billion, a P/E ratio of 16.80, a PEG ratio of 2.03 and a beta of 0.95. 3M has a 1-year low of $75.40 and a 1-year high of $141.34. 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 firm’s 50-day simple moving average is $132.83 and its 200-day simple moving average is $116.09.

3M (NYSE:MMM) last posted its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. The firm had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The company’s revenue was down 24.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.68 EPS. As a group, equities analysts forecast that 3M will post 7.28 EPS for the current year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date is Friday, November 15th. 3M’s dividend payout ratio (DPR) is presently 35.35%.

Analysts Set New Price Targets

Several brokerages have issued reports on MMM. Melius Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective on the stock in a research note on Tuesday, October 22nd. Argus raised shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price target on the stock in a research note on Tuesday, July 30th. Bank of America upped their price target on shares of 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Citigroup upped their price target on shares of 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. Finally, Royal Bank of Canada upped their price target on shares of 3M from $99.00 to $100.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 23rd. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, 3M presently has an average rating of “Hold” and an average price target of $139.27.

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.