Edgewood Management LLC Has $34.39 Million Stake in 3M (NYSE:MMM)

Edgewood Management LLC reduced its stake in shares of 3M (NYSE:MMM) by 6.5% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 251,566 shares of the conglomerate’s stock after selling 17,580 shares during the period. 3M accounts for 0.1% of Edgewood Management LLC’s investment portfolio, making the stock its 25th biggest holding. Edgewood Management LLC’s holdings in 3M were worth $34,389,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of MMM. Capital World Investors acquired a new stake in shares of 3M in the 1st quarter valued at $165,986,000. International Assets Investment Management LLC lifted its stake 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 purchasing an additional 1,250,491 shares during the last quarter. Janus Henderson Group PLC lifted its stake in shares of 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 purchasing an additional 808,914 shares during the last quarter. Electron Capital Partners LLC acquired a new position in 3M during the 2nd quarter worth $76,732,000. Finally, Jennison Associates LLC acquired a new position in 3M during the 3rd quarter worth $82,208,000. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Price Performance

Shares of 3M stock opened at $127.32 on Friday. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. The stock has a market capitalization of $69.33 billion, a price-to-earnings ratio of 16.08, a P/E/G ratio of 2.12 and a beta of 0.95. 3M has a 1-year low of $75.40 and a 1-year high of $141.34. The firm’s 50-day moving average price is $132.66 and its two-hundred day moving average price is $118.73.

3M (NYSE:MMM) last issued 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. The firm had revenue of $6.29 billion for the quarter, compared to analysts’ expectations of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. 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 firm earned $2.68 earnings per share. On average, equities analysts predict that 3M will post 7.27 earnings per share for the current fiscal year.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.70 per share. The ex-dividend date is Friday, November 15th. This represents a $2.80 annualized dividend and a dividend yield of 2.20%. 3M’s dividend payout ratio (DPR) is currently 35.35%.

Wall Street Analysts Forecast Growth

MMM has been the subject of a number of research analyst reports. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $130.00 to $184.00 in a research report on Wednesday, November 13th. Mizuho boosted their target price on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Barclays upped their price objective on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. StockNews.com lowered shares of 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Finally, Deutsche Bank Aktiengesellschaft raised shares of 3M from a “hold” rating to a “buy” rating and upped their price objective for the company from $110.00 to $150.00 in a research report on Monday, July 29th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average 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.