Janus Henderson Group PLC Sells 16,209 Shares of 3M (NYSE:MMM)

Janus Henderson Group PLC lessened its holdings in 3M (NYSE:MMM) by 0.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,430,976 shares of the conglomerate’s stock after selling 16,209 shares during the quarter. Janus Henderson Group PLC owned approximately 0.63% of 3M worth $469,011,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. FSA Wealth Management LLC acquired a new position in 3M during the third quarter valued at approximately $27,000. MFA Wealth Advisors LLC acquired a new stake in 3M during the second quarter valued at $28,000. Daymark Wealth Partners LLC increased its stake in shares of 3M by 8.6% in the third quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock worth $30,000 after purchasing an additional 17,211 shares during the period. McClarren Financial Advisors Inc. grew its stake in shares of 3M by 118.6% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after purchasing an additional 121 shares during the period. Finally, Meeder Asset Management Inc. lifted its holdings in 3M by 689.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after buying an additional 269 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Morgan Stanley began coverage on shares of 3M in a research report on Friday, September 6th. They set an “underweight” rating and a $125.00 price objective for the company. Wells Fargo & Company raised their price objective on shares of 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Royal Bank of Canada lifted their target price on shares of 3M from $99.00 to $100.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 23rd. Barclays lifted their target price on shares of 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Finally, Mizuho upped their price target 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. Two analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $144.87.

3M Price Performance

Shares of NYSE MMM opened at $132.89 on Tuesday. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $141.34. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. The company has a 50 day simple moving average of $132.39 and a two-hundred day simple moving average of $120.43. The company has a market capitalization of $72.37 billion, a price-to-earnings ratio of 16.78, a P/E/G ratio of 2.21 and a beta of 0.95.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The company had revenue of $6.29 billion during the quarter, compared to analysts’ expectations of $6.06 billion. During the same period in the previous year, the company earned $2.68 EPS. The firm’s quarterly revenue was down 24.3% on a year-over-year basis. Analysts expect that 3M will post 7.27 EPS for the current fiscal year.

3M Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 2.11%. The ex-dividend date is Friday, November 15th. 3M’s dividend payout ratio (DPR) is presently 35.35%.

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.