CenterBook Partners LP Makes New $2.72 Million Investment in 3M Company $MMM

CenterBook Partners LP purchased a new position in shares of 3M Company (NYSE:MMM) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 16,557 shares of the conglomerate’s stock, valued at approximately $2,718,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Security National Bank of SO Dak acquired a new stake in 3M in the 2nd quarter valued at about $32,000. DecisionPoint Financial LLC increased its holdings in 3M by 2,387.5% during the 3rd quarter. DecisionPoint Financial LLC now owns 199 shares of the conglomerate’s stock valued at $32,000 after acquiring an additional 191 shares in the last quarter. Trellis Wealth Advisors LLC acquired a new position in 3M during the third quarter worth about $33,000. Latitude Advisors LLC acquired a new position in 3M during the third quarter worth about $34,000. Finally, Compass Financial Management LLC purchased a new stake in shares of 3M in the second quarter valued at about $38,000. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Price Performance

3M stock opened at $185.23 on Friday. 3M Company has a 12-month low of $139.34 and a 12-month high of $196.90. The stock has a market capitalization of $95.71 billion, a P/E ratio of 27.60, a P/E/G ratio of 2.41 and a beta of 1.01. The firm’s 50-day moving average is $168.96 and its two-hundred day moving average is $161.79. The company has a debt-to-equity ratio of 3.01, a current ratio of 1.41 and a quick ratio of 1.06.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, October 20th. The conglomerate reported $2.50 earnings per share for the quarter, beating analysts’ consensus estimates of $2.38 by $0.12. The business had revenue of $6.60 billion during the quarter, compared to analyst estimates of $6.61 billion. 3M had a net margin of 14.01% and a return on equity of 123.11%. The company’s revenue was up 1.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.19 earnings per share. Equities analysts predict that 3M Company will post 9.14 earnings per share for the current year.

3M declared that its Board of Directors has authorized a share repurchase program on Wednesday, November 4th that allows the company to buy back $6 billion in outstanding shares. This buyback authorization allows the conglomerate to buy up to 6.6% of its stock through open market purchases. Share buyback programs are typically an indication that the company’s board believes its shares are undervalued.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be paid a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Friday, November 13th. 3M’s payout ratio is presently 46.50%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on MMM. UBS Group set a $230.00 price target on shares of 3M in a research report on Wednesday. Mizuho raised their price objective on shares of 3M from $160.00 to $180.00 and gave the stock a “neutral” rating in a research note on Thursday, July 23rd. Royal Bank Of Canada lifted their price objective on 3M from $132.00 to $135.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 21st. The Goldman Sachs Group upped their target price on 3M from $200.00 to $225.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Raymond James Financial reiterated a “market perform” rating on shares of 3M in a report on Wednesday, October 21st. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $190.07.

3M Profile

3M is a diversified science and manufacturing company that develops products for businesses and consumers. Its offerings include workplace safety equipment, adhesives and abrasives, filtration materials, automotive and electronics components, and home and office products such as Post-it Notes and Scotch brand tapes.

Founded in 1902 as the Minnesota Mining and Manufacturing Company, 3M began as a mining venture before expanding into materials science and industrial manufacturing. The company adopted the name 3M in 2002 and is headquartered in St.