Putnam FL Investment Management Co. raised its stake in shares of 3M Co (NYSE:MMM) by 88.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,440 shares of the conglomerate’s stock after purchasing an additional 3,951 shares during the period. Putnam FL Investment Management Co.’s holdings in 3M were worth $1,778,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently modified their holdings of the company. Broderick Brian C increased its position in shares of 3M by 7.0% during the 2nd quarter. Broderick Brian C now owns 39,829 shares of the conglomerate’s stock worth $7,835,000 after purchasing an additional 2,615 shares in the last quarter. Hemenway Trust Co LLC increased its position in shares of 3M by 7.6% during the 2nd quarter. Hemenway Trust Co LLC now owns 80,127 shares of the conglomerate’s stock worth $15,763,000 after purchasing an additional 5,637 shares in the last quarter. Armbruster Capital Management Inc. increased its position in shares of 3M by 26.3% during the 2nd quarter. Armbruster Capital Management Inc. now owns 2,400 shares of the conglomerate’s stock worth $472,000 after purchasing an additional 500 shares in the last quarter. MainStreet Investment Advisors LLC increased its position in shares of 3M by 4.7% during the 2nd quarter. MainStreet Investment Advisors LLC now owns 47,300 shares of the conglomerate’s stock worth $9,305,000 after purchasing an additional 2,105 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D increased its position in shares of 3M by 23.6% during the 2nd quarter. State of New Jersey Common Pension Fund D now owns 222,400 shares of the conglomerate’s stock worth $43,751,000 after purchasing an additional 42,400 shares in the last quarter. Institutional investors and hedge funds own 67.00% of the company’s stock.

Shares of NYSE:MMM opened at $202.68 on Friday. The company has a market capitalization of $117.74 billion, a P/E ratio of 22.10, a PEG ratio of 2.00 and a beta of 1.18. The company has a debt-to-equity ratio of 1.31, a quick ratio of 1.36 and a current ratio of 1.97. 3M Co has a fifty-two week low of $181.98 and a fifty-two week high of $259.77.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, October 23rd. The conglomerate reported $2.58 earnings per share for the quarter, missing analysts’ consensus estimates of $2.70 by ($0.12). The firm had revenue of $8.15 billion during the quarter, compared to analyst estimates of $8.41 billion. 3M had a net margin of 13.79% and a return on equity of 54.60%. The business’s revenue was down .2% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.33 earnings per share. On average, analysts forecast that 3M Co will post 9.95 EPS for the current fiscal year.

3M announced that its board has initiated a share buyback plan on Tuesday, November 13th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the conglomerate to purchase up to 8.7% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 12th. Shareholders of record on Friday, November 23rd will be issued a dividend of $1.36 per share. The ex-dividend date of this dividend is Wednesday, November 21st. This represents a $5.44 annualized dividend and a yield of 2.68%. 3M’s dividend payout ratio (DPR) is currently 59.32%.

In other 3M news, Director Gregory R. Page acquired 1,000 shares of the stock in a transaction dated Friday, October 26th. The shares were bought at an average cost of $184.50 per share, for a total transaction of $184,500.00. Following the completion of the acquisition, the director now directly owns 1,500 shares of the company’s stock, valued at $276,750. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Eric D. Hammes sold 1,272 shares of 3M stock in a transaction that occurred on Monday, September 10th. The shares were sold at an average price of $216.00, for a total transaction of $274,752.00. Following the completion of the sale, the insider now owns 5,634 shares in the company, valued at $1,216,944. The disclosure for this sale can be found here. Company insiders own 0.58% of the company’s stock.

A number of equities research analysts recently issued reports on the stock. Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating in a research report on Tuesday, September 11th. UBS Group increased their price objective on shares of 3M from $215.00 to $220.00 and gave the stock a “neutral” rating in a report on Thursday, August 30th. Deutsche Bank increased their price objective on shares of 3M from $210.00 to $220.00 and gave the stock a “hold” rating in a report on Friday, September 28th. Barclays decreased their price objective on shares of 3M from $195.00 to $190.00 and set an “underweight” rating on the stock in a report on Monday, November 19th. Finally, Morgan Stanley assumed coverage on shares of 3M in a report on Monday, August 20th. They set an “equal weight” rating and a $212.00 price objective on the stock. Two analysts have rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. 3M currently has an average rating of “Hold” and a consensus target price of $225.16.

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3M Company Profile

3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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