Westpac Banking Corp Has $30.41 Million Stake in 3M Co (MMM)
Westpac Banking Corp reduced its stake in 3M Co (NYSE:MMM) by 0.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 144,298 shares of the conglomerate’s stock after selling 715 shares during the period. Westpac Banking Corp’s holdings in 3M were worth $30,405,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. SRS Capital Advisors Inc. raised its position in 3M by 1,652.8% during the second quarter. SRS Capital Advisors Inc. now owns 631 shares of the conglomerate’s stock valued at $124,000 after purchasing an additional 595 shares in the last quarter. Price Capital Management Inc. purchased a new stake in 3M during the third quarter valued at about $126,000. Avestar Capital LLC raised its position in 3M by 161.2% during the second quarter. Avestar Capital LLC now owns 700 shares of the conglomerate’s stock valued at $130,000 after purchasing an additional 432 shares in the last quarter. Psagot Investment House Ltd. purchased a new stake in 3M during the third quarter valued at about $131,000. Finally, Braun Bostich & Associates Inc. increased its holdings in shares of 3M by 221.7% in the second quarter. Braun Bostich & Associates Inc. now owns 698 shares of the conglomerate’s stock worth $137,000 after buying an additional 481 shares during the period. 67.00% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE:MMM opened at $202.20 on Wednesday. 3M Co has a 1 year low of $181.98 and a 1 year high of $259.77. The stock has a market cap of $121.07 billion, a P/E ratio of 22.05, a price-to-earnings-growth ratio of 2.06 and a beta of 1.18. The company has a current ratio of 1.97, a quick ratio of 1.36 and a debt-to-equity ratio of 1.31.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 12th. Shareholders of record on Friday, November 23rd will be given a dividend of $1.36 per share. The ex-dividend date is Wednesday, November 21st. This represents a $5.44 annualized dividend and a yield of 2.69%. 3M’s payout ratio is 59.32%.
3M announced that its board has authorized a stock buyback plan on Tuesday, November 13th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the conglomerate to repurchase up to 8.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.
MMM has been the topic of several analyst reports. Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating in a report on Monday, September 3rd. Morgan Stanley assumed coverage on 3M in a report on Monday, August 20th. They issued an “equal weight” rating and a $212.00 price objective on the stock. UBS Group boosted their price target on 3M from $215.00 to $220.00 and gave the company a “neutral” rating in a report on Thursday, August 30th. Barclays reduced their price target on 3M from $201.00 to $195.00 and set an “underweight” rating on the stock in a report on Wednesday, October 24th. Finally, Gordon Haskett assumed coverage on 3M in a report on Friday, October 12th. They set a “buy” rating on the stock. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $225.16.
In other 3M news, insider Eric D. Hammes sold 1,272 shares of 3M stock in a transaction that occurred on Monday, September 10th. The stock was sold at an average price of $216.00, for a total transaction of $274,752.00. Following the sale, the insider now directly owns 5,634 shares of the company’s stock, valued at approximately $1,216,944. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Gregory R. Page acquired 1,000 shares of the business’s stock in a transaction on Friday, October 26th. The shares were purchased at an average cost of $184.50 per share, for a total transaction of $184,500.00. Following the completion of the transaction, the director now owns 1,500 shares in the company, valued at approximately $276,750. The disclosure for this purchase can be found here. Insiders own 0.72% of the company’s stock.
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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