3M (NYSE:MMM) Shares Bought by BNP PARIBAS ASSET MANAGEMENT Holding S.A.

BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its position in shares of 3M (NYSE:MMM) by 8.9% in the third quarter, Holdings Channel reports. The institutional investor owned 389,209 shares of the conglomerate’s stock after acquiring an additional 31,923 shares during the quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A.’s holdings in 3M were worth $53,205,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in MMM. Cornerstone Advisors LLC increased its stake in 3M by 5.4% during the third quarter. Cornerstone Advisors LLC now owns 19,600 shares of the conglomerate’s stock worth $2,679,000 after acquiring an additional 1,000 shares during the last quarter. Moors & Cabot Inc. increased its position in shares of 3M by 20.9% during the 3rd quarter. Moors & Cabot Inc. now owns 17,420 shares of the conglomerate’s stock worth $2,381,000 after purchasing an additional 3,017 shares during the last quarter. Altman Advisors Inc. raised its holdings in 3M by 1.2% in the 3rd quarter. Altman Advisors Inc. now owns 16,468 shares of the conglomerate’s stock valued at $2,251,000 after buying an additional 191 shares during the period. Etfidea LLC acquired a new position in 3M in the third quarter valued at about $209,000. Finally, Jennison Associates LLC purchased a new position in 3M during the third quarter worth about $82,208,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Stock Down 0.4 %

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

3M (NYSE:MMM) last issued its earnings results 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 business had revenue of $6.29 billion for the quarter, compared to analyst estimates of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. The business’s quarterly revenue was down 24.3% on a year-over-year basis. During the same quarter last year, the company earned $2.68 EPS. On average, sell-side analysts expect that 3M will post 7.27 EPS for the current fiscal year.

3M Announces Dividend

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

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on MMM. Mizuho upped their price objective on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and upped their price target for the stock from $110.00 to $150.00 in a research note on Monday, July 29th. Barclays lifted their price objective on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. UBS Group raised 3M from a “neutral” rating to a “buy” rating and increased their target price for the stock from $130.00 to $184.00 in a research note on Wednesday, November 13th. Finally, Melius upgraded shares of 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, 3M has a consensus rating of “Moderate Buy” and an average price target of $144.87.

3M Company Profile

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.