Parsifal Capital Management LP Purchases 526,194 Shares of 3M (NYSE:MMM)

Parsifal Capital Management LP lifted its position in 3M (NYSE:MMM) by 179.0% in the 3rd quarter, Holdings Channel reports. The fund owned 820,094 shares of the conglomerate’s stock after buying an additional 526,194 shares during the period. 3M makes up approximately 7.7% of Parsifal Capital Management LP’s investment portfolio, making the stock its 7th biggest holding. Parsifal Capital Management LP’s holdings in 3M were worth $112,107,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of MMM. FSA Wealth Management LLC bought a new stake in shares of 3M in the 3rd quarter valued at approximately $27,000. MFA Wealth Advisors LLC bought a new position in shares of 3M during the 2nd quarter valued at $28,000. Daymark Wealth Partners LLC boosted its holdings in 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 in the last quarter. McClarren Financial Advisors Inc. raised its holdings in 3M by 118.6% during the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after buying an additional 121 shares in the last quarter. Finally, Meeder Asset Management Inc. lifted its holdings in 3M by 689.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after purchasing an additional 269 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Performance

Shares of 3M stock opened at $131.15 on Wednesday. 3M has a 12 month low of $75.40 and a 12 month high of $141.34. The stock’s fifty day simple moving average is $132.22 and its 200 day simple moving average is $120.81. The company has a market capitalization of $71.42 billion, a PE ratio of 16.56, a PEG ratio of 2.20 and a beta of 0.95. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41.

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

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be given a $0.70 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 annualized dividend and a yield of 2.13%. 3M’s dividend payout ratio is currently 35.35%.

Analyst Ratings Changes

MMM has been the subject of a number of research analyst reports. Morgan Stanley initiated coverage on 3M in a report on Friday, September 6th. They set an “underweight” rating and a $125.00 price target for the company. Mizuho upped their price target on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Wells Fargo & Company upped their target price on 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Melius upgraded 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Finally, Melius Research upgraded 3M from a “hold” rating to a “buy” rating and set a $180.00 target price for the company in a research note on Tuesday, October 22nd. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $144.87.

3M 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.