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Jul 26, 2023

3M (NYSE:MMM) Shares Purchased by Investors Research Corp

Investors Research Corp increased its holdings in shares of 3M (NYSE:MMM - Free Report) by 33.1% in the first quarter, according to the company in its most recent filing with the SEC. The

Investors Research Corp increased its holdings in shares of 3M (NYSE:MMM - Free Report) by 33.1% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 11,192 shares of the conglomerate's stock after purchasing an additional 2,783 shares during the quarter. Investors Research Corp's holdings in 3M were worth $1,176,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Moneta Group Investment Advisors LLC grew its position in 3M by 73,903.2% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 6,656,588 shares of the conglomerate's stock valued at $798,258,000 after acquiring an additional 6,647,593 shares in the last quarter. Norges Bank acquired a new stake in 3M in the fourth quarter valued at approximately $369,974,000. Renaissance Technologies LLC grew its position in 3M by 1,889.1% in the first quarter. Renaissance Technologies LLC now owns 1,356,600 shares of the conglomerate's stock valued at $201,971,000 after acquiring an additional 1,288,400 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in 3M by 9.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 13,132,871 shares of the conglomerate's stock valued at $1,567,502,000 after acquiring an additional 1,116,821 shares in the last quarter. Finally, Nuance Investments LLC grew its position in 3M by 43.2% in the first quarter. Nuance Investments LLC now owns 2,932,424 shares of the conglomerate's stock valued at $308,227,000 after acquiring an additional 884,046 shares in the last quarter. Institutional investors and hedge funds own 64.60% of the company's stock.

MMM traded up $0.45 during trading hours on Friday, hitting $98.95. 2,182,574 shares of the stock were exchanged, compared to its average volume of 3,542,671. The stock has a 50-day simple moving average of $102.92 and a 200-day simple moving average of $103.85. 3M has a 12 month low of $92.38 and a 12 month high of $144.01. The stock has a market cap of $54.62 billion, a price-to-earnings ratio of -34.86, a price-to-earnings-growth ratio of 1.55 and a beta of 0.96. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.44 and a quick ratio of 0.96.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings data on Tuesday, July 25th. The conglomerate reported $2.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.44. The firm had revenue of $7.99 billion for the quarter, compared to analysts' expectations of $7.88 billion. 3M had a positive return on equity of 38.99% and a negative net margin of 4.43%. The firm's revenue for the quarter was down 8.1% on a year-over-year basis. During the same period last year, the business posted $2.48 earnings per share. Analysts anticipate that 3M will post 8.95 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 12th. Shareholders of record on Monday, August 21st will be paid a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 6.06%. The ex-dividend date of this dividend is Friday, August 18th. 3M's payout ratio is -211.27%.

Several brokerages have issued reports on MMM. Bank of America raised shares of 3M from an "underperform" rating to a "neutral" rating and set a $110.00 price objective for the company in a research report on Tuesday, July 11th. VNET Group reissued a "maintains" rating on shares of 3M in a research report on Tuesday, June 27th. UBS Group raised their price target on shares of 3M from $95.00 to $115.00 in a research report on Tuesday, July 25th. Wells Fargo & Company decreased their price target on shares of 3M from $110.00 to $100.00 in a research report on Monday, July 10th. Finally, Barclays raised their price target on shares of 3M from $93.00 to $96.00 in a research report on Wednesday, July 26th. Two investment analysts have rated the stock with a sell rating and nine have given a hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $112.27.

Check Out Our Latest Analysis on 3M

3M Company provides diversified technology services in the United States and internationally. The company operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.

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