MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH Decreases Stock Holdings in 3M (NYSE:MMM)

MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH trimmed its position in shares of 3M (NYSE:MMM) by 97.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 866 shares of the conglomerate’s stock after selling 31,347 shares during the period. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH’s holdings in 3M were worth $92,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of MMM. Vanguard Group Inc. grew its position in shares of 3M by 0.7% during the third quarter. Vanguard Group Inc. now owns 49,033,679 shares of the conglomerate’s stock worth $4,590,533,000 after buying an additional 317,483 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in 3M by 0.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 12,080,578 shares of the conglomerate’s stock valued at $1,320,649,000 after acquiring an additional 43,732 shares during the last quarter. Norges Bank acquired a new position in 3M during the 4th quarter worth $502,585,000. Pacer Advisors Inc. grew its holdings in 3M by 1,273.9% during the 4th quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate’s stock worth $413,637,000 after acquiring an additional 3,508,334 shares in the last quarter. Finally, Balyasny Asset Management L.P. increased its position in shares of 3M by 313.8% in the 4th quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate’s stock worth $289,803,000 after purchasing an additional 2,010,319 shares during the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MMM has been the subject of a number of research reports. HSBC upgraded 3M from a “hold” rating to a “buy” rating and lifted their price target for the stock from $91.13 to $115.00 in a research note on Friday, May 10th. Royal Bank of Canada lifted their target price on 3M from $78.00 to $87.00 and gave the stock an “underperform” rating in a research report on Wednesday, May 1st. JPMorgan Chase & Co. raised 3M from a “neutral” rating to an “overweight” rating and upped their price target for the company from $110.00 to $111.00 in a research report on Wednesday, May 1st. Bank of America raised shares of 3M from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $105.00 to $120.00 in a report on Friday, June 7th. Finally, Wolfe Research raised shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 target price on the stock in a report on Thursday, June 13th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, 3M presently has a consensus rating of “Hold” and an average target price of $111.58.

3M Stock Performance

Shares of MMM stock opened at $101.62 on Wednesday. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $106.04. The stock’s 50-day moving average is $99.39 and its two-hundred day moving average is $99.18. The company has a debt-to-equity ratio of 4.17, a current ratio of 1.64 and a quick ratio of 1.27. The firm has a market cap of $56.23 billion, a P/E ratio of -7.99, a PEG ratio of 1.90 and a beta of 0.95.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, April 30th. The conglomerate reported $2.39 EPS for the quarter, topping analysts’ consensus estimates of $2.10 by $0.29. The firm had revenue of $8 billion for the quarter, compared to the consensus estimate of $7.64 billion. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. During the same quarter in the prior year, the company posted $1.97 earnings per share. Analysts predict that 3M will post 7.17 earnings per share for the current fiscal year.

3M Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Investors of record on Friday, May 24th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.76%. The ex-dividend date was Thursday, May 23rd. 3M’s dividend payout ratio is presently -22.01%.

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.