Assenagon Asset Management S.A. Purchases 17,564 Shares of 3M (NYSE:MMM)

Assenagon Asset Management S.A. boosted its position in 3M (NYSE:MMM) by 78.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 40,029 shares of the conglomerate’s stock after acquiring an additional 17,564 shares during the period. Assenagon Asset Management S.A.’s holdings in 3M were worth $5,167,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Fifth Third Wealth Advisors LLC boosted its holdings in 3M by 21.5% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 8,791 shares of the conglomerate’s stock worth $1,135,000 after buying an additional 1,553 shares during the last quarter. Accurate Wealth Management LLC increased its position in shares of 3M by 1.9% during the 4th quarter. Accurate Wealth Management LLC now owns 8,585 shares of the conglomerate’s stock worth $1,127,000 after purchasing an additional 160 shares during the last quarter. Wynn Capital LLC increased its position in shares of 3M by 0.7% during the 4th quarter. Wynn Capital LLC now owns 11,690 shares of the conglomerate’s stock worth $1,509,000 after purchasing an additional 80 shares during the last quarter. 180 Wealth Advisors LLC boosted its stake in shares of 3M by 4.7% during the 4th quarter. 180 Wealth Advisors LLC now owns 6,538 shares of the conglomerate’s stock worth $844,000 after acquiring an additional 292 shares during the period. Finally, Tealwood Asset Management Inc. bought a new position in shares of 3M during the 4th quarter worth approximately $2,372,000. Institutional investors own 65.25% of the company’s stock.

3M Stock Performance

MMM stock opened at $141.02 on Tuesday. The firm has a market cap of $76.80 billion, a PE ratio of 17.81, a P/E/G ratio of 2.01 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. The business has a 50 day moving average of $131.24 and a 200-day moving average of $127.93. 3M has a 12-month low of $75.40 and a 12-month high of $141.66.

3M (NYSE:MMM) last announced 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. 3M had a return on equity of 104.66% and a net margin of 15.37%. The business had revenue of $6.29 billion during the quarter, compared to analyst estimates of $6.06 billion. During the same period in the prior year, the company earned $2.68 earnings per share. 3M’s revenue was down 24.3% compared to the same quarter last year. As a group, sell-side analysts expect that 3M will post 7.27 earnings per share for the current year.

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Friday, November 15th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 1.99%. The ex-dividend date of this dividend was Friday, November 15th. 3M’s dividend payout ratio (DPR) is 35.35%.

Analyst Upgrades and Downgrades

MMM has been the subject of several recent research reports. Melius Research upgraded 3M from a “hold” rating to a “buy” rating and set a $180.00 price target for the company in a research note on Tuesday, October 22nd. Barclays lowered their target price on 3M from $165.00 to $161.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th. Bank of America upped their price target on 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Wells Fargo & Company upped their price target on shares of 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Finally, UBS Group raised 3M from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $130.00 to $184.00 in a research note on Wednesday, November 13th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, 3M has an average rating of “Moderate Buy” and a consensus price target of $144.13.

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.