Healthcare of Ontario Pension Plan Trust Fund Lowers Stock Position in 3M (NYSE:MMM)

Posted by Defense World Staff on Mar 2nd, 2023

3M logo Healthcare of Ontario Pension Plan Trust Fund lowered its position in 3M (NYSE:MMM – Get Rating) by 36.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,294 shares of the conglomerate’s stock after selling 2,487 shares during the period. Healthcare of Ontario Pension Plan Trust Fund’s holdings in 3M were worth $474,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in MMM. Markel Corp increased its holdings in 3M by 6.5% during the first quarter. Markel Corp now owns 269,750 shares of the conglomerate’s stock worth $40,161,000 after buying an additional 16,550 shares during the last quarter. Axiom Financial Strategies LLC increased its holdings in 3M by 5.3% during the first quarter. Axiom Financial Strategies LLC now owns 6,513 shares of the conglomerate’s stock worth $942,000 after buying an additional 326 shares during the last quarter. Dakota Wealth Management purchased a new stake in 3M during the first quarter worth about $246,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its holdings in 3M by 17.6% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 6,532 shares of the conglomerate’s stock worth $972,000 after buying an additional 977 shares during the last quarter. Finally, Covestor Ltd increased its holdings in 3M by 73.0% during the first quarter. Covestor Ltd now owns 1,275 shares of the conglomerate’s stock worth $190,000 after buying an additional 538 shares during the last quarter. Hedge funds and other institutional investors own 65.61% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on MMM shares. UBS Group decreased their price objective on shares of 3M from $124.00 to $115.00 in a report on Wednesday, January 25th. Mizuho cut their target price on shares of 3M from $130.00 to $120.00 and set a “neutral” rating for the company in a research report on Thursday, January 26th. Wells Fargo & Company cut their target price on shares of 3M from $125.00 to $115.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 25th. Citigroup increased their target price on shares of 3M from $117.00 to $126.00 and gave the stock a “neutral” rating in a research report on Friday, December 9th. Finally, Barclays cut their target price on shares of 3M from $130.00 to $122.00 and set an “underweight” rating for the company in a research report on Wednesday, January 25th. Three equities research analysts have rated the stock with a sell rating and ten have issued a hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $125.92.

3M Trading Up 2.3 %

Shares of 3M stock opened at $110.21 on Thursday. 3M has a 1 year low of $106.76 and a 1 year high of $154.66. The firm has a market cap of $60.67 billion, a PE ratio of 10.86, a PEG ratio of 1.32 and a beta of 0.96. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.54 and a quick ratio of 0.98. The company has a 50 day simple moving average of $117.97 and a two-hundred day simple moving average of $121.57.

3M (NYSE:MMM – Get Rating) last announced its earnings results on Tuesday, January 24th. The conglomerate reported $2.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.34 by ($0.06). 3M had a net margin of 16.88% and a return on equity of 39.72%. The company had revenue of $8.10 billion for the quarter, compared to the consensus estimate of $8.09 billion. During the same quarter in the previous year, the firm earned $2.31 earnings per share. The company’s revenue for the quarter was down 5.9% compared to the same quarter last year. Analysts expect that 3M will post 8.64 earnings per share for the current fiscal year.

3M Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Sunday, March 12th. Shareholders of record on Friday, February 17th will be paid a dividend of $1.50 per share. The ex-dividend date of this dividend is Thursday, February 16th. This is an increase from 3M’s previous quarterly dividend of $1.49. This represents a $6.00 annualized dividend and a dividend yield of 5.44%. 3M’s dividend payout ratio (DPR) is 59.11%.

About 3M

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3M Co is a technology company, which manufactures industrial, safety, and consumer products. It operates through the following segments: Safety and Industrial, Transportation and Electronics, Health Care, Consumer, and Corporate and Unallocated. The Safety and Industrial segment consists of personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules.