3M (NYSE:MMM) Stock Position Lowered by Eastern Bank

Posted by on Apr 3rd, 2023

Eastern Bank lessened its position in 3M (NYSE:MMM – Get Rating) by 2.6% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 4,367 shares of the conglomerate’s stock after selling 116 shares during the quarter. Eastern Bank’s holdings in 3M were worth $524,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in MMM. State Street Corp lifted its position in 3M by 0.3% in the 2nd quarter. State Street Corp now owns 32,685,523 shares of the conglomerate’s stock worth $4,229,834,000 after buying an additional 94,802 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in 3M by 7.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 11,315,417 shares of the conglomerate’s stock worth $1,684,639,000 after buying an additional 758,126 shares in the last quarter. Northern Trust Corp lifted its position in 3M by 0.6% in the 1st quarter. Northern Trust Corp now owns 7,413,149 shares of the conglomerate’s stock worth $1,103,670,000 after buying an additional 44,714 shares in the last quarter. Fisher Asset Management LLC lifted its position in 3M by 2.7% in the 3rd quarter. Fisher Asset Management LLC now owns 6,363,356 shares of the conglomerate’s stock worth $703,151,000 after buying an additional 167,594 shares in the last quarter. Finally, Legal & General Group Plc lifted its position in 3M by 3.5% in the 2nd quarter. Legal & General Group Plc now owns 4,557,863 shares of the conglomerate’s stock worth $589,837,000 after buying an additional 155,110 shares in the last quarter. Hedge funds and other institutional investors own 65.61% of the company’s stock.

3M Stock Performance

NYSE MMM opened at $105.11 on Monday. 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 firm has a market capitalization of $57.97 billion, a price-to-earnings ratio of 10.36, a P/E/G ratio of 1.28 and a beta of 0.96. The company’s fifty day moving average is $109.55 and its two-hundred day moving average is $117.31. 3M has a 52-week low of $100.16 and a 52-week high of $154.66.

3M (NYSE:MMM – Get Rating) last posted its quarterly 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). The company had revenue of $8.10 billion during the quarter, compared to analyst estimates of $8.09 billion. 3M had a return on equity of 39.72% and a net margin of 16.88%. The business’s revenue for the quarter was down 5.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.31 earnings per share. Equities research analysts forecast that 3M will post 8.65 EPS for the current year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, March 12th. Shareholders of record on Friday, February 17th were given a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 5.71%. This is a positive change from 3M’s previous quarterly dividend of $1.49. The ex-dividend date was Thursday, February 16th. 3M’s dividend payout ratio (DPR) is currently 59.11%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on MMM shares. StockNews.com started coverage on shares of 3M in a research report on Thursday, March 16th. They issued a “hold” rating for the company. Citigroup increased their price target on shares of 3M from $117.00 to $126.00 and gave the stock a “neutral” rating in a research note on Friday, December 9th. Royal Bank of Canada increased their price target on shares of 3M from $143.00 to $148.00 and gave the stock a “sector perform” rating in a research note on Thursday. Barclays dropped their price target on shares of 3M from $122.00 to $105.00 and set an “underweight” rating on the stock in a research note on Wednesday, March 22nd. Finally, UBS Group dropped their price target on shares of 3M from $124.00 to $115.00 in a research note on Wednesday, January 25th. Two analysts have rated the stock with a sell rating and ten have given a hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $127.85.

3M Company Profile

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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.

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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