LGT Capital Partners LTD. Raises Position in 3M Co (MMM)

LGT Capital Partners LTD. boosted its stake in 3M Co (NYSE:MMM) by 2.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 102,074 shares of the conglomerate’s stock after buying an additional 2,676 shares during the quarter. 3M makes up approximately 1.6% of LGT Capital Partners LTD.’s portfolio, making the stock its 25th largest holding. LGT Capital Partners LTD.’s holdings in 3M were worth $19,449,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of MMM. IMS Capital Management purchased a new position in 3M in the 3rd quarter valued at about $108,000. Arlington Partners LLC lifted its stake in 3M by 177.8% in the 4th quarter. Arlington Partners LLC now owns 625 shares of the conglomerate’s stock valued at $119,000 after buying an additional 400 shares in the last quarter. Vectors Research Management LLC purchased a new position in 3M in the 3rd quarter valued at about $122,000. SRS Capital Advisors Inc. lifted its stake in 3M by 1,652.8% in the 2nd quarter. SRS Capital Advisors Inc. now owns 631 shares of the conglomerate’s stock valued at $124,000 after buying an additional 595 shares in the last quarter. Finally, Price Capital Management Inc. purchased a new position in 3M in the 3rd quarter valued at about $126,000. 66.17% of the stock is currently owned by hedge funds and other institutional investors.

A number of research analysts recently weighed in on MMM shares. Zacks Investment Research lowered shares of 3M from a “hold” rating to a “sell” rating in a research note on Thursday, December 13th. Deutsche Bank raised their target price on shares of 3M from $210.00 to $220.00 and gave the stock a “hold” rating in a research note on Friday, September 28th. Barclays decreased their target price on shares of 3M from $190.00 to $189.00 and set an “underweight” rating on the stock in a research note on Thursday, January 3rd. Credit Suisse Group initiated coverage on shares of 3M in a research note on Friday, October 12th. They issued an “outperform” rating and a $228.00 target price on the stock. Finally, Gordon Haskett initiated coverage on shares of 3M in a research note on Friday, October 12th. They issued a “buy” rating on the stock. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $224.30.

MMM traded down $0.67 during trading on Monday, reaching $191.54. The company’s stock had a trading volume of 178,966 shares, compared to its average volume of 2,491,366. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.97 and a quick ratio of 1.36. 3M Co has a 1 year low of $176.87 and a 1 year high of $259.77. The firm has a market capitalization of $111.97 billion, a price-to-earnings ratio of 20.89, a price-to-earnings-growth ratio of 1.75 and a beta of 1.14.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, October 23rd. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.70 by ($0.12). The firm had revenue of $8.15 billion for the quarter, compared to analyst estimates of $8.41 billion. 3M had a return on equity of 54.60% and a net margin of 13.79%. The firm’s quarterly revenue was down .2% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.33 EPS. On average, equities analysts anticipate that 3M Co will post 9.95 earnings per share for the current fiscal year.

3M announced that its Board of Directors has initiated a share buyback program on Tuesday, November 13th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the conglomerate to reacquire up to 8.7% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

In other news, Director Gregory R. Page purchased 1,000 shares of the business’s stock in a transaction dated Friday, October 26th. The stock was acquired at an average price of $184.50 per share, for a total transaction of $184,500.00. Following the acquisition, the director now directly owns 1,500 shares of the company’s stock, valued at $276,750. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.72% of the stock is owned by company insiders.

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3M Profile

3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.

Further Reading: What is the quiet period?

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

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