ProShare Advisors LLC Has $92.30 Million Holding in 3M Co (MMM)

ProShare Advisors LLC Has $92.30 Million Holding in 3M Co (MMM)

ProShare Advisors LLC boosted its position in shares of 3M Co (NYSE:MMM) by 1.1% during the first quarter, Holdings Channel reports. The firm owned 482,428 shares of the conglomerate’s stock after buying an additional 5,142 shares during the period. 3M accounts for about 1.0% of ProShare Advisors LLC’s portfolio, making the stock its 9th largest position. ProShare Advisors LLC’s holdings in 3M were worth $92,303,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Russell Investments Group Ltd. purchased a new position in 3M during the fourth quarter worth $156,002,000. Ameriprise Financial Inc. boosted its position in 3M by 69.6% in the third quarter. Ameriprise Financial Inc. now owns 1,789,729 shares of the conglomerate’s stock worth $315,408,000 after buying an additional 734,451 shares during the period. SG Americas Securities LLC boosted its position in 3M by 436.7% in the third quarter. SG Americas Securities LLC now owns 192,732 shares of the conglomerate’s stock worth $33,965,000 after buying an additional 249,971 shares during the period. Piedmont Investment Advisors LLC purchased a new position in 3M during the third quarter worth $21,489,000. Finally, Compagnie Lombard Odier SCmA boosted its position in 3M by 140.6% in the third quarter. Compagnie Lombard Odier SCmA now owns 122,790 shares of the conglomerate’s stock worth $21,637,000 after buying an additional 71,750 shares during the period. Institutional investors and hedge funds own 65.80% of the company’s stock.

Shares of 3M Co (MMM) opened at 206.70 on Friday. The company has a 50-day moving average of $196.98 and a 200-day moving average of $185.35. 3M Co has a 1-year low of $163.85 and a 1-year high of $207.39. The stock has a market capitalization of $123.45 billion, a price-to-earnings ratio of 25.00 and a beta of 1.04.

3M (NYSE:MMM) last announced its earnings results on Tuesday, April 25th. The conglomerate reported $2.16 EPS for the quarter, beating analysts’ consensus estimates of $2.07 by $0.09. 3M had a return on equity of 43.82% and a net margin of 16.77%. The company had revenue of $7.69 billion during the quarter, compared to analysts’ expectations of $7.48 billion. During the same period last year, the business posted $1.95 EPS. 3M’s revenue for the quarter was up 3.7% on a year-over-year basis. On average, equities research analysts expect that 3M Co will post $8.94 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, June 12th. Investors of record on Friday, May 19th will be issued a dividend of $1.175 per share. This represents a $4.70 dividend on an annualized basis and a yield of 2.27%. The ex-dividend date is Wednesday, May 17th. 3M’s dividend payout ratio (DPR) is 54.41%.

A number of analysts have recently issued reports on MMM shares. Zacks Investment Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $223.00 target price for the company in a research note on Friday, May 26th. Jefferies Group LLC boosted their target price on shares of 3M from $210.00 to $219.00 and gave the company a “buy” rating in a research note on Wednesday, April 19th. Barclays PLC reissued a “buy” rating on shares of 3M in a research note on Thursday, April 27th. Credit Suisse Group AG reissued a “buy” rating on shares of 3M in a research note on Thursday, April 27th. Finally, Royal Bank of Canada reissued a “hold” rating and set a $187.00 target price on shares of 3M in a research note on Sunday, March 12th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $193.11.

In related news, VP Marlene Mary Mcgrath sold 14,766 shares of the firm’s stock in a transaction dated Thursday, May 18th. The stock was sold at an average price of $194.88, for a total transaction of $2,877,598.08. Following the completion of the transaction, the vice president now directly owns 24,480 shares in the company, valued at approximately $4,770,662.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kimberly F. Price sold 3,016 shares of the firm’s stock in a transaction dated Thursday, May 4th. The shares were sold at an average price of $198.11, for a total value of $597,499.76. Following the transaction, the insider now owns 9,292 shares of the company’s stock, valued at $1,840,838.12. The disclosure for this sale can be found here. Insiders have sold a total of 33,698 shares of company stock valued at $6,593,443 over the last 90 days. 0.58% of the stock is currently owned by company insiders.

About 3M

3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “MMM”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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