The Vanguard Group, Inc. recently announced the acquisition of new stake in 3M Co. (NYSE:MMM). The institutional investor has increased its shareholding in the Industrials company by 0.63% to 46.73 million shares with purchase of 0.29 million shares. This fresh investment now brings its stake to 8.46% valued currently at $4.25 billion. In addition, SSgA Funds Management, Inc. raised its holdings by 1.9 million to 35.21 million shares. And BlackRock Fund Advisors has lifted its position by 0.61% or 0.16 million shares – to 26.13 million shares.
With over 4.65 million 3M Co. (MMM) shares trading Tuesday and a closing price of $102.56 on the day, the dollar volume was approximately $476.63 million. The shares have shown a negative half year performance of -0.18% and its price on 12/12/23 lost nearly -0.58%. Currently, there are 552.32M common shares owned by the public and among those 551.77M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 19 analysts who have offered their price forecasts for MMM have a consensus price objective of $107.03. The analysts have set the share’s price value over the next 12 months at a high of $122.00 and a low of $83.00. The average price target is 4.18% above its recent price level and a downside to the estimated low will see the stock lose -23.57% over that period. But an upside of 15.93% will see the stock hit the forecast high price target while median target price for the stock is $107.00.
Insiders at the company have transacted a total of 59 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 33 of these insider trades were purchases, accounting for 60,129 shares. Insider sales of the common stock occurred on 26 occasions, with total insider shares sold totaling 47,620 shares.
The top 3 mutual fund holders in 3M Co. are Vanguard Total Stock Market ETF, Vanguard 500 Index Fund, and Schwab US Dividend Equity ETF. Vanguard Total Stock Market ETF owns 17.3 million shares of the company’s stock, all valued at over $1.57 billion. The company sold -0.13 million shares recently to bring their total holdings to about 3.13% of the shares outstanding. Vanguard 500 Index Fund bought 66623.0 shares to see its total holdings expand to 13.33 million shares valued at over $1.21 billion and representing 2.41% of the shares outstanding. Schwab US Dividend Equity ETF now owns shares totaling to 1.60% of the shares outstanding.
Shares of 3M Co. (NYSE: MMM) opened at $103.59, up $0.43 from a prior closing price of $103.16. However, the script later moved the day high at 103.72, down -0.58%. The company’s stock has a 5-day price change of 0.86% and 1.49% over the past three months. MMM shares are trading -14.48% year to date (YTD), with the 12-month market performance down to -18.45% lower. It has a 12-month low price of $85.35 and touched a high of $130.02 over the same period. MMM has an average intraday trading volume of 3.59 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 4.31%, 9.99%, and 2.28% respectively.
Institutional ownership of 3M Co. (NYSE: MMM) shares accounts for 66.54% of the company’s 552.32M shares outstanding. Mutual fund holders own 32.78%, while other institutional holders and individual stakeholders account for 34.08% and 0.50% respectively.
It has a market capitalization of $56.65B and a beta (3y monthly) value of 1.00. The earnings-per-share (ttm) stands at -$13.35. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.55% over the week and 1.63% over the month.
The lowest estimate earnings-per-share for the quarter is $0 while analysts give the company a high EPS estimate of $0. Earnings per share for the fiscal year are expected to decrease by -9.74%, and 8.21% over the next financial year. EPS should shrink at an annualized rate of 1.77% over the next five years, compared to 5.12% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 19 brokerage firm advisors rate 3M Co. (MMM) as a “Hold” at a consensus score of 3.05. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 15 of the 19 advise that investors “hold,” and 2 rated it as a “Sell.”
Looking at the support for the MMM, a number of firms have released research notes about the stock. Barclays stated their Equal Weight rating for the stock in a research note on December 04, 2023, with the firm’s price target at $98-$107.
