Desjardins Global Asset Management Inc. Has $355,000 Holdings in 3M (NYSE:MMM)

Desjardins Global Asset Management Inc. cut its holdings in 3M (NYSE:MMM) by 40.9% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,248 shares of the conglomerate’s stock after selling 2,244 shares during the period. Desjardins Global Asset Management Inc.’s holdings in 3M were worth $355,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the business. Markel Corp raised its holdings in 3M by 6.5% during the 1st quarter. Markel Corp now owns 269,750 shares of the conglomerate’s stock worth $40,161,000 after purchasing an additional 16,550 shares during the last quarter. Axiom Financial Strategies LLC grew its position in shares of 3M by 5.3% during the 1st 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 period. Dakota Wealth Management acquired a new stake in shares of 3M during the 1st quarter worth approximately $246,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its position in shares of 3M by 17.6% during the 1st 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 period. Finally, Covestor Ltd grew its position in shares of 3M by 73.0% during the 1st quarter. Covestor Ltd now owns 1,275 shares of the conglomerate’s stock worth $190,000 after buying an additional 538 shares during the period. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at 3M

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total transaction of $39,328.32. Following the sale, the insider now directly owns 3,966 shares in the company, valued at approximately $366,141.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

MMM has been the subject of several recent analyst reports. JPMorgan Chase & Co. reduced their price objective on shares of 3M from $118.00 to $110.00 and set a “neutral” rating for the company in a research report on Wednesday. Barclays reduced their price objective on shares of 3M from $126.00 to $107.00 and set an “overweight” rating for the company in a research report on Tuesday, April 2nd. Wells Fargo & Company reduced their price target on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 24th. Mizuho reissued a “neutral” rating and issued a $105.00 price target on shares of 3M in a research report on Wednesday, March 27th. Finally, Citigroup lifted their price target on shares of 3M from $95.31 to $98.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, 3M has a consensus rating of “Hold” and a consensus price target of $104.00.

3M Price Performance

MMM opened at $91.48 on Friday. 3M has a 1 year low of $71.12 and a 1 year high of $95.67. The company has a quick ratio of 0.76, a current ratio of 1.07 and a debt-to-equity ratio of 2.69. The firm’s fifty day moving average price is $95.77 and its two-hundred day moving average price is $97.22.

3M (NYSE:MMM) last released its earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 EPS for the quarter, topping analysts’ consensus estimates of $2.31 by $0.11. The company had revenue of $8.01 billion for the quarter, compared to analysts’ expectations of $7.69 billion. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The business’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period in the previous year, the business posted $2.28 EPS. On average, equities analysts anticipate that 3M will post 8.79 EPS for the current year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were paid a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a dividend yield of 6.60%. This is a boost from 3M’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s payout ratio is presently -47.82%.

3M Company Profile

3M Company provides diversified technology services in the United States and internationally. The company's Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.