CIBC Asset Management Inc Raises Position in 3M (NYSE:MMM)

CIBC Asset Management Inc increased its holdings in 3M (NYSE:MMM) by 1.6% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 95,753 shares of the conglomerate’s stock after buying an additional 1,500 shares during the period. CIBC Asset Management Inc’s holdings in 3M were worth $12,361,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in MMM. Financial Life Planners purchased a new stake in shares of 3M in the fourth quarter worth $25,000. FSA Wealth Management LLC purchased a new stake in shares of 3M in the third quarter worth $27,000. Daymark Wealth Partners LLC raised its position in shares of 3M by 9.0% in the fourth quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate’s stock worth $31,000 after buying an additional 19,552 shares in the last quarter. ORG Partners LLC raised its position in shares of 3M by 44.1% in the fourth quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock worth $41,000 after buying an additional 98 shares in the last quarter. Finally, True Wealth Design LLC raised its position in shares of 3M by 2,466.7% in the third quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock worth $42,000 after buying an additional 296 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Stock Up 0.2 %

Shares of NYSE:MMM opened at $148.85 on Wednesday. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. The stock has a market capitalization of $80.81 billion, a P/E ratio of 19.71, a price-to-earnings-growth ratio of 3.37 and a beta of 0.96. 3M has a 12-month low of $75.40 and a 12-month high of $155.00. The stock’s 50-day moving average price is $139.15 and its 200-day moving average price is $134.03.

3M (NYSE:MMM) last posted its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.66 by $0.02. The company had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. 3M’s quarterly revenue was down 25.0% on a year-over-year basis. During the same period last year, the firm earned $2.42 earnings per share. On average, equities analysts anticipate that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 14th will be paid a $0.73 dividend. The ex-dividend date of this dividend is Friday, February 14th. This is a boost from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a dividend yield of 1.96%. 3M’s dividend payout ratio (DPR) is presently 38.68%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Bank of America raised their price target on 3M from $160.00 to $175.00 and gave the company a “buy” rating in a research report on Wednesday, January 22nd. Citigroup raised their price target on 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. raised their price target on 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, January 22nd. Barclays raised their price target on 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, January 22nd. Finally, Melius Research upgraded 3M from a “hold” rating to a “buy” rating and set a $180.00 price target on the stock in a research report on Tuesday, October 22nd. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $148.87.

Insider Buying and Selling

In other 3M news, insider Christian T. Goralski, Jr. sold 6,318 shares of 3M stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $149.43, for a total transaction of $944,098.74. Following the sale, the insider now directly owns 5,024 shares of the company’s stock, valued at approximately $750,736.32. The trade was a 55.70 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Victoria Clarke sold 1,750 shares of 3M stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $154.22, for a total value of $269,885.00. Following the sale, the executive vice president now directly owns 194 shares in the company, valued at approximately $29,918.68. The trade was a 90.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 113,639 shares of company stock valued at $17,163,446 over the last ninety days. 0.34% of the stock is owned by insiders.

3M 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.