3M (NYSE:MMM) Shares Bought by Cibc World Markets Corp

Cibc World Markets Corp grew its position in shares of 3M (NYSE:MMM) by 3.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 227,529 shares of the conglomerate’s stock after acquiring an additional 8,152 shares during the quarter. Cibc World Markets Corp’s holdings in 3M were worth $29,372,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Arbor Capital Management Inc. ADV increased its stake in 3M by 1.1% during the fourth quarter. Arbor Capital Management Inc. ADV now owns 17,725 shares of the conglomerate’s stock worth $2,288,000 after acquiring an additional 187 shares during the last quarter. Glenview Trust co increased its stake in 3M by 2.3% during the fourth quarter. Glenview Trust co now owns 35,175 shares of the conglomerate’s stock worth $4,541,000 after acquiring an additional 790 shares during the last quarter. Choate Investment Advisors increased its stake in 3M by 14.7% during the fourth quarter. Choate Investment Advisors now owns 20,902 shares of the conglomerate’s stock worth $2,698,000 after acquiring an additional 2,672 shares during the last quarter. Van Strum & Towne Inc. increased its stake in 3M by 30.9% during the fourth quarter. Van Strum & Towne Inc. now owns 2,120 shares of the conglomerate’s stock worth $274,000 after acquiring an additional 500 shares during the last quarter. Finally, Copperwynd Financial LLC increased its stake in 3M by 6.7% during the fourth quarter. Copperwynd Financial LLC now owns 19,139 shares of the conglomerate’s stock worth $2,471,000 after acquiring an additional 1,204 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on MMM shares. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a research report on Friday, March 7th. Royal Bank of Canada reaffirmed an “underperform” rating and issued a $96.00 target price on shares of 3M in a research report on Thursday, February 27th. Barclays upped their target price on 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Wells Fargo & Company raised 3M from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. upped their target price on 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $149.13.

Insider Transactions at 3M

In related news, insider Christian T. Goralski, Jr. sold 6,318 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $149.43, for a total value of $944,098.74. Following the sale, the insider now owns 5,024 shares of the company’s stock, valued at approximately $750,736.32. This trade represents a 55.70 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Theresa E. Reinseth sold 2,309 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $149.95, for a total value of $346,234.55. Following the completion of the sale, the chief accounting officer now directly owns 4,417 shares in the company, valued at approximately $662,329.15. This trade represents a 34.33 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 113,639 shares of company stock worth $17,163,446. 0.38% of the stock is currently owned by corporate insiders.

3M Price Performance

Shares of MMM opened at $150.58 on Monday. The firm has a market cap of $81.75 billion, a price-to-earnings ratio of 19.94, a PEG ratio of 3.30 and a beta of 0.97. The stock has a 50 day moving average of $146.42 and a 200-day moving average of $136.90. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. 3M has a 52 week low of $85.62 and a 52 week high of $156.35.

3M (NYSE:MMM) last issued its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, topping the consensus estimate of $1.66 by $0.02. The company had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. The business’s revenue was down 25.0% on a year-over-year basis. During the same quarter last year, the firm earned $2.42 EPS. As a group, analysts forecast that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were given a $0.73 dividend. This is a positive change from 3M’s previous quarterly dividend of $0.70. The ex-dividend date was Friday, February 14th. This represents a $2.92 annualized dividend and a dividend yield of 1.94%. 3M’s dividend payout ratio (DPR) is presently 38.68%.

About 3M

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.