Canada Pension Plan Investment Board reduced its position in 3M Company (NYSE:MMM) by 71.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 64,482 shares of the conglomerate’s stock after selling 162,400 shares during the period. Canada Pension Plan Investment Board’s holdings in 3M were worth $13,425,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors also recently made changes to their positions in MMM. Reilly Financial Advisors LLC increased its holdings in shares of 3M by 3.9% in the first quarter. Reilly Financial Advisors LLC now owns 642 shares of the conglomerate’s stock worth $123,000 after purchasing an additional 24 shares during the last quarter. Proficio Capital Partners LLC grew its position in 3M by 156.0% in the first quarter. Proficio Capital Partners LLC now owns 663 shares of the conglomerate’s stock worth $131,000 after acquiring an additional 404 shares in the last quarter. Jackson Grant Investment Advisers Inc. grew its position in 3M by 0.6% in the first quarter. Jackson Grant Investment Advisers Inc. now owns 718 shares of the conglomerate’s stock worth $137,000 after acquiring an additional 4 shares in the last quarter. One Capital Management LLC purchased a new position in shares of 3M during the first quarter valued at approximately $202,000. Finally, FDO Partners LLC purchased a new position in shares of 3M during the first quarter valued at approximately $203,000. 66.31% of the stock is currently owned by institutional investors.
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Several analysts have recently weighed in on the stock. Royal Bank Of Canada reaffirmed a “hold” rating and set a $209.00 price target on shares of 3M in a research note on Friday. Jefferies Group LLC reissued a “buy” rating and issued a $234.00 price objective on shares of 3M in a research note on Wednesday, August 16th. BidaskClub downgraded 3M from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 30th. Zacks Investment Research raised 3M from a “hold” rating to a “buy” rating and set a $223.00 price target on the stock in a research report on Friday, May 26th. Finally, Bank of America Corporation reissued a “buy” rating and set a $225.00 price objective (up from $208.00) on shares of 3M in a report on Tuesday, June 6th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $207.93.
3M Company (NYSE:MMM) traded up 0.91% during trading on Friday, hitting $213.35. 3,636,437 shares of the company were exchanged. The company has a 50-day moving average of $205.40 and a 200-day moving average of $200.88. 3M Company has a 12 month low of $163.85 and a 12 month high of $214.57. The company has a market capitalization of $127.32 billion, a price-to-earnings ratio of 24.34 and a beta of 1.08.
3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share for the quarter, missing the consensus estimate of $2.59 by ($0.01). 3M had a net margin of 17.65% and a return on equity of 47.83%. The business had revenue of $7.81 billion for the quarter, compared to the consensus estimate of $7.86 billion. During the same period in the previous year, the business posted $2.08 EPS. 3M’s revenue was up 1.9% compared to the same quarter last year. Analysts forecast that 3M Company will post $8.94 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 12th. Stockholders of record on Friday, August 25th were paid a $1.175 dividend. The ex-dividend date was Wednesday, August 23rd. This represents a $4.70 annualized dividend and a dividend yield of 2.20%. 3M’s payout ratio is 53.59%.
In related news, insider Frank R. Jr. Little sold 2,719 shares of 3M stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $206.03, for a total value of $560,195.57. Following the completion of the transaction, the insider now directly owns 9,010 shares of the company’s stock, valued at $1,856,330.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Eric D. Hammes sold 1,428 shares of 3M stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $206.66, for a total value of $295,110.48. Following the completion of the transaction, the vice president now directly owns 3,066 shares of the company’s stock, valued at $633,619.56. The disclosure for this sale can be found here. In the last 90 days, insiders sold 9,112 shares of company stock worth $1,878,890. 0.58% of the stock is currently owned by corporate insiders.
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.
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