BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Increases Holdings in 3M (NYSE:MMM)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in 3M (NYSE:MMM) by 60.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 105,867 shares of the conglomerate’s stock after buying an additional 39,717 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in 3M were worth $10,819,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Ausdal Financial Partners Inc. increased its stake in shares of 3M by 6.7% in the second quarter. Ausdal Financial Partners Inc. now owns 3,991 shares of the conglomerate’s stock worth $408,000 after acquiring an additional 249 shares during the period. Candriam S.C.A. raised its stake in shares of 3M by 19.2% during the 2nd quarter. Candriam S.C.A. now owns 38,469 shares of the conglomerate’s stock valued at $3,931,000 after buying an additional 6,185 shares during the last quarter. True Vision MN LLC acquired a new position in shares of 3M in the 2nd quarter valued at about $512,000. Jade Capital Advisors LLC purchased a new stake in shares of 3M in the fourth quarter worth about $4,373,000. Finally, Scarborough Advisors LLC acquired a new stake in 3M during the fourth quarter worth about $978,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

Insider Activity at 3M

In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the transaction, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value of $700,635.50. Following the sale, the chairman now directly owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total transaction of $260,652.00. Following the transaction, the chief financial officer now owns 4,364 shares in the company, valued at $541,659.68. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

3M Price Performance

Shares of NYSE:MMM opened at $136.62 on Thursday. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08. 3M has a 12 month low of $71.12 and a 12 month high of $137.94. The firm has a market capitalization of $75.60 billion, a P/E ratio of -10.74, a P/E/G ratio of 2.51 and a beta of 0.95. The company’s fifty day moving average price is $125.97 and its 200 day moving average price is $108.63.

3M (NYSE:MMM) last posted its earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.68 by $0.25. The business had revenue of $6.26 billion during the quarter, compared to the consensus estimate of $5.85 billion. 3M had a return on equity of 112.92% and a net margin of 3.08%. During the same period in the previous year, the business earned $2.17 EPS. As a group, sell-side analysts predict that 3M will post 7.22 earnings per share for the current fiscal year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were issued a $0.70 dividend. The ex-dividend date was Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.05%. 3M’s dividend payout ratio is presently -22.01%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Argus raised shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price target on the stock in a research note on Tuesday, July 30th. Wells Fargo & Company raised their target price on 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 10th. Citigroup boosted their price target on 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Royal Bank of Canada lifted their target price on shares of 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a research note on Monday, July 29th. Finally, Barclays increased their target price on shares of 3M from $120.00 to $145.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $124.43.

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.