CIBC Asset Management Inc Decreases Stock Holdings in 3M (NYSE:MMM)

CIBC Asset Management Inc decreased its holdings in shares of 3M (NYSE:MMM) by 4.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 88,439 shares of the conglomerate’s stock after selling 4,450 shares during the quarter. CIBC Asset Management Inc’s holdings in 3M were worth $9,038,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Verus Capital Partners LLC raised its stake in shares of 3M by 5.5% in the second quarter. Verus Capital Partners LLC now owns 6,003 shares of the conglomerate’s stock valued at $613,000 after acquiring an additional 315 shares during the period. Stiles Financial Services Inc purchased a new stake in shares of 3M in the second quarter valued at $313,000. Natixis Advisors LLC raised its stake in shares of 3M by 28.5% in the second quarter. Natixis Advisors LLC now owns 106,632 shares of the conglomerate’s stock valued at $10,897,000 after acquiring an additional 23,665 shares during the period. Waterfront Wealth Inc. purchased a new stake in shares of 3M in the second quarter valued at $837,000. Finally, D.A. Davidson & CO. raised its stake in shares of 3M by 8.8% in the second quarter. D.A. Davidson & CO. now owns 125,912 shares of the conglomerate’s stock valued at $12,867,000 after acquiring an additional 10,177 shares during the period. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on MMM shares. Wolfe Research raised shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 target price on the stock in a research note on Thursday, June 13th. Royal Bank of Canada raised their price target 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. 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. Deutsche Bank Aktiengesellschaft raised shares of 3M from a “hold” rating to a “buy” rating and raised their price target for the stock from $110.00 to $150.00 in a research note on Monday, July 29th. Finally, Wells Fargo & Company raised their price target on shares of 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat, 3M presently has a consensus rating of “Moderate Buy” and a consensus target price of $124.38.

3M Stock Down 2.9 %

NYSE:MMM opened at $130.85 on Wednesday. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $134.99. The stock has a market capitalization of $72.41 billion, a P/E ratio of -10.29, a P/E/G ratio of 2.49 and a beta of 0.95. The company has a debt-to-equity ratio of 2.95, a quick ratio of 1.08 and a current ratio of 1.36. The company’s 50-day simple moving average is $116.77 and its 200-day simple moving average is $104.35.

3M (NYSE:MMM) last released its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, beating analysts’ consensus estimates of $1.68 by $0.25. 3M had a net margin of 3.08% and a return on equity of 112.92%. The business had revenue of $6.26 billion for the quarter, compared to analysts’ expectations of $5.85 billion. During the same period last year, the business earned $2.17 EPS. On average, equities analysts anticipate that 3M will post 7.2 earnings per share for the current fiscal year.

3M Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Monday, August 26th will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date is Monday, August 26th. 3M’s dividend payout ratio is currently -22.01%.

Insider Activity

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

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.