CIBC Asset Management Inc decreased its holdings in shares of 3M Co (NYSE:MMM) by 34.7% during the 4th quarter, HoldingsChannel reports. The fund owned 57,804 shares of the conglomerate’s stock after selling 30,688 shares during the period. CIBC Asset Management Inc’s holdings in 3M were worth $13,605,000 as of its most recent SEC filing.
Other large investors have also bought and sold shares of the company. Lenox Wealth Advisors Inc. lifted its holdings in shares of 3M by 16,300.0% during the 4th quarter. Lenox Wealth Advisors Inc. now owns 492 shares of the conglomerate’s stock valued at $116,000 after acquiring an additional 489 shares in the last quarter. Horan Capital Management acquired a new position in shares of 3M during the 4th quarter valued at $123,000. Hoertkorn Richard Charles acquired a new position in shares of 3M during the 3rd quarter valued at $126,000. Sawyer & Company Inc acquired a new position in shares of 3M during the 4th quarter valued at $138,000. Finally, Field & Main Bank acquired a new position in shares of 3M during the 4th quarter valued at $140,000. Institutional investors and hedge funds own 66.09% of the company’s stock.
Several equities analysts recently weighed in on the stock. Deutsche Bank upgraded shares of 3M from a “hold” rating to a “buy” rating and lifted their target price for the company from $240.00 to $275.00 in a report on Tuesday. Vetr upgraded shares of 3M from a “buy” rating to a “strong-buy” rating and set a $254.92 target price on the stock in a report on Monday. Zacks Investment Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $290.00 target price on the stock in a report on Tuesday, January 30th. Royal Bank of Canada restated a “hold” rating and set a $254.00 target price on shares of 3M in a report on Thursday, January 25th. Finally, Hilliard Lyons upgraded shares of 3M from a “neutral” rating to a “buy” rating and set a $285.00 target price on the stock in a report on Wednesday, January 24th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. 3M currently has a consensus rating of “Hold” and a consensus target price of $252.12.
Shares of 3M Co (NYSE MMM) opened at $232.00 on Thursday. 3M Co has a one year low of $180.15 and a one year high of $259.77. The stock has a market cap of $138,180.00, a price-to-earnings ratio of 29.26, a P/E/G ratio of 2.13 and a beta of 1.08. The company has a current ratio of 1.86, a quick ratio of 1.33 and a debt-to-equity ratio of 1.04.
3M (NYSE:MMM) last released its quarterly earnings results on Thursday, January 25th. The conglomerate reported $2.10 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.03 by $0.07. 3M had a net margin of 15.35% and a return on equity of 48.34%. The firm had revenue of $7.99 billion for the quarter, compared to the consensus estimate of $7.85 billion. During the same quarter in the previous year, the firm posted $1.88 EPS. The firm’s quarterly revenue was up 9.0% on a year-over-year basis. analysts expect that 3M Co will post 10.6 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, March 12th. Investors of record on Friday, February 16th will be paid a dividend of $1.36 per share. This is an increase from 3M’s previous quarterly dividend of $0.01. The ex-dividend date of this dividend is Thursday, February 15th. This represents a $5.44 annualized dividend and a yield of 2.34%. 3M’s payout ratio is 59.27%.
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, , 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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