Canada Pension Plan Investment Board Grows Stock Position in 3M (NYSE:MMM)

Canada Pension Plan Investment Board increased its holdings in 3M (NYSE:MMM) by 7.5% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 489,502 shares of the conglomerate’s stock after acquiring an additional 34,081 shares during the period. Canada Pension Plan Investment Board owned approximately 0.09% of 3M worth $50,022,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MMM. Brighton Jones LLC raised its holdings in 3M by 1.8% in the 2nd quarter. Brighton Jones LLC now owns 8,856 shares of the conglomerate’s stock valued at $905,000 after buying an additional 157 shares during the period. Intech Investment Management LLC raised its stake in shares of 3M by 17.6% in the 2nd quarter. Intech Investment Management LLC now owns 34,758 shares of the conglomerate’s stock valued at $3,552,000 after acquiring an additional 5,205 shares during the period. Burgundy Asset Management Ltd. lifted its holdings in shares of 3M by 88.9% in the 2nd quarter. Burgundy Asset Management Ltd. now owns 85,000 shares of the conglomerate’s stock worth $8,686,000 after acquiring an additional 40,000 shares during the last quarter. XTX Topco Ltd increased its holdings in 3M by 56.1% in the 2nd quarter. XTX Topco Ltd now owns 39,737 shares of the conglomerate’s stock valued at $4,061,000 after purchasing an additional 14,278 shares during the last quarter. Finally, Mark Sheptoff Financial Planning LLC lifted its stake in 3M by 606.3% during the second quarter. Mark Sheptoff Financial Planning LLC now owns 8,038 shares of the conglomerate’s stock worth $821,000 after purchasing an additional 6,900 shares in the last quarter. 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 stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the sale, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction 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 transaction, the chairman now owns 174,036 shares of the company’s stock, valued at $21,486,484.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Theresa E. Reinseth sold 2,100 shares of the 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 completion of the transaction, the chief financial officer now owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by insiders.

3M Trading Up 0.7 %

NYSE:MMM opened at $134.77 on Friday. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95. 3M has a 52-week low of $71.12 and a 52-week high of $135.32. The stock’s 50 day moving average price is $124.63 and its 200 day moving average price is $107.91. The company has a market capitalization of $74.58 billion, a PE ratio of -10.60, a P/E/G ratio of 2.41 and a beta of 0.95.

3M (NYSE:MMM) last announced its earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, beating analysts’ consensus estimates of $1.68 by $0.25. The business had revenue of $6.26 billion for the quarter, compared to analysts’ expectations of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same period in the previous year, the company posted $2.17 EPS. On average, research analysts anticipate that 3M will post 7.22 EPS for the current year.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s dividend payout ratio is currently -22.01%.

Analysts Set New Price Targets

Several analysts have recently issued reports on MMM shares. Royal Bank of Canada increased their price target on shares of 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a research report on Monday, July 29th. Wells Fargo & Company boosted their price objective on 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 10th. Bank of America lifted their price target on shares of 3M from $120.00 to $143.00 and gave the stock a “buy” 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 objective for the company in a research report on Tuesday, July 30th. Finally, StockNews.com lowered 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Two equities 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 stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $124.43.

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.