CIBC World Markets Inc. Increases Position in 3M Co. (MMM)
CIBC World Markets Inc. increased its position in shares of 3M Co. (NYSE:MMM) by 5.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 81,913 shares of the company’s stock after buying an additional 3,988 shares during the period. CIBC World Markets Inc.’s holdings in 3M were worth $14,345,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Geode Capital Management LLC raised its position in shares of 3M by 5.0% in the first quarter. Geode Capital Management LLC now owns 5,330,612 shares of the company’s stock worth $886,575,000 after buying an additional 251,776 shares during the last quarter. TIAA CREF Investment Management LLC raised its position in shares of 3M by 1.2% in the first quarter. TIAA CREF Investment Management LLC now owns 5,008,441 shares of the company’s stock worth $834,557,000 after buying an additional 60,719 shares during the last quarter. BlackRock Group LTD raised its position in shares of 3M by 6.3% in the first quarter. BlackRock Group LTD now owns 4,993,026 shares of the company’s stock worth $831,988,000 after buying an additional 297,153 shares during the last quarter. Wellington Management Group LLP raised its position in shares of 3M by 10.6% in the first quarter. Wellington Management Group LLP now owns 3,970,813 shares of the company’s stock worth $661,657,000 after buying an additional 381,798 shares during the last quarter. Finally, Legal & General Group Plc raised its position in shares of 3M by 1.9% in the first quarter. Legal & General Group Plc now owns 2,687,848 shares of the company’s stock worth $447,887,000 after buying an additional 51,078 shares during the last quarter. 65.67% of the stock is currently owned by hedge funds and other institutional investors.
3M Co. (NYSE:MMM) traded up 0.49% during trading on Friday, hitting $176.23. 2,419,430 shares of the company’s stock traded hands. The company’s 50 day moving average price is $178.48 and its 200 day moving average price is $172.84. 3M Co. has a 52-week low of $134.64 and a 52-week high of $182.27. The company has a market cap of $106.51 billion, a PE ratio of 22.49 and a beta of 1.07.
3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, July 26th. The company reported $2.08 EPS for the quarter, topping the Zacks’ consensus estimate of $2.07 by $0.01. The business had revenue of $7.70 billion for the quarter, compared to analysts’ expectations of $7.73 billion. 3M had a return on equity of 41.84% and a net margin of 16.29%. The business’s quarterly revenue was down .3% on a year-over-year basis. During the same period in the previous year, the firm earned $2.02 EPS. Analysts expect that 3M Co. will post $8.21 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Friday, August 19th were paid a dividend of $1.11 per share. The ex-dividend date was Wednesday, August 17th. This represents a $4.44 annualized dividend and a dividend yield of 2.52%. 3M’s dividend payout ratio (DPR) is presently 56.63%.
A number of research analysts have weighed in on MMM shares. Credit Suisse Group AG reaffirmed a “buy” rating on shares of 3M in a research note on Sunday, July 10th. Jefferies Group reaffirmed a “buy” rating on shares of 3M in a research note on Thursday, August 4th. Deutsche Bank AG reiterated a “hold” rating and issued a $164.00 price objective on shares of 3M in a report on Thursday, August 25th. Zacks Investment Research downgraded shares of 3M from a “hold” rating to a “sell” rating in a report on Tuesday. Finally, Sanford C. Bernstein reiterated a “market perform” rating on shares of 3M in a report on Monday, June 27th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $167.11.
In other news, insider James L. Bauman sold 9,066 shares of the business’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $178.42, for a total transaction of $1,617,555.72. Following the transaction, the insider now directly owns 10,834 shares of the company’s stock, valued at $1,933,002.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Khandpur K. Ashish sold 1,679 shares of the business’s stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $178.39, for a total value of $299,516.81. Following the transaction, the vice president now directly owns 1,011 shares in the company, valued at $180,352.29. The disclosure for this sale can be found here. Insiders own 0.58% of the company’s stock.
3M Company is a technology company. The Company operates through five segments. Its Industrial segment serves markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. Its Safety and Graphics segment serves markets for the safety, security and productivity of people, facilities and systems.
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