Cibc World Markets Corp Boosts Position in 3M (NYSE:MMM)

Cibc World Markets Corp grew its stake in shares of 3M (NYSE:MMM - Free Report) by 3.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 227,529 shares of the conglomerate's stock after acquiring an additional 8,152 shares during the quarter. Cibc World Markets Corp's holdings in 3M were worth $29,372,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Financial Life Planners acquired a new position in shares of 3M during the fourth quarter valued at about $25,000. Proficio Capital Partners LLC acquired a new position in shares of 3M during the fourth quarter valued at about $26,000. FSA Wealth Management LLC acquired a new position in 3M in the 3rd quarter worth approximately $27,000. Daymark Wealth Partners LLC increased its holdings in 3M by 9.0% in the 4th quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate's stock worth $31,000 after buying an additional 19,552 shares during the period. Finally, ORG Partners LLC increased its holdings in 3M by 44.1% in the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate's stock worth $41,000 after buying an additional 98 shares during the period. Institutional investors and hedge funds own 65.25% of the company's stock.

Insider Buying and Selling at 3M

In other 3M news, insider Christian T. Goralski, Jr. sold 6,318 shares of the firm's stock in a transaction on Friday, January 24th. The stock was sold at an average price of $149.43, for a total value of $944,098.74. Following the transaction, the insider now owns 5,024 shares in the company, valued at approximately $750,736.32. This trade represents a 55.70 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Theresa E. Reinseth sold 2,309 shares of the firm's stock in a transaction on Friday, January 24th. The shares were sold at an average price of $149.95, for a total value of $346,234.55. Following the completion of the transaction, the chief accounting officer now owns 4,417 shares in the company, valued at $662,329.15. The trade was a 34.33 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 113,639 shares of company stock worth $17,163,446. Corporate insiders own 0.34% of the company's stock.

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3M Price Performance

Shares of NYSE:MMM traded down $2.06 during midday trading on Thursday, reaching $151.16. 2,579,006 shares of the company's stock traded hands, compared to its average volume of 4,063,768. 3M has a 1 year low of $85.62 and a 1 year high of $156.35. The company has a market cap of $82.06 billion, a P/E ratio of 20.02, a PEG ratio of 3.30 and a beta of 0.97. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. The company has a fifty day simple moving average of $147.62 and a two-hundred day simple moving average of $137.26.

3M (NYSE:MMM - Get Free Report) last announced its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.66 by $0.02. 3M had a return on equity of 100.77% and a net margin of 15.71%. The firm had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5.77 billion. During the same quarter last year, the firm posted $2.42 EPS. The business's revenue was down 25.0% on a year-over-year basis. Equities analysts predict that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were issued a $0.73 dividend. The ex-dividend date was Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a yield of 1.93%. This is a positive change from 3M's previous quarterly dividend of $0.70. 3M's dividend payout ratio (DPR) is presently 38.68%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Wells Fargo & Company upgraded shares of 3M from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. Barclays increased their price target on shares of 3M from $161.00 to $165.00 and gave the stock an "overweight" rating in a report on Wednesday, January 22nd. Bank of America increased their price target on shares of 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a report on Thursday, March 6th. Royal Bank of Canada reiterated an "underperform" rating and issued a $96.00 price target on shares of 3M in a report on Thursday, February 27th. Finally, JPMorgan Chase & Co. raised their price objective on shares of 3M from $162.00 to $165.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $149.13.

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.