Canada Pension Plan Investment Board Sells 109,648 Shares of 3M (NYSE:MMM)

Canada Pension Plan Investment Board lessened its holdings in 3M (NYSE:MMM - Free Report) by 17.2% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 528,294 shares of the conglomerate's stock after selling 109,648 shares during the period. Canada Pension Plan Investment Board owned approximately 0.10% of 3M worth $68,197,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. MSH Capital Advisors LLC acquired a new stake in shares of 3M during the fourth quarter worth approximately $1,077,000. NewEdge Advisors LLC lifted its position in 3M by 4.6% during the 4th quarter. NewEdge Advisors LLC now owns 53,437 shares of the conglomerate's stock worth $6,898,000 after buying an additional 2,349 shares in the last quarter. Ceredex Value Advisors LLC bought a new stake in 3M during the 4th quarter worth about $81,482,000. Lifelong Wealth Advisors Inc. acquired a new stake in 3M in the 4th quarter valued at about $630,000. Finally, Operose Advisors LLC lifted its position in shares of 3M by 1,677.3% during the fourth quarter. Operose Advisors LLC now owns 4,461 shares of the conglomerate's stock worth $576,000 after purchasing an additional 4,210 shares in the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

Insider Activity at 3M

In other news, EVP Victoria Clarke sold 1,750 shares of the firm's stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $154.22, for a total transaction of $269,885.00. Following the completion of the transaction, the executive vice president now directly owns 194 shares in the company, valued at $29,918.68. This trade represents a 90.02 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Theresa E. Reinseth sold 2,309 shares of the stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $149.95, for a total transaction of $346,234.55. Following the sale, the chief accounting officer now directly owns 4,417 shares of the company's stock, valued at $662,329.15. This represents a 34.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 113,639 shares of company stock valued at $17,163,446 over the last three months. 0.34% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on MMM. JPMorgan Chase & Co. lowered their price target on shares of 3M from $165.00 to $140.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Barclays upped their price target on 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a research note on Wednesday. Citigroup cut their price target on 3M from $152.00 to $142.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research note on Tuesday, April 8th. Finally, Royal Bank of Canada reiterated an "underperform" rating and set a $96.00 price objective on shares of 3M in a report on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $146.73.

3M Stock Performance

MMM stock traded up $0.25 during trading hours on Wednesday, hitting $136.58. 2,156,509 shares of the stock were exchanged, compared to its average volume of 4,172,714. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. The company has a 50-day simple moving average of $143.82 and a two-hundred day simple moving average of $138.18. 3M has a 12 month low of $90.65 and a 12 month high of $156.35. The firm has a market capitalization of $73.66 billion, a P/E ratio of 18.09, a P/E/G ratio of 3.30 and a beta of 1.01.

3M (NYSE:MMM - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, topping the consensus estimate of $1.77 by $0.11. The company had revenue of $5.80 billion for the quarter, compared to analysts' expectations of $5.78 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. On average, analysts forecast that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were issued a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date was Friday, February 14th. This is an increase from 3M's previous quarterly dividend of $0.70. 3M's dividend payout ratio is 38.68%.

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.