iA Global Asset Management Inc. Has $482,000 Position in 3M (NYSE:MMM)

iA Global Asset Management Inc. cut its position in shares of 3M (NYSE:MMM - Free Report) by 96.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,523 shares of the conglomerate's stock after selling 105,569 shares during the quarter. iA Global Asset Management Inc.'s holdings in 3M were worth $482,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the business. State Street Corp increased its stake in shares of 3M by 1.1% in the third quarter. State Street Corp now owns 27,194,612 shares of the conglomerate's stock valued at $3,717,503,000 after purchasing an additional 302,900 shares during the period. FMR LLC raised its stake in 3M by 88.7% during the 3rd quarter. FMR LLC now owns 8,961,866 shares of the conglomerate's stock valued at $1,225,087,000 after acquiring an additional 4,212,409 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of 3M by 11.8% in the second quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate's stock worth $517,617,000 after purchasing an additional 533,520 shares in the last quarter. Pacer Advisors Inc. increased its holdings in shares of 3M by 2.0% during the second quarter. Pacer Advisors Inc. now owns 4,952,878 shares of the conglomerate's stock valued at $506,135,000 after purchasing an additional 97,340 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of 3M by 1.2% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,815,625 shares of the conglomerate's stock valued at $521,596,000 after purchasing an additional 43,942 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors.

3M Stock Performance

Shares of 3M stock traded down $1.72 on Tuesday, reaching $129.77. The stock had a trading volume of 3,225,725 shares, compared to its average volume of 4,708,823. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $141.34. The business's 50-day moving average price is $131.78 and its two-hundred day moving average price is $121.65. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. The stock has a market cap of $70.67 billion, a P/E ratio of 16.39, a price-to-earnings-growth ratio of 2.20 and a beta of 0.95.

3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping analysts' consensus estimates of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The business had revenue of $6.29 billion for the quarter, compared to analyst estimates of $6.06 billion. During the same period in the previous year, the company posted $2.68 earnings per share. The firm's revenue for the quarter was down 24.3% on a year-over-year basis. On average, sell-side analysts forecast that 3M will post 7.27 EPS for the current year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be paid a $0.70 dividend. The ex-dividend date is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a yield of 2.16%. 3M's payout ratio is currently 35.35%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on MMM shares. Bank of America increased their price objective on shares of 3M from $143.00 to $160.00 and gave the company a "buy" rating in a report on Wednesday, October 23rd. Barclays raised their target price on 3M from $160.00 to $165.00 and gave the company an "overweight" rating in a research note on Wednesday, October 23rd. Royal Bank of Canada boosted their price target on shares of 3M from $99.00 to $100.00 and gave the stock an "underperform" rating in a research report on Wednesday, October 23rd. Melius upgraded shares of 3M from a "hold" rating to a "buy" rating in a research report on Tuesday, October 22nd. Finally, Morgan Stanley initiated coverage on shares of 3M in a report on Friday, September 6th. They issued an "underweight" rating and a $125.00 target price on the stock. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $144.87.

3M Company Profile

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.