National Bank of Canada FI Sells 259,817 Shares of 3M (NYSE:MMM)

National Bank of Canada FI lessened its stake in 3M (NYSE:MMM - Free Report) by 38.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 413,864 shares of the conglomerate's stock after selling 259,817 shares during the quarter. National Bank of Canada FI owned about 0.08% of 3M worth $53,429,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Franklin Resources Inc. lifted its holdings in shares of 3M by 9.5% during the 4th quarter. Franklin Resources Inc. now owns 925,534 shares of the conglomerate's stock valued at $119,477,000 after purchasing an additional 80,133 shares in the last quarter. Alliancebernstein L.P. increased its stake in 3M by 26.6% during the 4th quarter. Alliancebernstein L.P. now owns 2,540,883 shares of the conglomerate's stock worth $328,003,000 after purchasing an additional 533,753 shares in the last quarter. Meeder Asset Management Inc. raised its holdings in 3M by 230.1% during the 4th quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate's stock worth $40,000 after buying an additional 214 shares during the period. Hazlett Burt & Watson Inc. bought a new position in 3M in the fourth quarter valued at approximately $27,000. Finally, Wellington Management Group LLP boosted its holdings in shares of 3M by 0.4% in the fourth quarter. Wellington Management Group LLP now owns 614,438 shares of the conglomerate's stock valued at $79,318,000 after buying an additional 2,681 shares during the period. Institutional investors and hedge funds own 65.25% of the company's stock.

Insider Activity at 3M

In other 3M news, EVP Victoria Clarke sold 1,750 shares of the company's stock in a transaction on Friday, January 31st. The shares were sold at an average price of $154.22, for a total value of $269,885.00. Following the transaction, the executive vice president now directly owns 194 shares in the company, valued at $29,918.68. The trade was a 90.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $149.43, for a total transaction of $944,098.74. Following the completion of the transaction, the insider now directly owns 5,024 shares in the company, valued at $750,736.32. The trade was a 55.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 113,639 shares of company stock worth $17,163,446. Company insiders own 0.34% of the company's stock.

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3M Stock Performance

MMM stock traded down $8.00 during trading hours on Thursday, reaching $139.76. The stock had a trading volume of 6,710,493 shares, compared to its average volume of 4,089,984. The stock has a 50-day simple moving average of $149.71 and a 200 day simple moving average of $138.56. 3M has a fifty-two week low of $89.54 and a fifty-two week high of $156.35. The stock has a market capitalization of $75.38 billion, a PE ratio of 18.51, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08.

3M (NYSE:MMM - Get Free Report) last issued 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 net margin of 15.71% and a return on equity of 100.77%. The company had revenue of $6.01 billion for the quarter, compared to analysts' expectations of $5.77 billion. During the same period in the prior year, the firm earned $2.42 EPS. 3M's quarterly revenue was down 25.0% compared to the same quarter last year. Analysts predict that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were issued a dividend of $0.73 per share. The ex-dividend date of this dividend was Friday, February 14th. This is a positive change from 3M's previous quarterly dividend of $0.70. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.09%. 3M's payout ratio is presently 38.68%.

Wall Street Analyst Weigh In

MMM has been the topic of a number of research analyst reports. 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 report on Wednesday, January 22nd. Barclays lifted their price target on 3M from $161.00 to $165.00 and gave the company an "overweight" rating in a research note on Wednesday, January 22nd. Citigroup boosted their price target on 3M from $142.00 to $152.00 and gave the company a "neutral" rating in a report on Wednesday, January 22nd. Royal Bank of Canada reissued an "underperform" rating and issued a $96.00 target price on shares of 3M in a research report on Thursday, February 27th. Finally, Bank of America upped their price target on 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a research report on Thursday, March 6th. Two research 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. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $149.13.

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.