Bank of Montreal Can Sells 242,490 Shares of 3M (NYSE:MMM)

Bank of Montreal Can reduced its position in shares of 3M (NYSE:MMM - Free Report) by 22.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 857,304 shares of the conglomerate's stock after selling 242,490 shares during the period. Bank of Montreal Can owned about 0.16% of 3M worth $110,669,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in MMM. Financial Life Planners purchased a new stake in 3M during the 4th quarter worth approximately $25,000. Proficio Capital Partners LLC bought a new stake in shares of 3M in the fourth quarter worth $26,000. Hazlett Burt & Watson Inc. acquired a new stake in 3M in the fourth quarter valued at $27,000. Daymark Wealth Partners LLC boosted its stake in 3M by 9.0% during the 4th quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate's stock valued at $31,000 after acquiring an additional 19,552 shares during the last quarter. Finally, Meeder Asset Management Inc. grew 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 acquiring an additional 214 shares in the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. JPMorgan Chase & Co. reduced their price target on shares of 3M from $165.00 to $140.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Bank of America boosted their target price on shares of 3M from $175.00 to $179.00 and gave the company a "buy" rating in a research note on Thursday, March 6th. Wells Fargo & Company upgraded 3M from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Royal Bank of Canada reaffirmed an "underperform" rating and set a $96.00 target price on shares of 3M in a research note on Thursday, February 27th. Finally, Citigroup upped their price target on shares of 3M from $142.00 to $152.00 and gave the company a "neutral" rating in a report on Wednesday, January 22nd. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $147.13.

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Insider Buying and Selling at 3M

In related news, EVP Victoria Clarke sold 1,750 shares of 3M 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 completion of the sale, the executive vice president now owns 194 shares of the company's stock, valued at approximately $29,918.68. The trade was a 90.02 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the stock in a transaction on Friday, January 24th. The stock was sold at an average price of $149.43, for a total transaction of $944,098.74. Following 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. Insiders have sold 113,639 shares of company stock worth $17,163,446 over the last 90 days. 0.34% of the stock is currently owned by corporate insiders.

3M Stock Up 2.3 %

NYSE MMM traded up $3.00 during trading on Friday, reaching $135.97. 3,337,605 shares of the company's stock were exchanged, compared to its average volume of 4,136,075. The firm has a market capitalization of $73.33 billion, a PE ratio of 18.01, a P/E/G ratio of 3.30 and a beta of 1.01. 3M has a fifty-two week low of $90.17 and a fifty-two week high of $156.35. 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's fifty day simple moving average is $146.37 and its 200-day simple moving average is $138.39.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 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 firm had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5.77 billion. During the same period in the previous year, the firm posted $2.42 earnings per share. The firm's revenue was down 25.0% on a year-over-year basis. Sell-side analysts predict that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were paid 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 2.15%. This is an increase from 3M's previous quarterly dividend of $0.70. 3M's payout ratio is 38.68%.

3M 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.