BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Sells 13,709 Shares of 3M (NYSE:MMM)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lowered its stake in 3M (NYSE:MMM - Free Report) by 12.9% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 92,158 shares of the conglomerate's stock after selling 13,709 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's holdings in 3M were worth $12,598,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Virtu Financial LLC bought a new stake in shares of 3M in the first quarter worth $485,000. Cetera Investment Advisers boosted its stake in shares of 3M by 160.2% during the 1st quarter. Cetera Investment Advisers now owns 166,132 shares of the conglomerate's stock worth $17,622,000 after buying an additional 102,284 shares during the last quarter. Cetera Advisors LLC grew its holdings in shares of 3M by 202.8% in the 1st quarter. Cetera Advisors LLC now owns 46,615 shares of the conglomerate's stock valued at $4,944,000 after acquiring an additional 31,221 shares in the last quarter. DNB Asset Management AS increased its position in shares of 3M by 7.1% in the second quarter. DNB Asset Management AS now owns 138,066 shares of the conglomerate's stock valued at $14,109,000 after acquiring an additional 9,120 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new stake in 3M during the second quarter worth about $303,000. Institutional investors and hedge funds own 65.25% of the company's stock.

Analyst Ratings Changes

MMM has been the topic of several recent analyst reports. UBS Group raised 3M from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $130.00 to $184.00 in a research report on Wednesday, November 13th. Bank of America upped their price target on shares of 3M from $143.00 to $160.00 and gave the stock a "buy" rating in a research report on Wednesday, October 23rd. Barclays increased their price target on shares of 3M from $160.00 to $165.00 and gave the company an "overweight" rating in a research note on Wednesday, October 23rd. Mizuho boosted their price objective on shares of 3M from $105.00 to $146.00 and gave the stock a "neutral" rating in a research note on Thursday, October 17th. Finally, Melius Research upgraded shares of 3M from a "hold" rating to a "buy" rating and set a $180.00 target price for the company in a research note on Tuesday, October 22nd. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $144.87.

3M Price Performance

The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. The firm has a 50-day moving average price of $132.39 and a two-hundred day moving average price of $120.43. 3M has a one year low of $75.40 and a one year high of $141.34. The company has a market cap of $72.71 billion, a P/E ratio of 16.86, a PEG ratio of 2.21 and a beta of 0.95.

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

3M Dividend Announcement

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

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.