CANADA LIFE ASSURANCE Co Boosts Stake in 3M (NYSE:MMM)

CANADA LIFE ASSURANCE Co grew its holdings in 3M (NYSE:MMM - Free Report) by 26.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 360,944 shares of the conglomerate's stock after purchasing an additional 74,412 shares during the period. CANADA LIFE ASSURANCE Co owned approximately 0.07% of 3M worth $46,582,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of MMM. Geode Capital Management LLC raised its holdings in shares of 3M by 2.5% in the 4th quarter. Geode Capital Management LLC now owns 11,574,414 shares of the conglomerate's stock valued at $1,493,655,000 after acquiring an additional 280,048 shares in the last quarter. Bank of New York Mellon Corp lifted its position in 3M by 9.2% during the fourth quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate's stock valued at $734,456,000 after purchasing an additional 479,621 shares during the last quarter. Norges Bank purchased a new position in 3M in the 4th quarter worth approximately $636,767,000. Invesco Ltd. increased its holdings in shares of 3M by 51.6% in the 4th quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate's stock worth $576,845,000 after buying an additional 1,520,619 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of 3M by 0.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,577,045 shares of the conglomerate's stock valued at $461,761,000 after buying an additional 17,228 shares in the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Chairman Michael F. Roman sold 49,598 shares of the stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $152.30, for a total value of $7,553,775.40. Following the sale, the chairman now directly owns 180,895 shares of the company's stock, valued at $27,550,308.50. This represents a 21.52 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of 3M stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $149.43, for a total transaction of $944,098.74. Following the sale, the insider now directly owns 5,024 shares of the company's stock, valued at $750,736.32. This represents a 55.70 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 113,639 shares of company stock worth $17,163,446 over the last quarter. Insiders own 0.34% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on MMM shares. Royal Bank of Canada reissued an "underperform" rating and issued a $96.00 target price on shares of 3M in a research note on Thursday, February 27th. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a report on Tuesday, April 8th. JPMorgan Chase & Co. cut their target price on 3M from $165.00 to $140.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Wells Fargo & Company upgraded shares of 3M from an "equal weight" rating to an "overweight" rating and boosted their price objective for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. Finally, Citigroup reduced their target price on shares of 3M from $152.00 to $142.00 and set a "neutral" rating on the stock in a report on Monday, April 14th. Two analysts have rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $146.73.

3M Trading Up 0.2 %

Shares of NYSE MMM traded up $0.25 during midday trading on Wednesday, hitting $136.58. 2,156,509 shares of the company traded hands, compared to its average volume of 4,172,714. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. 3M has a 12-month low of $90.65 and a 12-month high of $156.35. The stock has a 50-day moving average price of $143.82 and a 200 day moving average price of $138.18. The firm has a market cap 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 posted its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.77 by $0.11. 3M had a return on equity of 100.77% and a net margin of 15.71%. The business had revenue of $5.80 billion during the quarter, compared to the consensus estimate of $5.78 billion. As a group, analysts expect that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

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