CIBC Asset Management Inc Grows Holdings in 3M (NYSE:MMM)

CIBC Asset Management Inc raised its stake in 3M (NYSE:MMM - Free Report) by 6.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 94,253 shares of the conglomerate's stock after purchasing an additional 5,814 shares during the quarter. CIBC Asset Management Inc's holdings in 3M were worth $12,884,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. MFA Wealth Advisors LLC bought a new position in 3M during the 2nd quarter valued at approximately $28,000. Daymark Wealth Partners LLC raised its holdings in shares of 3M by 8.6% during the third quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate's stock valued at $30,000 after acquiring an additional 17,211 shares in the last quarter. McClarren Financial Advisors Inc. boosted its holdings in 3M by 118.6% in the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate's stock valued at $30,000 after acquiring an additional 121 shares in the last quarter. Meeder Asset Management Inc. boosted its holdings in 3M by 689.7% in the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate's stock valued at $31,000 after acquiring an additional 269 shares in the last quarter. Finally, TruNorth Capital Management LLC purchased a new position in 3M during the 2nd quarter valued at $33,000. Institutional investors own 65.25% of the company's stock.

3M Stock Performance

MMM traded down $1.82 during mid-day trading on Friday, reaching $129.79. 1,929,226 shares of the company traded hands, compared to its average volume of 4,386,198. The company's fifty day moving average price is $132.80 and its 200-day moving average price is $118.01. The stock has a market capitalization of $70.68 billion, a P/E ratio of 16.39, a P/E/G ratio of 2.15 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. 3M has a 52-week low of $75.40 and a 52-week high of $141.34.

3M (NYSE:MMM - Get Free Report) last posted its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating analysts' consensus estimates of $1.93 by $0.05. The company had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. 3M's revenue was down 24.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.68 earnings per share. On average, sell-side analysts expect that 3M will post 7.27 EPS for the current 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 paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.16%. The ex-dividend date is Friday, November 15th. 3M's dividend payout ratio is presently 35.35%.

Wall Street Analysts Forecast Growth

MMM has been the topic of a number of research reports. JPMorgan Chase & Co. lifted their target price on shares of 3M from $160.00 to $165.00 and gave the company an "overweight" rating in a research note on Monday, October 28th. Morgan Stanley started coverage on shares of 3M in a report on Friday, September 6th. They issued an "underweight" rating and a $125.00 price objective for the company. Melius Research upgraded 3M from a "hold" rating to a "buy" rating and set a $180.00 target price on the stock in a report on Tuesday, October 22nd. Barclays increased their target price on 3M from $160.00 to $165.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 23rd. Finally, Wells Fargo & Company lifted their price target on 3M from $130.00 to $140.00 and gave the company an "equal weight" rating in a research report on Monday, October 7th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average 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.