iA Global Asset Management Inc. Grows Position in 3M (NYSE:MMM)

iA Global Asset Management Inc. grew its position in shares of 3M (NYSE:MMM - Free Report) by 1,468.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 55,250 shares of the conglomerate's stock after acquiring an additional 51,727 shares during the quarter. iA Global Asset Management Inc.'s holdings in 3M were worth $7,132,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of the company. Teacher Retirement System of Texas raised its holdings in 3M by 59.8% during the fourth quarter. Teacher Retirement System of Texas now owns 747,954 shares of the conglomerate's stock worth $96,553,000 after buying an additional 280,015 shares during the last quarter. Royal London Asset Management Ltd. increased its position in shares of 3M by 2.2% during the fourth quarter. Royal London Asset Management Ltd. now owns 232,477 shares of the conglomerate's stock worth $30,010,000 after acquiring an additional 5,109 shares in the last quarter. Generali Investments Management Co LLC acquired a new stake in shares of 3M in the 4th quarter worth about $75,000. Xponance Inc. lifted its position in 3M by 1.0% in the 4th quarter. Xponance Inc. now owns 96,536 shares of the conglomerate's stock valued at $12,462,000 after acquiring an additional 971 shares in the last quarter. Finally, Intech Investment Management LLC boosted its stake in 3M by 30.4% during the 4th quarter. Intech Investment Management LLC now owns 87,856 shares of the conglomerate's stock valued at $11,341,000 after purchasing an additional 20,471 shares during the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

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Analyst Ratings Changes

Several analysts have recently commented on the company. JPMorgan Chase & Co. increased their price objective on 3M from $162.00 to $165.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 22nd. Barclays raised their price objective on 3M from $161.00 to $165.00 and gave the company an "overweight" rating in a research note on Wednesday, January 22nd. Wells Fargo & Company upgraded shares of 3M from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research report on Saturday. Finally, Royal Bank of Canada reaffirmed an "underperform" rating and issued a $96.00 price objective on shares of 3M in a research report on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $149.13.

Insider Transactions at 3M

In other 3M news, EVP Victoria Clarke sold 1,750 shares of the firm's stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $154.22, for a total value of $269,885.00. Following the completion of the transaction, the executive vice president now owns 194 shares in the company, valued at $29,918.68. This trade represents a 90.02 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Michael F. Roman sold 49,598 shares of the company's 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 owns 180,895 shares in the company, valued at approximately $27,550,308.50. This represents a 21.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 113,639 shares of company stock valued at $17,163,446 over the last three months. Company insiders own 0.34% of the company's stock.

3M Stock Performance

Shares of MMM stock traded up $0.38 on Tuesday, hitting $153.53. 4,117,823 shares of the stock were exchanged, compared to its average volume of 4,027,325. The firm's 50 day moving average is $148.72 and its two-hundred day moving average is $137.71. 3M has a one year low of $85.62 and a one year high of $156.35. The firm has a market capitalization of $83.35 billion, a PE ratio of 20.34, a P/E/G ratio of 3.30 and a beta of 0.97. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86.

3M (NYSE:MMM - Get Free Report) last issued its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, topping analysts' consensus estimates of $1.66 by $0.02. The firm had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. The company's quarterly revenue was down 25.0% on a year-over-year basis. During the same quarter last year, the business earned $2.42 earnings per share. Sell-side analysts expect that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were given a dividend of $0.73 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.92 annualized dividend and a dividend yield of 1.90%. 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.