Investment Management Corp of Ontario Grows Stock Position in 3M (NYSE:MMM)

Investment Management Corp of Ontario boosted its position in 3M (NYSE:MMM - Free Report) by 73.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 21,204 shares of the conglomerate's stock after acquiring an additional 8,978 shares during the quarter. Investment Management Corp of Ontario's holdings in 3M were worth $2,899,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. CVA Family Office LLC raised its holdings in shares of 3M by 1.9% during the third quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate's stock valued at $571,000 after purchasing an additional 79 shares during the period. Harbour Investments Inc. increased its stake in shares of 3M by 0.8% during the 3rd quarter. Harbour Investments Inc. now owns 10,559 shares of the conglomerate's stock worth $1,443,000 after purchasing an additional 81 shares during the last quarter. Fortis Capital Advisors LLC increased its stake in shares of 3M by 2.9% during the 2nd quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate's stock worth $307,000 after purchasing an additional 84 shares during the last quarter. KMG Fiduciary Partners LLC grew its stake in 3M by 0.5% in the 3rd quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate's stock valued at $2,213,000 after buying an additional 84 shares in the last quarter. Finally, TCV Trust & Wealth Management Inc. grew its stake in 3M by 1.3% in the 3rd quarter. TCV Trust & Wealth Management Inc. now owns 6,464 shares of the conglomerate's stock valued at $884,000 after buying an additional 84 shares in the last quarter. Institutional investors own 65.25% of the company's stock.

3M Price Performance

NYSE MMM traded up $2.91 on Thursday, hitting $133.36. The company had a trading volume of 4,171,809 shares, compared to its average volume of 4,732,424. The company's fifty day moving average price is $131.97 and its 200-day moving average price is $120.97. 3M has a 12-month low of $75.40 and a 12-month high of $141.34. 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 company has a market capitalization of $72.62 billion, a PE ratio of 16.84, a PEG ratio of 2.17 and a beta of 0.95.

3M (NYSE:MMM - Get Free Report) last released its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping analysts' consensus estimates of $1.93 by $0.05. The firm had revenue of $6.29 billion for the quarter, compared to analyst estimates of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The business's quarterly revenue was down 24.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.68 earnings per share. As a group, analysts predict that 3M will post 7.27 earnings per share for the current year.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be issued 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 2.10%. 3M's dividend payout ratio is presently 35.35%.

Wall Street Analyst Weigh In

Several research analysts have commented on MMM shares. Bank of America raised their price target on shares of 3M from $143.00 to $160.00 and gave the company a "buy" rating in a report on Wednesday, October 23rd. Barclays boosted their price target on shares of 3M from $160.00 to $165.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 23rd. Melius raised shares of 3M from a "hold" rating to a "buy" rating in a research note on Tuesday, October 22nd. Mizuho boosted their price objective on shares of 3M from $105.00 to $146.00 and gave the company a "neutral" rating in a research report on Thursday, October 17th. Finally, Melius Research upgraded shares of 3M from a "hold" rating to a "buy" rating and set a $180.00 price target on the stock in a research report on Tuesday, October 22nd. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $144.87.

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.