National Bank of Canada FI Acquires 192,371 Shares of 3M (NYSE:MMM)

National Bank of Canada FI increased its position in 3M (NYSE:MMM - Free Report) by 40.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 673,681 shares of the conglomerate's stock after acquiring an additional 192,371 shares during the quarter. National Bank of Canada FI owned about 0.12% of 3M worth $92,092,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. CVA Family Office LLC lifted its position in shares of 3M by 1.9% in the third quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate's stock valued at $571,000 after acquiring an additional 79 shares in the last quarter. Harbour Investments Inc. lifted its holdings in 3M by 0.8% in 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 in the last quarter. Fortis Capital Advisors LLC boosted its stake in 3M by 2.9% in 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 period. KMG Fiduciary Partners LLC boosted 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 worth $2,213,000 after purchasing an additional 84 shares during the period. Finally, TCV Trust & Wealth Management Inc. raised its position in shares of 3M by 1.3% during the third 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 during the last quarter. Institutional investors own 65.25% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Morgan Stanley initiated coverage on shares of 3M in a research report on Friday, September 6th. They set an "underweight" rating and a $125.00 target price for the company. JPMorgan Chase & Co. increased their price objective on shares of 3M from $160.00 to $165.00 and gave the company an "overweight" rating in a report on Monday, October 28th. Melius raised 3M from a "hold" rating to a "buy" rating in a report on Tuesday, October 22nd. UBS Group upgraded 3M from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $130.00 to $184.00 in a research report on Wednesday, November 13th. Finally, Royal Bank of Canada increased their target price on 3M from $99.00 to $100.00 and gave the company an "underperform" rating in a research report on Wednesday, October 23rd. 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.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $144.87.

3M Trading Down 0.2 %

Shares of MMM stock traded down $0.22 during trading hours on Friday, reaching $133.11. 1,912,419 shares of the stock were exchanged, compared to its average volume of 2,688,348. The firm has a market capitalization of $72.49 billion, a price-to-earnings ratio of 16.81, a price-to-earnings-growth ratio of 2.16 and a beta of 0.95. 3M has a 12-month low of $75.40 and a 12-month high of $141.34. The company's 50-day moving average price is $131.89 and its 200-day moving average price is $121.43. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41.

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 the consensus estimate of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The business had revenue of $6.29 billion during the quarter, compared to analyst estimates of $6.06 billion. During the same quarter in the previous year, the business earned $2.68 earnings per share. The company's revenue for the quarter was down 24.3% compared to the same quarter last year. As a group, equities analysts anticipate that 3M will post 7.27 earnings per share for the current year.

3M Announces Dividend

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 paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.10%. The ex-dividend date of this dividend is Friday, November 15th. 3M's dividend payout ratio is presently 35.35%.

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.