Burgundy Asset Management Ltd. Grows Position in 3M (NYSE:MMM)

Burgundy Asset Management Ltd. raised its holdings in shares of 3M (NYSE:MMM - Free Report) by 88.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 85,000 shares of the conglomerate's stock after purchasing an additional 40,000 shares during the quarter. Burgundy Asset Management Ltd.'s holdings in 3M were worth $8,686,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Balyasny Asset Management L.P. boosted its position in 3M by 313.8% in the 4th quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate's stock valued at $289,803,000 after buying an additional 2,010,319 shares during the period. Capital World Investors purchased a new stake in shares of 3M in the first quarter valued at approximately $165,986,000. National Bank of Canada FI grew its stake in 3M by 218.3% in the first quarter. National Bank of Canada FI now owns 1,489,351 shares of the conglomerate's stock worth $147,344,000 after purchasing an additional 1,021,440 shares in the last quarter. Janus Henderson Group PLC increased its holdings in 3M by 1,015.6% during the 1st quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate's stock worth $94,247,000 after purchasing an additional 808,914 shares during the period. Finally, Schroder Investment Management Group raised its position in 3M by 129.8% during the 4th quarter. Schroder Investment Management Group now owns 1,352,528 shares of the conglomerate's stock valued at $147,858,000 after purchasing an additional 764,066 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Wolfe Research raised 3M from a "peer perform" rating to an "outperform" rating and set a $125.00 price target on the stock in a research report on Thursday, June 13th. Bank of America increased their target price on shares of 3M from $120.00 to $143.00 and gave the stock a "buy" rating in a report on Monday, July 29th. Morgan Stanley assumed coverage on shares of 3M in a report on Friday, September 6th. They issued an "underweight" rating and a $125.00 price target for the company. Barclays increased their price objective on shares of 3M from $120.00 to $145.00 and gave the company an "overweight" rating in a research note on Monday, July 29th. Finally, Argus raised shares of 3M from a "hold" rating to a "buy" rating and set a $145.00 price objective on the stock in a report on Tuesday, July 30th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, 3M currently has an average rating of "Hold" and a consensus price target of $124.43.

3M Stock Up 0.4 %

Shares of MMM stock traded up $0.48 during trading hours on Thursday, reaching $133.84. 2,686,283 shares of the company's stock were exchanged, compared to its average volume of 5,084,762. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $135.32. The stock's 50 day moving average is $124.02 and its 200-day moving average is $107.50. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95. The company has a market cap of $74.06 billion, a price-to-earnings ratio of -10.52, a P/E/G ratio of 2.41 and a beta of 0.95.

3M (NYSE:MMM - Get Free Report) last announced its earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.25. The company had revenue of $6.26 billion for the quarter, compared to analyst estimates of $5.85 billion. 3M had a return on equity of 112.92% and a net margin of 3.08%. During the same period in the prior year, the company posted $2.17 EPS. Analysts predict that 3M will post 7.22 earnings per share for the current fiscal year.

3M Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 2.09%. The ex-dividend date was Monday, August 26th. 3M's dividend payout ratio is presently -22.01%.

Insider Buying and Selling at 3M

In related news, CFO Theresa E. Reinseth sold 2,100 shares of the firm's stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the transaction, the chief financial officer now owns 4,364 shares in the company, valued at approximately $541,659.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Chairman Michael F. Roman sold 5,675 shares of the firm's stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the transaction, the chairman now owns 174,036 shares of the company's stock, valued at $21,486,484.56. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Theresa E. Reinseth sold 2,100 shares of the business's stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the transaction, the chief financial officer now owns 4,364 shares of the company's stock, valued at $541,659.68. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by company insiders.

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.