iA Global Asset Management Inc. Buys 51,727 Shares of 3M (NYSE:MMM)

iA Global Asset Management Inc. raised its stake in 3M (NYSE:MMM) by 1,468.3% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 55,250 shares of the conglomerate’s stock after acquiring an additional 51,727 shares during the period. iA Global Asset Management Inc.’s holdings in 3M were worth $7,132,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. State Street Corp raised its holdings in shares of 3M by 1.1% in the third quarter. State Street Corp now owns 27,194,612 shares of the conglomerate’s stock valued at $3,717,503,000 after purchasing an additional 302,900 shares during the last quarter. FMR LLC raised its holdings in shares of 3M by 88.7% in the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock valued at $1,225,087,000 after purchasing an additional 4,212,409 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of 3M by 9.2% in the fourth quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate’s stock valued at $734,456,000 after purchasing an additional 479,621 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of 3M by 1.2% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,815,625 shares of the conglomerate’s stock valued at $521,596,000 after purchasing an additional 43,942 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of 3M by 0.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,577,045 shares of the conglomerate’s stock valued at $461,761,000 after purchasing an additional 17,228 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Victoria Clarke sold 1,750 shares of the company’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $154.22, for a total transaction of $269,885.00. Following the completion of the sale, the executive vice president now owns 194 shares of the company’s stock, valued at $29,918.68. This represents a 90.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Theresa E. Reinseth sold 2,309 shares of the company’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.95, for a total transaction of $346,234.55. Following the sale, the chief accounting officer now directly owns 4,417 shares of the company’s stock, valued at $662,329.15. This represents a 34.33 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 113,639 shares of company stock valued at $17,163,446. 0.34% of the stock is owned by company insiders.

3M Price Performance

NYSE:MMM opened at $151.16 on Friday. 3M has a one year low of $85.62 and a one year high of $156.35. The company has a market cap of $82.06 billion, a P/E ratio of 20.02, a P/E/G ratio of 3.30 and a beta of 0.97. The firm’s fifty day moving average price is $147.96 and its two-hundred day moving average price is $137.36. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08.

3M (NYSE:MMM) last announced its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.66 by $0.02. The company had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. 3M’s quarterly revenue was down 25.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.42 earnings per share. Equities analysts expect that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were given a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date was Friday, February 14th. This is a boost from 3M’s previous quarterly dividend of $0.70. 3M’s payout ratio is presently 38.68%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on MMM shares. Bank of America lifted their price objective on shares of 3M from $175.00 to $179.00 and gave the company a “buy” rating in a report on Thursday, March 6th. Citigroup boosted their target price on shares of 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a report on Wednesday, January 22nd. Barclays boosted their target price on shares of 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, January 22nd. Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a report on Friday, March 7th. Finally, Royal Bank of Canada restated an “underperform” rating and set a $96.00 target price on shares of 3M in a report on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $149.13.

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.