CIBC Private Wealth Group LLC Raises Position in 3M (NYSE:MMM)

CIBC Private Wealth Group LLC grew its position in shares of 3M (NYSE:MMM) by 0.5% during the fourth quarter, Holdings Channel reports. The fund owned 272,207 shares of the conglomerate’s stock after purchasing an additional 1,457 shares during the period. CIBC Private Wealth Group LLC’s holdings in 3M were worth $36,620,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Financial Life Planners purchased a new stake in 3M in the fourth quarter worth $25,000. Proficio Capital Partners LLC bought a new stake in shares of 3M during the 4th quarter valued at $26,000. FSA Wealth Management LLC purchased a new stake in shares of 3M in the 3rd quarter worth about $27,000. Daymark Wealth Partners LLC increased its stake in shares of 3M by 9.0% in the 4th quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate’s stock worth $31,000 after acquiring an additional 19,552 shares in the last quarter. Finally, ORG Partners LLC lifted its position in 3M by 44.1% during the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock valued at $41,000 after acquiring an additional 98 shares during the period. Institutional investors own 65.25% of the company’s stock.

3M Trading Down 2.5 %

NYSE:MMM opened at $144.74 on Monday. The company has a 50 day simple moving average of $149.60 and a two-hundred day simple moving average of $138.29. The company has a market cap of $78.58 billion, a PE ratio of 19.17, a price-to-earnings-growth 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 has a 12 month low of $88.23 and a 12 month high of $156.35.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 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 return on equity of 100.77% and a net margin of 15.71%. 3M’s revenue for the quarter was down 25.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.42 earnings per share. Research analysts forecast that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were issued a $0.73 dividend. This is an increase from 3M’s previous quarterly dividend of $0.70. The ex-dividend date was Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.02%. 3M’s dividend payout ratio (DPR) is presently 38.68%.

Insider Activity at 3M

In other news, Chairman Michael F. Roman sold 45,276 shares of the firm’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $150.01, for a total value of $6,791,852.76. Following the transaction, the chairman now owns 175,718 shares of the company’s stock, valued at $26,359,457.18. This trade represents a 20.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Theresa E. Reinseth sold 2,309 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $149.95, for a total value of $346,234.55. Following the transaction, the chief accounting officer now owns 4,417 shares of the company’s stock, valued at approximately $662,329.15. This trade represents a 34.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 113,639 shares of company stock worth $17,163,446. 0.34% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on MMM shares. Royal Bank of Canada restated an “underperform” rating and issued a $96.00 price objective on shares of 3M in a report on Thursday, February 27th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a research report on Saturday, March 22nd. Wells Fargo & Company raised 3M from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. Barclays raised their price target on 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Finally, Bank of America upped their price target on shares of 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research note on Thursday, March 6th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $149.13.

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.