CIBC Asset Management Inc Buys 5,814 Shares of 3M (NYSE:MMM)

CIBC Asset Management Inc boosted its position in 3M (NYSE:MMM) by 6.6% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 94,253 shares of the conglomerate’s stock after acquiring an additional 5,814 shares during the quarter. CIBC Asset Management Inc’s holdings in 3M were worth $12,884,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in MMM. Bank of New York Mellon Corp lifted its holdings in shares of 3M by 11.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock worth $517,617,000 after purchasing an additional 533,520 shares in the last quarter. Pacer Advisors Inc. grew its holdings in shares of 3M by 2.0% during the second quarter. Pacer Advisors Inc. now owns 4,952,878 shares of the conglomerate’s stock valued at $506,135,000 after buying an additional 97,340 shares during the last quarter. AQR Capital Management LLC grew its holdings in shares of 3M by 18.6% during the second quarter. AQR Capital Management LLC now owns 2,531,422 shares of the conglomerate’s stock valued at $258,686,000 after buying an additional 396,773 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of 3M by 0.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,940,202 shares of the conglomerate’s stock worth $198,298,000 after acquiring an additional 11,315 shares during the last quarter. Finally, Capital World Investors bought a new position in 3M in the 1st quarter valued at about $165,986,000. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Trading Down 1.4 %

Shares of MMM opened at $129.79 on Friday. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $141.34. The business has a 50-day moving average of $132.80 and a 200 day moving average of $118.01. The firm has a market cap of $70.68 billion, a P/E ratio of 16.39, a price-to-earnings-growth ratio of 2.17 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The company had revenue of $6.29 billion for the quarter, compared to analysts’ expectations of $6.06 billion. During the same period in the prior year, the company posted $2.68 EPS. 3M’s revenue was down 24.3% compared to the same quarter last year. As a group, research analysts forecast that 3M will post 7.27 EPS 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 given a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.16%. The ex-dividend date of this dividend is Friday, November 15th. 3M’s dividend payout ratio (DPR) is presently 35.35%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on MMM. StockNews.com downgraded 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Royal Bank of Canada increased their price target on 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a research report on Wednesday, October 23rd. Melius Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 target price for the company in a research note on Tuesday, October 22nd. JPMorgan Chase & Co. raised their price target on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research report on Monday, October 28th. Finally, UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $130.00 to $184.00 in a research report on Wednesday. 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 company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $144.87.

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.