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

CIBC Asset Management Inc boosted its position in 3M (NYSE:MMM) by 6.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 94,253 shares of the conglomerate’s stock after purchasing an additional 5,814 shares during the quarter. CIBC Asset Management Inc’s holdings in 3M were worth $12,884,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Intech Investment Management LLC raised its stake in 3M by 3.1% in the 1st quarter. Intech Investment Management LLC now owns 29,553 shares of the conglomerate’s stock worth $3,135,000 after purchasing an additional 875 shares in the last quarter. Acadian Asset Management LLC boosted its stake in shares of 3M by 116.6% in the first quarter. Acadian Asset Management LLC now owns 170,766 shares of the conglomerate’s stock valued at $18,106,000 after buying an additional 91,941 shares during the period. Osaic Holdings Inc. boosted its stake in shares of 3M by 6.5% in the first quarter. Osaic Holdings Inc. now owns 342,184 shares of the conglomerate’s stock valued at $36,305,000 after buying an additional 20,900 shares during the period. Edgestream Partners L.P. bought a new position in 3M during the 1st quarter worth $1,990,000. Finally, Covestor Ltd increased its stake in 3M by 12.7% during the 1st quarter. Covestor Ltd now owns 1,985 shares of the conglomerate’s stock worth $210,000 after acquiring an additional 224 shares during the period. 65.25% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. StockNews.com cut 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Melius upgraded shares of 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Royal Bank of Canada increased their price target on shares of 3M from $99.00 to $100.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 23rd. UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and upped their target price for the stock from $130.00 to $184.00 in a research note on Wednesday. Finally, Barclays lifted their price target on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $144.87.

3M Trading Down 1.4 %

Shares of NYSE MMM opened at $129.79 on Friday. The firm has a 50 day moving average price of $132.80 and a two-hundred day moving average price of $118.01. The stock 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. 3M has a 52-week low of $75.40 and a 52-week high of $141.34. 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 earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.93 by $0.05. The business had revenue of $6.29 billion during the quarter, compared to analyst estimates of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. 3M’s revenue for the quarter was down 24.3% compared to the same quarter last year. During the same period last year, the company earned $2.68 EPS. As a group, equities analysts forecast that 3M will post 7.27 EPS for the current year.

3M Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.70 per share. The ex-dividend date is Friday, November 15th. This represents a $2.80 annualized dividend and a yield of 2.16%. 3M’s payout ratio is 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.