CANADA LIFE ASSURANCE Co Raises Holdings in 3M (NYSE:MMM)

CANADA LIFE ASSURANCE Co boosted its stake in 3M (NYSE:MMM) by 26.0% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 360,944 shares of the conglomerate’s stock after buying an additional 74,412 shares during the quarter. CANADA LIFE ASSURANCE Co owned approximately 0.07% of 3M worth $46,582,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Financial Life Planners acquired a new position in 3M in the 4th quarter valued at $25,000. Hazlett Burt & Watson Inc. acquired a new position in 3M in the fourth quarter valued at $27,000. Meeder Asset Management Inc. lifted its position in 3M by 230.1% during the fourth quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate’s stock worth $40,000 after buying an additional 214 shares during the period. ORG Partners LLC grew its holdings in 3M by 44.1% in the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock valued at $41,000 after buying an additional 98 shares during the period. Finally, Catalyst Capital Advisors LLC increased its stake in shares of 3M by 81.5% during the 4th quarter. Catalyst Capital Advisors LLC now owns 363 shares of the conglomerate’s stock valued at $47,000 after acquiring an additional 163 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on MMM shares. Royal Bank of Canada restated an “underperform” rating and issued a $96.00 target price on shares of 3M in a report on Thursday, February 27th. Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a research note on Tuesday, April 8th. JPMorgan Chase & Co. reduced their target price on 3M from $165.00 to $140.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Wells Fargo & Company raised 3M from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Finally, Citigroup reduced their price target on shares of 3M from $152.00 to $142.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $146.47.

Insider Activity at 3M

In other news, insider Christian T. Goralski, Jr. sold 6,318 shares of 3M stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $149.43, for a total value of $944,098.74. Following the completion of the transaction, the insider now directly owns 5,024 shares of the company’s stock, valued at approximately $750,736.32. The trade was a 55.70 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Victoria Clarke sold 1,750 shares of the stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $154.22, for a total transaction of $269,885.00. Following the sale, the executive vice president now owns 194 shares in the company, valued at approximately $29,918.68. This trade represents a 90.02 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 113,639 shares of company stock valued at $17,163,446. Corporate insiders own 0.48% of the company’s stock.

3M Trading Down 0.2 %

MMM opened at $130.16 on Friday. The stock has a market capitalization of $70.20 billion, a PE ratio of 17.24, a P/E/G ratio of 3.30 and a beta of 1.01. 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 has a 12-month low of $90.65 and a 12-month high of $156.35. The firm’s fifty day moving average price is $144.53 and its 200 day moving average price is $138.22.

3M (NYSE:MMM) last issued 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 business had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. The company’s revenue for the quarter was down 25.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.42 EPS. As a group, research analysts expect that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.24%. This is an increase from 3M’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, February 14th. 3M’s payout ratio is 38.68%.

About 3M

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.