National Bank of Canada FI Lowers Holdings in 3M (NYSE:MMM)

National Bank of Canada FI lowered its holdings in shares of 3M (NYSE:MMM) by 21.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 467,911 shares of the conglomerate’s stock after selling 129,807 shares during the quarter. National Bank of Canada FI owned approximately 0.08% of 3M worth $51,464,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Fragasso Group Inc. grew its holdings in 3M by 3.8% during the 3rd quarter. Fragasso Group Inc. now owns 2,556 shares of the conglomerate’s stock valued at $239,000 after buying an additional 93 shares in the last quarter. Bangor Savings Bank raised its position in 3M by 1.0% during the 4th quarter. Bangor Savings Bank now owns 10,489 shares of the conglomerate’s stock valued at $1,147,000 after purchasing an additional 104 shares in the last quarter. Allen Capital Group LLC raised its position in shares of 3M by 0.5% in the 4th quarter. Allen Capital Group LLC now owns 20,931 shares of the conglomerate’s stock worth $2,288,000 after acquiring an additional 105 shares in the last quarter. N.E.W. Advisory Services LLC raised its position in shares of 3M by 4.0% in the 3rd quarter. N.E.W. Advisory Services LLC now owns 2,900 shares of the conglomerate’s stock worth $272,000 after acquiring an additional 111 shares in the last quarter. Finally, Money Concepts Capital Corp increased its position in 3M by 5.3% during the 3rd quarter. Money Concepts Capital Corp now owns 2,244 shares of the conglomerate’s stock valued at $210,000 after buying an additional 112 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Trading Down 0.2 %

3M stock traded down $0.17 during mid-day trading on Monday, hitting $96.98. The company’s stock had a trading volume of 1,609,873 shares, compared to its average volume of 5,854,347. The business has a 50 day moving average price of $96.14 and a 200-day moving average price of $97.71. 3M has a 12 month low of $71.12 and a 12 month high of $99.70. The stock has a market cap of $53.66 billion, a price-to-earnings ratio of -7.64, a price-to-earnings-growth ratio of 1.79 and a beta of 1.00. The company has a debt-to-equity ratio of 4.17, a current ratio of 1.64 and a quick ratio of 1.27.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.10 by $0.29. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. The company had revenue of $8 billion for the quarter, compared to analysts’ expectations of $7.64 billion. During the same quarter in the previous year, the company earned $1.97 earnings per share. As a group, analysts forecast that 3M will post 7.23 EPS for the current year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were paid a $1.51 dividend. This represents a $6.04 annualized dividend and a dividend yield of 6.23%. The ex-dividend date of this dividend was Thursday, February 15th. This is an increase from 3M’s previous quarterly dividend of $1.50. 3M’s dividend payout ratio is currently -47.48%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on MMM. JPMorgan Chase & Co. upgraded 3M from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $110.00 to $111.00 in a research report on Wednesday, May 1st. UBS Group upped their target price on 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. Wells Fargo & Company dropped their price objective on 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a report on Wednesday, January 24th. Barclays lowered their price target on 3M from $126.00 to $107.00 and set an “overweight” rating for the company in a report on Tuesday, April 2nd. Finally, Citigroup increased their price target on shares of 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, 3M currently has an average rating of “Hold” and a consensus price target of $103.70.

Insider Activity at 3M

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the company’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total transaction of $39,328.32. Following the completion of the sale, the insider now directly owns 3,966 shares of the company’s stock, valued at $366,141.12. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.38% of the stock is owned by insiders.

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.