3M (NYSE:MMM) Shares Sold by iA Global Asset Management Inc.

iA Global Asset Management Inc. decreased its holdings in shares of 3M (NYSE:MMM) by 96.8% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,523 shares of the conglomerate’s stock after selling 105,569 shares during the quarter. iA Global Asset Management Inc.’s holdings in 3M were worth $482,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Lantz Financial LLC increased its position in 3M by 8.0% during the second quarter. Lantz Financial LLC now owns 2,469 shares of the conglomerate’s stock worth $252,000 after purchasing an additional 183 shares during the last quarter. Sequoia Financial Advisors LLC raised its position in shares of 3M by 2.5% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 29,303 shares of the conglomerate’s stock worth $2,994,000 after buying an additional 706 shares during the period. Wedmont Private Capital acquired a new position in 3M in the second quarter valued at $215,000. M&G Plc grew its position in 3M by 28.3% during the second quarter. M&G Plc now owns 191,936 shares of the conglomerate’s stock valued at $19,577,000 after acquiring an additional 42,362 shares during the period. Finally, Burke & Herbert Bank & Trust Co. increased its stake in 3M by 111.6% during the second quarter. Burke & Herbert Bank & Trust Co. now owns 6,286 shares of the conglomerate’s stock worth $642,000 after acquiring an additional 3,316 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on MMM shares. Wells Fargo & Company lifted their price objective on 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Melius Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective for the company in a research note on Tuesday, October 22nd. JPMorgan Chase & Co. raised their target price on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Morgan Stanley initiated coverage on shares of 3M in a research report on Friday, September 6th. They set an “underweight” rating and a $125.00 price target for the company. Finally, Mizuho raised their price objective on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Two 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. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $144.87.

3M Trading Down 1.2 %

NYSE MMM opened at $131.49 on Tuesday. The company has a market capitalization of $71.60 billion, a price-to-earnings ratio of 16.60, a price-to-earnings-growth ratio of 2.20 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. 3M has a 12 month low of $75.40 and a 12 month high of $141.34. The company’s fifty day moving average price is $131.78 and its two-hundred day moving average price is $121.65.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The business had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. During the same period last year, the firm earned $2.68 earnings per share. The company’s revenue for the quarter was down 24.3% compared to the same quarter last year. As a group, research analysts predict that 3M will post 7.27 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date of this dividend is Friday, November 15th. 3M’s dividend payout ratio is presently 35.35%.

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.