National Bank of Canada FI Sells 1,008,041 Shares of 3M (NYSE:MMM)

National Bank of Canada FI decreased its position in 3M (NYSE:MMM) by 67.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 481,310 shares of the conglomerate’s stock after selling 1,008,041 shares during the quarter. National Bank of Canada FI owned 0.09% of 3M worth $48,382,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Tributary Capital Management LLC purchased a new stake in shares of 3M during the 1st quarter valued at about $25,000. Financial Synergies Wealth Advisors Inc. lifted its stake in 3M by 419.1% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after acquiring an additional 197 shares during the period. MFA Wealth Advisors LLC bought a new position in shares of 3M during the second quarter valued at approximately $28,000. Northwest Investment Counselors LLC purchased a new position in shares of 3M in the 1st quarter valued at $32,000. Finally, TruNorth Capital Management LLC purchased a new position in 3M in the second quarter valued at about $33,000. 65.25% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the sale, the chairman now owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the sale, the chairman now directly owns 174,036 shares in the company, valued at approximately $21,486,484.56. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total value of $260,652.00. Following the transaction, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

MMM has been the subject of several recent analyst reports. Barclays raised their target price on shares of 3M from $120.00 to $145.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Citigroup raised their target price on shares of 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Bank of America boosted their price objective on shares of 3M from $120.00 to $143.00 and gave the company a “buy” rating in a report on Monday, July 29th. Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and raised their target price for the stock from $110.00 to $150.00 in a research note on Monday, July 29th. Finally, Argus upgraded 3M from a “hold” rating to a “buy” rating and set a $145.00 price target on the stock in a research note on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $124.38.

3M Stock Performance

MMM opened at $131.40 on Friday. The firm has a fifty day moving average price of $117.95 and a 200 day moving average price of $104.73. 3M has a 1 year low of $71.12 and a 1 year high of $134.99. The stock has a market cap of $72.71 billion, a P/E ratio of -10.33, a P/E/G ratio of 2.49 and a beta of 0.95. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08.

3M (NYSE:MMM) last posted its earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.25. 3M had a net margin of 3.08% and a return on equity of 112.92%. The business had revenue of $6.26 billion for the quarter, compared to analyst estimates of $5.85 billion. During the same period in the prior year, the company posted $2.17 EPS. Equities research analysts anticipate that 3M will post 7.2 earnings per share for the current year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Monday, August 26th will be paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.13%. The ex-dividend date is Monday, August 26th. 3M’s payout ratio is -22.01%.

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.