BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Sells 13,709 Shares of 3M (NYSE:MMM)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lessened its stake in 3M (NYSE:MMM) by 12.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 92,158 shares of the conglomerate’s stock after selling 13,709 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in 3M were worth $12,598,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. FMR LLC grew its position in shares of 3M by 88.7% in the 3rd quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock valued at $1,225,087,000 after buying an additional 4,212,409 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of 3M by 11.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock valued at $517,617,000 after purchasing an additional 533,520 shares in the last quarter. Pacer Advisors Inc. boosted its position in shares of 3M by 2.0% during the 2nd quarter. Pacer Advisors Inc. now owns 4,952,878 shares of the conglomerate’s stock valued at $506,135,000 after purchasing an additional 97,340 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of 3M by 1.2% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,815,625 shares of the conglomerate’s stock valued at $521,596,000 after purchasing an additional 43,942 shares in the last quarter. Finally, AQR Capital Management LLC boosted its position in shares of 3M by 18.6% during the 2nd quarter. AQR Capital Management LLC now owns 2,531,422 shares of the conglomerate’s stock valued at $258,686,000 after purchasing an additional 396,773 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on MMM. Melius upgraded 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and upped their target price for the company from $130.00 to $184.00 in a research report on Wednesday, November 13th. Morgan Stanley assumed coverage on 3M in a research report on Friday, September 6th. They set an “underweight” rating and a $125.00 target price on the stock. Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 price target on the stock in a research note on Tuesday, October 22nd. Finally, JPMorgan Chase & Co. upped their price target on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $144.87.

3M Stock Performance

Shares of 3M stock opened at $133.53 on Friday. The company has a market cap of $72.72 billion, a PE ratio of 16.86, a price-to-earnings-growth ratio of 2.21 and a beta of 0.95. 3M has a 52 week low of $75.40 and a 52 week high of $141.34. The business has a 50 day moving average price of $132.39 and a 200-day moving average price of $120.30. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41.

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

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.10%. The ex-dividend date is Friday, November 15th. 3M’s dividend payout ratio (DPR) is presently 35.35%.

3M 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.