3M (NYSE:MMM) Shares Purchased by Cardinal Capital Management

Cardinal Capital Management increased its position in 3M (NYSE:MMM) by 0.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 50,094 shares of the conglomerate’s stock after acquiring an additional 425 shares during the period. Cardinal Capital Management’s holdings in 3M were worth $6,467,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. FMR LLC increased its stake in 3M by 88.7% in the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock valued at $1,225,087,000 after purchasing an additional 4,212,409 shares during the last quarter. International Assets Investment Management LLC grew its stake in shares of 3M by 11,601.2% during the third quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock valued at $172,416,000 after acquiring an additional 1,250,491 shares in the last quarter. Jennison Associates LLC purchased a new position in shares of 3M during the 3rd quarter valued at approximately $82,208,000. Parsifal Capital Management LP raised its stake in shares of 3M by 179.0% in the 3rd quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate’s stock valued at $112,107,000 after purchasing an additional 526,194 shares in the last quarter. Finally, Bank of Montreal Can grew its position in shares of 3M by 39.1% in the 3rd quarter. Bank of Montreal Can now owns 1,099,794 shares of the conglomerate’s stock worth $151,002,000 after acquiring an additional 308,912 shares in the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

Insider Activity at 3M

In other news, CAO Theresa E. Reinseth sold 2,309 shares of the company’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $149.95, for a total value of $346,234.55. Following the transaction, the chief accounting officer now directly owns 4,417 shares of the company’s stock, valued at approximately $662,329.15. This represents a 34.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Victoria Clarke sold 1,750 shares of 3M stock in a transaction on Friday, January 31st. The shares were sold at an average price of $154.22, for a total value of $269,885.00. Following the sale, the executive vice president now directly owns 194 shares of the company’s stock, valued at approximately $29,918.68. The trade was a 90.02 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 113,639 shares of company stock valued at $17,163,446. Corporate insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and raised their target price for the stock from $130.00 to $184.00 in a report on Wednesday, November 13th. Barclays upped their price target on shares of 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 22nd. Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 target price on the stock in a report on Tuesday, October 22nd. Melius upgraded 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Finally, Bank of America upped their price objective on 3M from $160.00 to $175.00 and gave the company a “buy” rating in a report on Wednesday, January 22nd. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $148.87.

3M Stock Performance

3M stock opened at $148.65 on Tuesday. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The company has a market cap of $80.70 billion, a P/E ratio of 19.69, a price-to-earnings-growth ratio of 3.37 and a beta of 0.96. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $155.00. The firm’s 50 day simple moving average is $138.80 and its 200-day simple moving average is $133.88.

3M (NYSE:MMM) last released 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 company had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. 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 company earned $2.42 earnings per share. As a group, equities research analysts predict that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 14th will be issued a dividend of $0.73 per share. This is a boost from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a dividend yield of 1.96%. The ex-dividend date of this dividend is Friday, February 14th. 3M’s dividend payout ratio (DPR) is currently 37.09%.

3M Company 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.