Canada Pension Plan Investment Board Makes New $11.91 Million Investment in 3M (NYSE:MMM)

Canada Pension Plan Investment Board bought a new position in shares of 3M (NYSE:MMMFree Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 127,200 shares of the conglomerate’s stock, valued at approximately $11,908,000.

Several other hedge funds have also recently modified their holdings of MMM. Moneta Group Investment Advisors LLC raised its holdings in shares of 3M by 73,903.2% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 6,656,588 shares of the conglomerate’s stock worth $798,258,000 after purchasing an additional 6,647,593 shares during the period. Norges Bank bought a new stake in shares of 3M in the 4th quarter worth approximately $369,974,000. Renaissance Technologies LLC raised its holdings in shares of 3M by 1,889.1% in the 1st quarter. Renaissance Technologies LLC now owns 1,356,600 shares of the conglomerate’s stock worth $201,971,000 after purchasing an additional 1,288,400 shares during the period. Morgan Stanley raised its holdings in shares of 3M by 8.3% in the 4th quarter. Morgan Stanley now owns 10,769,973 shares of the conglomerate’s stock worth $1,291,535,000 after purchasing an additional 825,223 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of 3M by 7.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 11,315,417 shares of the conglomerate’s stock worth $1,684,639,000 after purchasing an additional 758,126 shares during the period. Institutional investors own 65.24% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Wells Fargo & Company reduced their price objective on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 24th. StockNews.com upgraded shares of 3M from a “hold” rating to a “buy” rating in a research report on Wednesday, October 25th. Mizuho reduced their price target on shares of 3M from $120.00 to $105.00 and set a “neutral” rating for the company in a research report on Wednesday, January 24th. Barclays upgraded shares of 3M from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $98.00 to $107.00 in a research report on Monday, December 4th. Finally, Royal Bank of Canada boosted their price target on shares of 3M from $83.00 to $87.00 and gave the company an “underperform” rating in a research report on Wednesday, January 24th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $106.00.

Read Our Latest Stock Analysis on 3M

3M Price Performance

3M stock opened at $94.66 on Tuesday. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.07 and a quick ratio of 0.76. The firm has a fifty day simple moving average of $103.11 and a two-hundred day simple moving average of $99.45. 3M has a twelve month low of $85.35 and a twelve month high of $115.62.

3M (NYSE:MMMGet Free Report) last posted its quarterly earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share for the quarter, topping the consensus estimate of $2.31 by $0.11. The business had revenue of $8.01 billion during the quarter, compared to the consensus estimate of $7.69 billion. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. The firm’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same period in the previous year, the firm posted $2.28 earnings per share. On average, research analysts predict that 3M will post 9.56 earnings per share for the current fiscal year.

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th will be paid a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a dividend yield of 6.38%. This is an increase from 3M’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend is Thursday, February 15th. 3M’s dividend payout ratio is -47.51%.

About 3M

(Free Report)

3M Company provides diversified technology services in the United States and internationally. The company operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.

Featured Stories

Institutional Ownership by Quarter for 3M (NYSE:MMM)

Receive News & Ratings for 3M Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M and related companies with MarketBeat.com's FREE daily email newsletter.