Federation des caisses Desjardins du Quebec Boosts Stake in 3M Company $MMM

Key Points

• The Federation des caisses Desjardins du Quebec increased its investment in 3M Company by 64.0% during the 1st quarter, resulting in a total holding of 61,305 shares valued at approximately $9 million.
• 3M reported a better-than-expected EPS of $2.16 for the latest quarter, surpassing estimates by $0.15, and achieved a 1.4% year-over-year revenue growth with earnings of $6.16 billion.
• The company declared a quarterly dividend of $0.73 per share, with the ex-dividend date set for August 25th, marking an annualized dividend yield of 1.9%.

Federation des caisses Desjardins du Quebec boosted its stake in shares of 3M Company (NYSE:MMM - Free Report) by 64.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 61,305 shares of the conglomerate's stock after buying an additional 23,915 shares during the quarter. Federation des caisses Desjardins du Quebec's holdings in 3M were worth $9,004,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the business. REAP Financial Group LLC lifted its stake in shares of 3M by 88.7% in the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock valued at $26,000 after purchasing an additional 94 shares during the period. Pinney & Scofield Inc. acquired a new stake in 3M during the fourth quarter worth approximately $28,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of 3M during the first quarter worth approximately $28,000. WPG Advisers LLC purchased a new position in 3M in the 1st quarter valued at $28,000. Finally, Curat Global LLC purchased a new stake in shares of 3M during the 1st quarter worth $29,000. Hedge funds and other institutional investors own 65.25% of the company's stock.

Wall Street Analyst Weigh In

MMM has been the subject of a number of research analyst reports. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a research note on Saturday, August 30th. Wells Fargo & Company reissued an "overweight" rating on shares of 3M in a research report on Friday, July 18th. JPMorgan Chase & Co. set a $167.00 price target on 3M in a report on Friday, July 18th. Citigroup raised their target price on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research note on Friday, May 30th. Finally, Barclays set a $170.00 price target on 3M in a research report on Friday, July 18th. Seven investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $161.78.

Insider Transactions at 3M

In other 3M news, insider Christian T. Goralski, Jr. sold 6,165 shares of the company's stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $150.18, for a total value of $925,859.70. Following the completion of the transaction, the insider owned 2,900 shares of the company's stock, valued at $435,522. This represents a 68.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Theresa E. Reinseth sold 3,477 shares of the business's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $150.63, for a total value of $523,740.51. Following the completion of the transaction, the chief accounting officer directly owned 2,561 shares in the company, valued at $385,763.43. This represents a 57.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is owned by corporate insiders.

3M Trading Down 0.1%

Shares of MMM traded down $0.23 during trading hours on Friday, hitting $155.29. 2,052,950 shares of the stock traded hands, compared to its average volume of 2,824,897. 3M Company has a 1-year low of $121.98 and a 1-year high of $164.15. The business has a fifty day moving average of $153.80 and a 200-day moving average of $147.67. The company has a current ratio of 1.72, a quick ratio of 1.20 and a debt-to-equity ratio of 2.87. The firm has a market capitalization of $82.71 billion, a PE ratio of 21.60, a price-to-earnings-growth ratio of 3.00 and a beta of 1.04.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.01 by $0.15. The company had revenue of $6.16 billion during the quarter, compared to the consensus estimate of $6.09 billion. 3M had a return on equity of 96.48% and a net margin of 16.01%.The company's revenue for the quarter was up 1.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.93 earnings per share. Analysts expect that 3M Company will post 7.8 EPS for the current year.

3M Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Monday, August 25th will be paid a $0.73 dividend. The ex-dividend date is Monday, August 25th. This represents a $2.92 annualized dividend and a dividend yield of 1.9%. 3M's dividend payout ratio (DPR) is presently 40.61%.

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.