Bank of Nova Scotia Cuts Stock Holdings in 3M Company (NYSE:MMM)

Key Points

• Bank of Nova Scotia reduced its holdings in 3M Company by 24.0% to 143,042 shares, valued at approximately $21 million.
• A number of institutional investors, including Brighton Jones LLC and Grantham Mayo Van Otterloo & Co. LLC, adjusted their positions in 3M during the fourth quarter, with total institutional ownership at 65.25%.
• 3M reported earnings of $2.16 per share for the last quarter, surpassing estimates, and declared a quarterly dividend of $0.73, equating to a 2.0% yield.

Bank of Nova Scotia lessened its holdings in 3M Company (NYSE:MMM - Free Report) by 24.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 143,042 shares of the conglomerate's stock after selling 45,168 shares during the period. Bank of Nova Scotia's holdings in 3M were worth $21,007,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Northern Trust Corp increased its stake in shares of 3M by 12.6% in the 4th quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate's stock valued at $871,738,000 after buying an additional 755,155 shares during the period. Capital World Investors boosted its holdings in 3M by 25.4% during the fourth quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock worth $794,410,000 after purchasing an additional 1,248,093 shares during the last quarter. Invesco Ltd. increased its holdings in 3M by 51.6% during the fourth quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate's stock worth $576,845,000 after buying an additional 1,520,619 shares during the last quarter. Bank of America Corp DE lifted its holdings in 3M by 4.2% during the 4th quarter. Bank of America Corp DE now owns 4,270,238 shares of the conglomerate's stock valued at $551,245,000 after purchasing an additional 172,815 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in 3M by 5.7% during the 4th quarter. Janus Henderson Group PLC now owns 3,624,933 shares of the conglomerate's stock valued at $467,944,000 after purchasing an additional 193,957 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other 3M news, insider Christian T. Goralski, Jr. sold 6,165 shares of the business's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $150.18, for a total value of $925,859.70. Following the completion of the sale, the insider directly owned 2,900 shares of the company's stock, valued at $435,522. The trade was a 68.01% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 transaction of $523,740.51. Following the completion of the sale, the chief accounting officer owned 2,561 shares of the company's stock, valued at approximately $385,763.43. This represents a 57.59% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 25,316 shares of company stock valued at $3,780,296 over the last three months. Insiders own 0.34% of the company's stock.

3M Trading Up 1.0%

3M stock traded up $1.59 during mid-day trading on Friday, reaching $153.33. 1,688,558 shares of the company traded hands, compared to its average volume of 3,869,007. The company has a debt-to-equity ratio of 2.87, a current ratio of 1.72 and a quick ratio of 1.20. The firm's 50 day moving average price is $149.88 and its 200 day moving average price is $146.93. The firm has a market capitalization of $81.67 billion, a price-to-earnings ratio of 21.33, a P/E/G ratio of 2.92 and a beta of 1.05. 3M Company has a 52-week low of $121.98 and a 52-week high of $164.15.

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

3M Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were given a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 1.9%. 3M's payout ratio is 40.61%.

Analyst Upgrades and Downgrades

MMM has been the topic of a number of research analyst reports. Wells Fargo & Company reaffirmed an "overweight" rating on shares of 3M in a report on Friday, July 18th. Citigroup lifted their price target on shares of 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research report on Friday, May 30th. Royal Bank Of Canada increased their price target on 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research report on Wednesday, April 23rd. JPMorgan Chase & Co. set a $167.00 price objective on 3M in a research report on Friday, July 18th. Finally, Barclays set a $170.00 price target on 3M in a report on Friday, July 18th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $158.10.

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.