Bank of Nova Scotia Has $21.01 Million 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 trimmed its stake in 3M Company (NYSE:MMM - Free Report) by 24.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 143,042 shares of the conglomerate's stock after selling 45,168 shares during the quarter. Bank of Nova Scotia's holdings in 3M were worth $21,007,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in MMM. REAP Financial Group LLC lifted its position in shares of 3M by 88.7% in the fourth quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock worth $26,000 after purchasing an additional 94 shares in the last quarter. Pinney & Scofield Inc. purchased a new stake in shares of 3M in the fourth quarter worth approximately $28,000. Curat Global LLC purchased a new stake in shares of 3M in the first quarter worth approximately $29,000. Intelligent Financial Strategies purchased a new stake in shares of 3M in the first quarter worth approximately $42,000. Finally, Investment Management Corp VA ADV lifted its position in shares of 3M by 173.6% in the first quarter. Investment Management Corp VA ADV now owns 301 shares of the conglomerate's stock worth $44,000 after purchasing an additional 191 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP John Patrick Banovetz sold 7,759 shares of the firm's stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $148.37, for a total value of $1,151,202.83. Following the sale, the executive vice president owned 31,372 shares in the company, valued at approximately $4,654,663.64. This trade represents a 19.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Zoe L. Dickson sold 7,915 shares of the firm's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the completion of the sale, the executive vice president owned 6,127 shares in the company, valued at approximately $913,045.54. The trade was a 56.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 19,151 shares of company stock valued at $2,854,437 over the last 90 days. 0.34% of the stock is currently owned by company insiders.

3M Stock Performance

Shares of NYSE:MMM traded up $0.90 during trading on Wednesday, reaching $150.99. The stock had a trading volume of 2,636,874 shares, compared to its average volume of 4,264,465. 3M Company has a 52 week low of $121.98 and a 52 week high of $164.15. The firm has a market capitalization of $80.42 billion, a price-to-earnings ratio of 21.00, a P/E/G ratio of 2.90 and a beta of 1.05. The company has a quick ratio of 1.20, a current ratio of 1.72 and a debt-to-equity ratio of 2.87. The stock has a fifty day simple moving average of $149.79 and a two-hundred day simple moving average of $146.83.

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

3M Dividend Announcement

The company also recently declared 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 dividend on an annualized basis and a dividend yield of 1.9%. 3M's dividend payout ratio is 40.61%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on MMM shares. Royal Bank Of Canada increased their price target on shares of 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a research report on Wednesday, April 23rd. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research report on Tuesday, July 29th. JPMorgan Chase & Co. set a $167.00 price objective on shares of 3M in a research report on Friday, July 18th. Citigroup raised their price objective 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. Finally, Wells Fargo & Company reaffirmed an "overweight" rating on shares of 3M in a research report on Friday, July 18th. Two analysts have rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $158.10.

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.