3M (NYSE:MMM) Holdings Raised by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in shares of 3M (NYSE:MMM - Free Report) by 14.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 105,201 shares of the conglomerate's stock after acquiring an additional 13,043 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's holdings in 3M were worth $13,580,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Geode Capital Management LLC lifted its holdings in 3M by 2.5% in the 4th quarter. Geode Capital Management LLC now owns 11,574,414 shares of the conglomerate's stock worth $1,493,655,000 after buying an additional 280,048 shares during the period. Northern Trust Corp raised its holdings in shares of 3M by 12.6% during the fourth quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate's stock valued at $871,738,000 after acquiring an additional 755,155 shares in the last quarter. Capital World Investors lifted its stake in 3M by 25.4% in the fourth quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock worth $794,410,000 after acquiring an additional 1,248,093 shares during the period. Bank of New York Mellon Corp boosted its holdings in 3M by 9.2% in the fourth quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate's stock valued at $734,456,000 after acquiring an additional 479,621 shares in the last quarter. Finally, Norges Bank bought a new position in 3M in the 4th quarter worth $636,767,000. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at 3M

In related news, EVP John Patrick Banovetz sold 7,759 shares of 3M stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the completion of the sale, the executive vice president now owns 31,372 shares in the company, valued at approximately $4,654,663.64. This trade represents a 19.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Zoe L. Dickson sold 7,915 shares of 3M stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $149.02, for a total value of $1,179,493.30. Following the completion of the sale, the executive vice president now owns 6,127 shares of the company's stock, valued at $913,045.54. This trade represents a 56.37% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.34% of the company's stock.

3M Price Performance

MMM traded down $0.37 on Wednesday, hitting $149.12. 742,752 shares of the company's stock were exchanged, compared to its average volume of 3,965,887. 3M has a fifty-two week low of $96.76 and a fifty-two week high of $156.35. The stock has a market cap of $80.25 billion, a price-to-earnings ratio of 19.75, a P/E/G ratio of 3.30 and a beta of 1.02. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. The firm has a 50-day moving average price of $141.54 and a 200-day moving average price of $140.39.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, beating the consensus estimate of $1.77 by $0.11. 3M had a return on equity of 100.77% and a net margin of 15.71%. The business had revenue of $5.80 billion for the quarter, compared to analyst estimates of $5.78 billion. As a group, equities analysts anticipate that 3M will post 7.8 earnings per share for the current year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Friday, May 23rd will be paid a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 1.96%. 3M's dividend payout ratio is currently 36.87%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a research note on Saturday. Royal Bank of Canada upped their price target on 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. increased their price objective on shares of 3M from $140.00 to $167.00 and gave the company an "overweight" rating in a research report on Friday, May 16th. Barclays boosted their target price on 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a research report on Wednesday, April 23rd. Finally, Citigroup lowered their price objective on shares of 3M from $152.00 to $142.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $152.08.

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.