Burgundy Asset Management Ltd. Increases Stock Position in 3M (NYSE:MMM)

Burgundy Asset Management Ltd. raised its position in shares of 3M (NYSE:MMM - Free Report) by 10.0% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 110,000 shares of the conglomerate's stock after buying an additional 10,000 shares during the period. Burgundy Asset Management Ltd.'s holdings in 3M were worth $14,200,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Wayfinding Financial LLC purchased a new stake in 3M during the 4th quarter valued at $851,000. Ensign Peak Advisors Inc boosted its position in 3M by 29.2% during the 4th quarter. Ensign Peak Advisors Inc now owns 642,354 shares of the conglomerate's stock valued at $82,921,000 after buying an additional 145,146 shares during the period. Braun Stacey Associates Inc. boosted its position in 3M by 18.4% during the 4th quarter. Braun Stacey Associates Inc. now owns 142,596 shares of the conglomerate's stock valued at $18,408,000 after buying an additional 22,203 shares during the period. U.S. Capital Wealth Advisors LLC boosted its position in 3M by 1,615.9% during the 4th quarter. U.S. Capital Wealth Advisors LLC now owns 122,240 shares of the conglomerate's stock valued at $15,780,000 after buying an additional 115,116 shares during the period. Finally, Asahi Life Asset Management CO. LTD. boosted its position in 3M by 34.0% during the 4th quarter. Asahi Life Asset Management CO. LTD. now owns 12,516 shares of the conglomerate's stock valued at $1,616,000 after buying an additional 3,173 shares during the period. Hedge funds and other institutional investors own 65.25% of the company's stock.

Insider Buying and Selling at 3M

In other 3M news, EVP Zoe L. Dickson sold 7,915 shares of the firm's stock in a transaction dated Thursday, May 15th. The shares were 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 now directly owns 6,127 shares in the company, valued at approximately $913,045.54. This trade represents a 56.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.34% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have commented on MMM shares. Bank of America upped their price objective on shares of 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a report on Thursday, March 6th. Royal Bank of Canada upped their price objective on shares of 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a report on Wednesday, April 23rd. Citigroup decreased their price objective on shares of 3M from $152.00 to $142.00 and set a "neutral" rating for the company in a report on Monday, April 14th. Barclays upped their price objective on shares of 3M from $160.00 to $164.00 and gave the stock an "overweight" rating in a report on Wednesday, April 23rd. Finally, JPMorgan Chase & Co. upped their price objective on shares of 3M from $140.00 to $167.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $152.08.

3M Stock Up 0.2%

NYSE:MMM opened at $149.69 on Friday. The firm has a market cap of $80.56 billion, a P/E ratio of 19.83, a P/E/G ratio of 3.30 and a beta of 1.02. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. 3M has a fifty-two week low of $96.76 and a fifty-two week high of $156.35. The firm has a 50-day simple moving average of $141.74 and a two-hundred day simple moving average of $139.99.

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

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd will be paid a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 1.95%. 3M's dividend payout ratio is currently 36.87%.

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.

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