Caisse Des Depots ET Consignations Has $1.19 Million Stake in 3M Company (NYSE:MMM)

Key Points

• Caisse Des Depots ET Consignations reduced its stake in 3M Company by 32.4%, selling 3,870 shares and holding 8,069 shares valued at approximately $1,185,000 at the end of the quarter.
• Several institutional investors, including LaSalle St. Investment Advisors and TCV Trust & Wealth Management, have modified their positions in 3M, with hedge funds now owning 65.25% of the shares.
• 3M reported $2.16 earnings per share in its most recent quarter, exceeding analyst expectations, and declared a quarterly dividend of $0.73 per share, reflecting an annualized yield of 1.9%.

Caisse Des Depots ET Consignations cut its position in shares of 3M Company (NYSE:MMM - Free Report) by 32.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 8,069 shares of the conglomerate's stock after selling 3,870 shares during the quarter. Caisse Des Depots ET Consignations' holdings in 3M were worth $1,185,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. LaSalle St. Investment Advisors LLC grew its stake in 3M by 2.5% in the fourth quarter. LaSalle St. Investment Advisors LLC now owns 2,951 shares of the conglomerate's stock valued at $381,000 after purchasing an additional 71 shares in the last quarter. TCV Trust & Wealth Management Inc. grew its stake in 3M by 1.1% in the first quarter. TCV Trust & Wealth Management Inc. now owns 6,497 shares of the conglomerate's stock valued at $954,000 after purchasing an additional 73 shares in the last quarter. Cahaba Wealth Management Inc. grew its stake in 3M by 1.4% in the first quarter. Cahaba Wealth Management Inc. now owns 5,580 shares of the conglomerate's stock valued at $819,000 after purchasing an additional 75 shares in the last quarter. Altman Advisors Inc. grew its stake in 3M by 0.5% in the first quarter. Altman Advisors Inc. now owns 16,690 shares of the conglomerate's stock valued at $2,318,000 after purchasing an additional 76 shares in the last quarter. Finally, NBT Bank N A NY grew its stake in 3M by 0.8% in the first quarter. NBT Bank N A NY now owns 9,744 shares of the conglomerate's stock valued at $1,431,000 after purchasing an additional 79 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CAO Theresa E. Reinseth sold 3,477 shares of 3M stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total value of $523,740.51. Following the transaction, the chief accounting officer owned 2,561 shares in the company, valued at approximately $385,763.43. This trade represents a 57.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of 3M stock in a transaction on 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 transaction, the insider owned 2,900 shares in the company, valued at approximately $435,522. The trade was a 68.01% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 25,316 shares of company stock worth $3,780,296 in the last quarter. Insiders own 0.34% of the company's stock.

3M Stock Performance

NYSE:MMM traded up $1.59 during mid-day trading on Friday, hitting $153.33. 2,375,683 shares of the stock were exchanged, compared to its average volume of 4,166,032. The stock has a market capitalization of $81.67 billion, a price-to-earnings ratio of 21.33, a price-to-earnings-growth ratio of 2.97 and a beta of 1.05. The firm's 50-day simple moving average is $149.98 and its 200 day simple moving average is $146.96. The company has a debt-to-equity ratio of 2.87, a quick ratio of 1.20 and a current ratio of 1.72. 3M Company has a fifty-two week low of $121.98 and a fifty-two week high of $164.15.

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

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were paid a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 1.9%. 3M's dividend payout ratio (DPR) is presently 40.61%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Royal Bank Of Canada raised their price target on 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. set a $167.00 price objective on 3M in a research report on Friday, July 18th. Wells Fargo & Company reaffirmed an "overweight" rating on shares of 3M in a research report on Friday, July 18th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a research report on Tuesday, July 29th. Finally, Barclays set a $170.00 price objective on 3M in a research report on Friday, July 18th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, 3M currently has an average rating of "Hold" and a consensus 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.