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Connor Clark & Lunn Investment Management Ltd. Takes $2.99 Million Position in 3M Company (NYSE:MMM)

3M logo with Multi-Sector Conglomerates background

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of 3M Company (NYSE:MMM - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 20,341 shares of the conglomerate's stock, valued at approximately $2,987,000.

A number of other large investors have also recently bought and sold shares of MMM. REAP Financial Group LLC boosted its position in 3M by 88.7% during the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock worth $26,000 after acquiring an additional 94 shares during the last quarter. Pinney & Scofield Inc. acquired a new position in 3M during the 4th quarter worth approximately $28,000. Curat Global LLC acquired a new position in 3M during the 1st quarter worth approximately $29,000. Intelligent Financial Strategies acquired a new position in 3M during the 1st quarter worth approximately $42,000. Finally, Investment Management Corp VA ADV boosted its position in 3M by 173.6% during the 1st quarter. Investment Management Corp VA ADV now owns 301 shares of the conglomerate's stock worth $44,000 after acquiring an additional 191 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company's stock.

Insider Buying and Selling at 3M

In other 3M 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 value of $1,151,202.83. Following the transaction, the executive vice president owned 31,372 shares in the company, valued at $4,654,663.64. The trade was a 19.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of 3M 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 sale, the insider directly owned 2,900 shares in the company, valued at $435,522. The trade was a 68.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 17,401 shares of company stock worth $2,600,803 over the last 90 days. Insiders own 0.34% of the company's stock.

Analysts Set New Price Targets

A number of research firms have weighed in on MMM. Wells Fargo & Company reaffirmed an "overweight" rating on shares of 3M in a research report on Friday, July 18th. Royal Bank Of Canada upped their price objective on 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a research note on Wednesday, April 23rd. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research note on Thursday. JPMorgan Chase & Co. set a $167.00 price objective on 3M in a research note on Friday, July 18th. Finally, Citigroup upped their price objective on 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research note on Friday, May 30th. Two equities research 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's stock. According to MarketBeat.com, 3M has a consensus rating of "Hold" and a consensus price target of $158.10.

Get Our Latest Stock Analysis on MMM

3M Price Performance

Shares of NYSE MMM traded down $4.39 during mid-day trading on Friday, reaching $152.26. The company had a trading volume of 3,921,103 shares, compared to its average volume of 4,231,796. 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 one year low of $121.98 and a one year high of $164.15. The firm has a market cap of $81.10 billion, a price-to-earnings ratio of 21.18, a PEG ratio of 3.03 and a beta of 1.05. The business's 50-day simple moving average is $150.97 and its 200 day simple moving average is $147.19.

3M (NYSE:MMM - Get Free Report) last released its earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, beating 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 quarter in the previous year, the business posted $1.93 earnings per share. The business's revenue for the quarter was up 1.4% on a year-over-year basis. On average, research analysts predict that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Monday, August 25th will be given a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 1.9%. 3M's dividend payout ratio is presently 40.61%.

3M Company Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for 3M (NYSE:MMM)

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