iA Global Asset Management Inc. Increases Stock Position in 3M Company (NYSE:MMM)

Key Points

• iA Global Asset Management Inc. increased its stake in 3M Company by 5.1%, owning 58,060 shares valued at approximately $8.5 million as of the latest filing.
• 3M's recent earnings report showed earnings per share of $2.16, exceeding analysts' expectations, while revenue for the quarter was up by 1.4% year-over-year.
• The company declared a quarterly dividend of $0.73 per share, with an annualized rate of $2.92 and a yield of 1.9%.

iA Global Asset Management Inc. lifted its position in 3M Company (NYSE:MMM - Free Report) by 5.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 58,060 shares of the conglomerate's stock after buying an additional 2,810 shares during the quarter. iA Global Asset Management Inc.'s holdings in 3M were worth $8,527,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. REAP Financial Group LLC lifted its position in shares of 3M by 88.7% during 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. Curat Global LLC acquired a new stake in shares of 3M during the first quarter worth about $29,000. Pinney & Scofield Inc. acquired a new stake in shares of 3M during the fourth quarter worth about $28,000. Intelligent Financial Strategies acquired a new stake in shares of 3M during the first quarter worth about $42,000. Finally, Investment Management Corp VA ADV lifted its position in shares of 3M by 173.6% during 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. Hedge funds and other institutional investors own 65.25% of the company's stock.

3M Stock Up 1.0%

3M stock traded up $1.59 during mid-day trading on Friday, hitting $153.33. The company had a trading volume of 2,375,683 shares, compared to its average volume of 4,166,032. The stock has a market cap of $81.67 billion, a price-to-earnings ratio of 21.33, a PEG ratio of 2.94 and a beta of 1.05. 3M Company has a 1 year low of $121.98 and a 1 year high of $164.15. 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 business has a fifty day moving average of $149.98 and a 200 day moving average of $146.98.

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

3M Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were paid a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 1.9%. 3M's dividend payout ratio is currently 40.61%.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Wells Fargo & Company reissued an "overweight" rating on shares of 3M in a research report on Friday, July 18th. JPMorgan Chase & Co. set a $167.00 target price on shares of 3M in a research note on Friday, July 18th. Barclays set a $170.00 target price on shares of 3M in a research note on Friday, July 18th. Citigroup upped their target price on shares of 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research note on Friday, May 30th. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a research note on Tuesday, July 29th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $158.10.

Insider Activity at 3M

In other news, EVP Zoe L. Dickson sold 7,915 shares of the firm's stock in a transaction that occurred on 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 transaction, the executive vice president directly owned 6,127 shares in the company, valued at approximately $913,045.54. This trade represents a 56.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Theresa E. Reinseth sold 3,477 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total transaction 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 ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 25,316 shares of company stock valued at $3,780,296. Company insiders own 0.34% of the company's stock.

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.