Mackenzie Financial Corp Buys 8,898 Shares of 3M Company (NYSE:MMM)

Key Points

• Mackenzie Financial Corp increased its stake in 3M Company by 11.8%, acquiring an additional 8,898 shares, bringing its total holdings to 83,998 shares valued at approximately $12.34 million.
$2.16 for the last quarter, exceeding analyst expectations of $2.01, with revenue reaching $6.16 billion.
• The latest quarterly dividend declared by 3M was $0.73 per share, providing a 2.0% yield based on an annualized payout of $2.92.

Mackenzie Financial Corp increased its stake in 3M Company (NYSE:MMM - Free Report) by 11.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 83,998 shares of the conglomerate's stock after purchasing an additional 8,898 shares during the quarter. Mackenzie Financial Corp's holdings in 3M were worth $12,336,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. REAP Financial Group LLC raised its holdings in 3M by 88.7% during the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock valued at $26,000 after acquiring an additional 94 shares during the period. Pinney & Scofield Inc. bought a new stake in 3M during the 4th quarter valued at $28,000. Curat Global LLC bought a new position in shares of 3M in the first quarter worth $29,000. Intelligent Financial Strategies bought a new position in shares of 3M in the first quarter worth $42,000. Finally, Investment Management Corp VA ADV increased its holdings in shares of 3M by 173.6% in 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 during the period. Institutional investors own 65.25% of the company's stock.

3M Stock Up 1.8%

Shares of NYSE:MMM opened at $149.25 on Friday. 3M Company has a 52-week low of $119.31 and a 52-week high of $164.15. The firm has a fifty day moving average of $149.85 and a 200 day moving average of $146.60. The firm has a market capitalization of $79.50 billion, a PE ratio of 20.76, a price-to-earnings-growth ratio of 2.84 and a beta of 1.02. 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 (NYSE:MMM - Get Free Report) last announced its earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.01 by $0.15. 3M had a net margin of 16.01% and a return on equity of 96.48%. The company had revenue of $6.16 billion during the quarter, compared to analyst estimates of $6.09 billion. During the same period in the previous year, the business earned $1.93 earnings per share. The firm's quarterly revenue was up 1.4% compared to the same quarter last year. As a group, research analysts anticipate that 3M Company will post 7.8 EPS for the current fiscal year.

3M Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 2.0%. 3M's payout ratio is 40.61%.

Insider Activity

In other 3M news, EVP John Patrick Banovetz sold 7,759 shares of the company's stock in a transaction dated Friday, May 23rd. The shares were 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 directly owned 31,372 shares in the company, valued at $4,654,663.64. This represents a 19.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Zoe L. Dickson sold 7,915 shares of the company'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 sale, the executive vice president owned 6,127 shares of the company's stock, valued at approximately $913,045.54. The trade was a 56.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. JPMorgan Chase & Co. set a $167.00 price target on shares of 3M in a report on Friday, July 18th. Royal Bank Of Canada upped their price target 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 upped their price target on shares of 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a report on Friday, May 30th. Barclays set a $170.00 price target on shares of 3M in a report on Friday, July 18th. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a report on Tuesday. Two analysts have rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat, 3M currently has a consensus rating of "Hold" and an average 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.

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