3M Company $MMM Shares Acquired by Royal Bank of Canada

Key Points

• Royal Bank of Canada increased its stake in 3M Company by 5.3%, acquiring an additional 84,788 shares, bringing its total ownership to approximately 1.69 million shares valued at $248 million.
• Analysts have set a consensus price target of $158.10 for 3M, with varying ratings; seven rated it as a Buy, two as Hold, and two as Sell.
• 3M recently announced a quarterly dividend of $0.73 per share, set to be paid on September 12th, with an annual yield of 1.9%.

Royal Bank of Canada increased its position in shares of 3M Company (NYSE:MMM - Free Report) by 5.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,690,045 shares of the conglomerate's stock after buying an additional 84,788 shares during the period. Royal Bank of Canada owned about 0.31% of 3M worth $248,199,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Graham Capital Management L.P. grew its holdings in 3M by 19.7% during the 1st quarter. Graham Capital Management L.P. now owns 130,090 shares of the conglomerate's stock worth $19,105,000 after acquiring an additional 21,404 shares in the last quarter. MAI Capital Management grew its holdings in 3M by 5.1% during the 1st quarter. MAI Capital Management now owns 53,197 shares of the conglomerate's stock worth $7,812,000 after acquiring an additional 2,561 shares in the last quarter. Saudi Central Bank acquired a new position in 3M during the 1st quarter worth $31,000. Connecticut Wealth Management LLC acquired a new position in 3M during the 1st quarter worth $217,000. Finally, Pinnacle Wealth Planning Services Inc. grew its holdings in 3M by 4.7% during the 1st quarter. Pinnacle Wealth Planning Services Inc. now owns 1,834 shares of the conglomerate's stock worth $269,000 after acquiring an additional 83 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on MMM shares. Barclays set a $170.00 price objective on shares of 3M in a report on Friday, July 18th. Wells Fargo & Company reissued an "overweight" rating on shares of 3M in a report on Friday, July 18th. Citigroup raised their price objective on shares of 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a report on Friday, May 30th. JPMorgan Chase & Co. set a $167.00 price objective 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 Saturday, August 30th. Seven equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, 3M currently has an average rating of "Moderate Buy" and an average target price of $161.78.

3M Price Performance

3M stock traded down $0.23 during midday trading on Friday, reaching $155.29. The company's stock had a trading volume of 2,052,950 shares, compared to its average volume of 2,824,897. 3M Company has a 52 week low of $121.98 and a 52 week high of $164.15. The company has a current ratio of 1.72, a quick ratio of 1.20 and a debt-to-equity ratio of 2.87. The business has a 50-day moving average price of $153.80 and a 200-day moving average price of $147.68. The stock has a market cap of $82.71 billion, a PE ratio of 21.60, a price-to-earnings-growth ratio of 3.01 and a beta of 1.04.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings data on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, topping 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 business had revenue of $6.16 billion for the quarter, compared to analysts' expectations of $6.09 billion. During the same quarter in the prior year, the firm posted $1.93 EPS. The firm's quarterly revenue was up 1.4% on a year-over-year basis. On average, sell-side analysts predict that 3M Company will post 7.8 EPS for the current year.

3M Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Monday, August 25th will be issued a $0.73 dividend. The ex-dividend date is Monday, August 25th. This represents a $2.92 dividend on an annualized basis and a yield of 1.9%. 3M's dividend payout ratio (DPR) is 40.61%.

Insider Transactions at 3M

In other 3M news, insider Christian T. Goralski, Jr. sold 6,165 shares of 3M stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $150.18, for a total transaction of $925,859.70. Following the completion of the sale, the insider directly owned 2,900 shares of the company's stock, valued at $435,522. The trade was a 68.01% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Theresa E. Reinseth sold 3,477 shares of 3M stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total value of $523,740.51. Following the sale, the chief accounting officer directly owned 2,561 shares of the company's stock, valued at $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. 0.34% of the stock is owned by insiders.

3M 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.