TD Asset Management Inc Has $38.51 Million Stake in 3M Company (NYSE:MMM)

Key Points

• TD Asset Management Inc reduced its stake in 3M Company by 1.1%, holding 262,227 shares valued at $38.5 million after selling 2,889 shares during the quarter.
• 3M recently announced a quarterly dividend of $0.73 per share, resulting in an annualized dividend of $2.92 and a dividend yield of 1.92%.
• Despite a slight drop in stock price, 3M reported quarterly earnings of $2.16 per share, surpassing analysts’ expectations and reflecting a 1.4% year-over-year revenue increase to $6.16 billion.

TD Asset Management Inc lowered its position in 3M Company (NYSE:MMM - Free Report) by 1.1% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 262,227 shares of the conglomerate's stock after selling 2,889 shares during the period. TD Asset Management Inc's holdings in 3M were worth $38,511,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. HB Wealth Management LLC grew its position in 3M by 40.5% in the 1st quarter. HB Wealth Management LLC now owns 33,008 shares of the conglomerate's stock valued at $4,848,000 after acquiring an additional 9,519 shares in the last quarter. Angeles Wealth Management LLC boosted its holdings in 3M by 27.4% in the first quarter. Angeles Wealth Management LLC now owns 3,543 shares of the conglomerate's stock valued at $520,000 after purchasing an additional 763 shares in the last quarter. Skandinaviska Enskilda Banken AB publ lifted its stake in 3M by 1.2% in the first quarter. Skandinaviska Enskilda Banken AB publ now owns 114,968 shares of the conglomerate's stock valued at $16,884,000 after buying an additional 1,331 shares during the last quarter. J.P. Marvel Investment Advisors LLC lifted its stake in 3M by 5.4% in the first quarter. J.P. Marvel Investment Advisors LLC now owns 70,044 shares of the conglomerate's stock valued at $10,287,000 after buying an additional 3,573 shares during the last quarter. Finally, Phoenix Financial Ltd. lifted its stake in 3M by 23.6% in the first quarter. Phoenix Financial Ltd. now owns 2,151 shares of the conglomerate's stock valued at $316,000 after buying an additional 411 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company's stock.

Insiders Place Their Bets

In other news, EVP Zoe L. Dickson sold 7,915 shares of the business's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the sale, the executive vice president directly owned 6,127 shares of the company's stock, valued at $913,045.54. The trade was a 56.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP John Patrick Banovetz sold 7,759 shares of the business's stock in a transaction on 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 sale, the executive vice president directly owned 31,372 shares in the company, valued at $4,654,663.64. This trade represents a 19.83% 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 Stock Performance

Shares of NYSE MMM traded down $4.29 during mid-day trading on Friday, hitting $144.94. The company had a trading volume of 1,418,028 shares, compared to its average volume of 3,887,158. The stock has a market cap of $77.20 billion, a price-to-earnings ratio of 20.15, a PEG ratio of 2.84 and a beta of 1.02. 3M Company has a 12 month low of $119.31 and a 12 month high of $164.15. The company has a debt-to-equity ratio of 2.87, a current ratio of 1.72 and a quick ratio of 1.20. The firm's 50 day simple moving average is $149.85 and its two-hundred day simple moving average is $146.60.

3M (NYSE:MMM - Get Free Report) last released its quarterly 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 return on equity of 96.48% and a net margin of 16.01%. The company had revenue of $6.16 billion during the quarter, compared to analysts' expectations of $6.09 billion. During the same quarter in the prior year, the business posted $1.93 earnings per share. The company's revenue for the quarter was up 1.4% compared to the same quarter last year. As a group, equities research analysts forecast that 3M Company will post 7.8 earnings per share for the current year.

3M Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.0%. 3M's dividend payout ratio (DPR) is presently 40.61%.

Analysts Set New Price Targets

Several research firms have recently commented on MMM. Wells Fargo & Company restated an "overweight" rating on shares of 3M in a research note on Friday, July 18th. JPMorgan Chase & Co. set a $167.00 price objective on 3M in a research note on Friday, July 18th. Barclays set a $170.00 target price on 3M in a research report on Friday, July 18th. Citigroup raised their price objective on 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a report on Friday, May 30th. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a report on Tuesday. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock 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.