Zurcher Kantonalbank Zurich Cantonalbank Has $60.76 Million Stock Position in 3M Company (NYSE:MMM)

Key Points

• Zurcher Kantonalbank Zurich Cantonalbank reduced its stake in 3M Company by 3.9%, selling 16,808 shares and now holds a total of 413,700 shares, valued at approximately $60.76 million.
• Several institutional investors increased their positions in 3M, with Brighton Jones LLC boosting its stake by 26.6% and UniSuper Management Pty Ltd by 27.2% in the last quarter.
• Recent analyst reports indicate a consensus rating of "Moderate Buy" for 3M, with a consensus price target of $156.33, following various price target adjustments by firms such as Citigroup and JPMorgan Chase & Co.

Zurcher Kantonalbank Zurich Cantonalbank cut its stake in shares of 3M Company (NYSE:MMM - Free Report) by 3.9% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 413,700 shares of the conglomerate's stock after selling 16,808 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned 0.08% of 3M worth $60,756,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Ensign Peak Advisors Inc lifted its stake in shares of 3M by 29.2% during the fourth quarter. Ensign Peak Advisors Inc now owns 642,354 shares of the conglomerate's stock worth $82,921,000 after purchasing an additional 145,146 shares in the last quarter. Financial Gravity Asset Management Inc. acquired a new position in 3M in the 1st quarter worth $2,506,000. Allstate Corp acquired a new position in 3M in the 4th quarter worth $2,101,000. Synergy Asset Management LLC lifted its holdings in 3M by 122.7% in the 1st quarter. Synergy Asset Management LLC now owns 4,512 shares of the conglomerate's stock worth $663,000 after buying an additional 2,486 shares in the last quarter. Finally, Northstar Group Inc. acquired a new position in 3M in the 1st quarter worth $262,000. 65.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on MMM. Barclays set a $170.00 target price on 3M in a research report on Friday, July 18th. JPMorgan Chase & Co. set a $167.00 price objective on shares of 3M in a research note on Friday, July 18th. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research report on Tuesday. Royal Bank Of Canada boosted their price objective on 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research report on Wednesday, April 23rd. Finally, Wells Fargo & Company restated an "overweight" rating on shares of 3M in a research note on Friday, July 18th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $156.91.

3M Price Performance

Shares of NYSE MMM traded down $2.20 during mid-day trading on Wednesday, reaching $149.59. The company had a trading volume of 1,040,866 shares, compared to its average volume of 3,883,745. The company has a 50-day moving average price of $149.91 and a two-hundred day moving average price of $146.50. The stock has a market cap of $79.68 billion, a PE ratio of 20.80, a P/E/G ratio of 3.06 and a beta of 1.02. The company has a current ratio of 1.72, a quick ratio of 1.20 and a debt-to-equity ratio of 2.87. 3M Company has a 1-year low of $119.31 and a 1-year high of $164.15.

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

3M Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were given a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 1.95%. 3M's dividend payout ratio (DPR) is presently 40.61%.

Insider Activity

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 transaction of $1,151,202.83. Following the transaction, the executive vice president owned 31,372 shares of the company's stock, valued at $4,654,663.64. The trade was a 19.83% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Zoe L. Dickson sold 7,915 shares of 3M stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $149.02, for a total value 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 position. The disclosure for this sale can be found here. Insiders own 0.48% of the company's stock.

3M Company 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.