Desjardins Global Asset Management Inc. Cuts Stake in 3M (NYSE:MMM)

Desjardins Global Asset Management Inc. cut its holdings in shares of 3M (NYSE:MMM) by 40.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,248 shares of the conglomerate’s stock after selling 2,244 shares during the period. Desjardins Global Asset Management Inc.’s holdings in 3M were worth $355,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of MMM. Fragasso Group Inc. increased its position in 3M by 3.8% during the 3rd quarter. Fragasso Group Inc. now owns 2,556 shares of the conglomerate’s stock valued at $239,000 after buying an additional 93 shares in the last quarter. Orion Portfolio Solutions LLC increased its holdings in shares of 3M by 1.2% in the first quarter. Orion Portfolio Solutions LLC now owns 7,941 shares of the conglomerate’s stock valued at $1,182,000 after purchasing an additional 98 shares during the period. McIlrath & Eck LLC increased its holdings in shares of 3M by 13.3% in the fourth quarter. McIlrath & Eck LLC now owns 836 shares of the conglomerate’s stock valued at $100,000 after purchasing an additional 98 shares during the period. Vestcor Inc increased its holdings in shares of 3M by 0.8% in the fourth quarter. Vestcor Inc now owns 13,133 shares of the conglomerate’s stock valued at $1,575,000 after purchasing an additional 102 shares during the period. Finally, Bangor Savings Bank increased its holdings in shares of 3M by 1.0% in the fourth quarter. Bangor Savings Bank now owns 10,489 shares of the conglomerate’s stock valued at $1,147,000 after purchasing an additional 104 shares during the period. 65.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently weighed in on MMM. Royal Bank of Canada cut their price objective on 3M from $84.00 to $78.00 and set an “underperform” rating on the stock in a report on Tuesday, April 2nd. StockNews.com raised 3M from a “buy” rating to a “strong-buy” rating in a report on Tuesday. Mizuho reissued a “neutral” rating and issued a $105.00 price objective on shares of 3M in a report on Wednesday, March 27th. JPMorgan Chase & Co. cut their price objective on 3M from $118.00 to $110.00 and set a “neutral” rating on the stock in a report on Wednesday. Finally, Bank of America dropped their target price on 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a report on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, eight have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $104.00.

Insider Activity

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total value of $39,328.32. Following the transaction, the insider now owns 3,966 shares in the company, valued at $366,141.12. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.34% of the company’s stock.

3M Price Performance

Shares of MMM opened at $91.48 on Friday. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.07 and a quick ratio of 0.76. 3M has a 12 month low of $71.12 and a 12 month high of $95.67. The stock’s 50 day moving average is $95.77 and its two-hundred day moving average is $97.22.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, January 23rd. The conglomerate reported $2.42 EPS for the quarter, beating the consensus estimate of $2.31 by $0.11. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The company had revenue of $8.01 billion for the quarter, compared to analyst estimates of $7.69 billion. During the same period last year, the company earned $2.28 earnings per share. 3M’s quarterly revenue was down 1.1% compared to the same quarter last year. As a group, sell-side analysts expect that 3M will post 8.79 EPS for the current fiscal year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were given a $1.51 dividend. This represents a $6.04 annualized dividend and a dividend yield of 6.60%. The ex-dividend date of this dividend was Thursday, February 15th. This is an increase from 3M’s previous quarterly dividend of $1.50. 3M’s dividend payout ratio (DPR) is -47.82%.

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.