Zurcher Kantonalbank Zurich Cantonalbank Boosts Stock Position in 3M (NYSE:MMM)

Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of 3M (NYSE:MMM) by 3.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 376,492 shares of the conglomerate’s stock after acquiring an additional 11,107 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned 0.07% of 3M worth $41,158,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in MMM. Moneta Group Investment Advisors LLC lifted its position in shares of 3M by 73,903.2% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 6,656,588 shares of the conglomerate’s stock worth $798,258,000 after acquiring an additional 6,647,593 shares in the last quarter. Pacer Advisors Inc. increased its holdings in shares of 3M by 1,273.9% in the fourth quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate’s stock worth $413,637,000 after purchasing an additional 3,508,334 shares during the period. Norges Bank bought a new position in shares of 3M in the fourth quarter worth $369,974,000. Renaissance Technologies LLC increased its holdings in shares of 3M by 1,889.1% in the first quarter. Renaissance Technologies LLC now owns 1,356,600 shares of the conglomerate’s stock worth $201,971,000 after purchasing an additional 1,288,400 shares during the period. Finally, International Assets Investment Management LLC increased its holdings in shares of 3M by 8,766.0% in the fourth quarter. International Assets Investment Management LLC now owns 1,080,940 shares of the conglomerate’s stock worth $118,168,000 after purchasing an additional 1,068,748 shares during the period. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Stock Down 0.3 %

Shares of NYSE:MMM opened at $91.05 on Wednesday. The stock’s 50-day moving average price is $95.87 and its 200-day moving average price is $97.31. 3M has a 12-month low of $71.12 and a 12-month high of $95.67. The stock has a market capitalization of $50.38 billion, a P/E ratio of -7.21, a price-to-earnings-growth ratio of 1.61 and a beta of 1.02. The company has a current ratio of 1.07, a quick ratio of 0.76 and a debt-to-equity ratio of 2.69.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $8.01 billion for the quarter, compared to analysts’ expectations of $7.69 billion. During the same period last year, the firm earned $2.28 earnings per share. The company’s revenue for the quarter was down 1.1% compared to the same quarter last year. On average, equities analysts anticipate that 3M will post 8.79 earnings per share for the current year.

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were paid a dividend of $1.51 per share. This is a boost from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 dividend on an annualized basis and a dividend yield of 6.63%. The ex-dividend date was Thursday, February 15th. 3M’s dividend payout ratio (DPR) is -47.82%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on MMM shares. Mizuho reaffirmed a “neutral” rating and issued a $105.00 price target on shares of 3M in a report on Wednesday, March 27th. Royal Bank of Canada reduced their target price on 3M from $84.00 to $78.00 and set an “underperform” rating on the stock in a research note on Tuesday, April 2nd. Barclays reduced their target price on 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 2nd. Citigroup increased their target price on 3M from $95.31 to $98.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Finally, Bank of America reduced their target price on 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 2nd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $103.50.

Insider Activity

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total transaction of $39,328.32. Following the completion of the sale, the insider now directly 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 the SEC website. Insiders own 0.38% 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.