3M Co (MMM) Holdings Cut by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. trimmed its position in 3M Co (NYSE:MMM) by 54.3% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 68,023 shares of the conglomerate’s stock after selling 80,982 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in 3M were worth $14,333,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. State of New Jersey Common Pension Fund D increased its holdings in shares of 3M by 23.6% in the second quarter. State of New Jersey Common Pension Fund D now owns 222,400 shares of the conglomerate’s stock valued at $43,751,000 after purchasing an additional 42,400 shares during the period. Park Avenue Securities LLC increased its holdings in shares of 3M by 45.6% in the second quarter. Park Avenue Securities LLC now owns 3,182 shares of the conglomerate’s stock valued at $622,000 after purchasing an additional 997 shares during the period. Parallel Advisors LLC increased its holdings in shares of 3M by 22.0% in the second quarter. Parallel Advisors LLC now owns 3,633 shares of the conglomerate’s stock valued at $714,000 after purchasing an additional 654 shares during the period. Welch Group LLC increased its holdings in shares of 3M by 3.8% in the second quarter. Welch Group LLC now owns 111,282 shares of the conglomerate’s stock valued at $21,891,000 after purchasing an additional 4,122 shares during the period. Finally, SFE Investment Counsel increased its holdings in shares of 3M by 35.0% in the second quarter. SFE Investment Counsel now owns 10,461 shares of the conglomerate’s stock valued at $2,058,000 after purchasing an additional 2,710 shares during the period. 67.00% of the stock is owned by institutional investors and hedge funds.

Shares of MMM stock opened at $198.24 on Friday. 3M Co has a 1-year low of $181.98 and a 1-year high of $259.77. The firm has a market cap of $117.74 billion, a P/E ratio of 21.62, a price-to-earnings-growth ratio of 2.00 and a beta of 1.18. The company has a current ratio of 1.97, a quick ratio of 1.36 and a debt-to-equity ratio of 1.31.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, October 23rd. The conglomerate reported $2.58 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.70 by ($0.12). 3M had a return on equity of 54.60% and a net margin of 13.79%. The business had revenue of $8.15 billion for the quarter, compared to analyst estimates of $8.41 billion. During the same period in the prior year, the company earned $2.33 EPS. The company’s revenue was down .2% on a year-over-year basis. Equities analysts predict that 3M Co will post 9.95 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 12th. Shareholders of record on Friday, November 23rd will be issued a $1.36 dividend. This represents a $5.44 annualized dividend and a yield of 2.74%. The ex-dividend date of this dividend is Wednesday, November 21st. 3M’s dividend payout ratio (DPR) is 59.32%.

3M announced that its board has authorized a stock buyback plan on Tuesday, November 13th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the conglomerate to reacquire up to 8.7% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

A number of research analysts have recently issued reports on MMM shares. Deutsche Bank boosted their target price on 3M from $210.00 to $220.00 and gave the company a “hold” rating in a report on Friday, September 28th. Credit Suisse Group started coverage on 3M in a report on Friday, October 12th. They issued an “outperform” rating and a $228.00 target price on the stock. Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating in a report on Friday, October 5th. Gordon Haskett began coverage on 3M in a report on Friday, October 12th. They set a “buy” rating on the stock. Finally, Citigroup dropped their price objective on 3M from $251.00 to $228.00 and set a “buy” rating on the stock in a report on Wednesday, October 24th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $225.16.

In other 3M news, insider Eric D. Hammes sold 1,272 shares of the company’s stock in a transaction on Monday, September 10th. The stock was sold at an average price of $216.00, for a total value of $274,752.00. Following the sale, the insider now owns 5,634 shares of the company’s stock, valued at $1,216,944. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gregory R. Page bought 1,000 shares of the stock in a transaction on Friday, October 26th. The stock was purchased at an average cost of $184.50 per share, for a total transaction of $184,500.00. Following the acquisition, the director now directly owns 1,500 shares of the company’s stock, valued at approximately $276,750. The disclosure for this purchase can be found here. 0.58% of the stock is currently owned by corporate insiders.

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3M Profile

3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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