CIBC Private Wealth Group LLC Trims Holdings in 3M Co (MMM)

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CIBC Private Wealth Group LLC cut its stake in 3M Co (NYSE:MMM) by 3.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 93,415 shares of the conglomerate’s stock after selling 3,685 shares during the period. CIBC Private Wealth Group LLC’s holdings in 3M were worth $18,376,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Rainier Group Investment Advisory LLC bought a new stake in 3M in the 1st quarter valued at $114,000. Quattro Financial Advisors LLC bought a new stake in 3M in the 1st quarter valued at $119,000. Ballew Advisors Inc bought a new stake in 3M in the 1st quarter valued at $122,000. Stelac Advisory Services LLC bought a new stake in 3M in the 1st quarter valued at $125,000. Finally, BDO Wealth Advisors LLC boosted its holdings in 3M by 359.4% in the 1st quarter. BDO Wealth Advisors LLC now owns 712 shares of the conglomerate’s stock valued at $156,000 after purchasing an additional 557 shares during the period. 67.16% of the stock is owned by hedge funds and other institutional investors.

A number of research firms have recently commented on MMM. ValuEngine downgraded shares of 3M from a “hold” rating to a “sell” rating in a report on Thursday, June 21st. Royal Bank of Canada raised shares of 3M from a “sector perform” rating to an “outperform” rating and set a $238.00 price objective for the company in a report on Thursday, May 3rd. They noted that the move was a valuation call. UBS Group reduced their price objective on shares of 3M from $250.00 to $215.00 and set a “neutral” rating for the company in a report on Thursday, April 26th. Deutsche Bank reaffirmed a “hold” rating and set a $208.00 price objective on shares of 3M in a report on Thursday, July 12th. Finally, Stifel Nicolaus reduced their price objective on shares of 3M from $225.00 to $210.00 and set a “hold” rating for the company in a report on Wednesday, April 25th. Five investment analysts have rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. 3M currently has a consensus rating of “Hold” and a consensus price target of $234.03.

NYSE:MMM opened at $204.77 on Friday. The stock has a market cap of $118.47 billion, a PE ratio of 22.33, a price-to-earnings-growth ratio of 1.91 and a beta of 1.17. 3M Co has a 52 week low of $190.57 and a 52 week high of $259.77. The company has a quick ratio of 1.08, a current ratio of 1.56 and a debt-to-equity ratio of 1.08.

3M (NYSE:MMM) last announced its earnings results on Tuesday, July 24th. The conglomerate reported $2.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.58 by $0.01. The business had revenue of $8.39 billion during the quarter, compared to analysts’ expectations of $8.36 billion. 3M had a net margin of 13.44% and a return on equity of 51.31%. The firm’s revenue for the quarter was up 7.4% on a year-over-year basis. During the same quarter last year, the company posted $2.58 EPS. equities research analysts expect that 3M Co will post 10.37 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 12th. Investors of record on Friday, August 24th will be given a dividend of $1.36 per share. This represents a $5.44 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date is Thursday, August 23rd. 3M’s dividend payout ratio (DPR) is currently 59.32%.

In related news, insider Jon T. Lindekugel sold 6,410 shares of the stock in a transaction dated Friday, August 10th. The shares were sold at an average price of $203.01, for a total transaction of $1,301,294.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.72% of the company’s stock.

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.

Further Reading: Stock Ratings and Recommendations: Understanding Analyst Upgrades and Downgrades

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

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