Caisse DE Depot ET Placement DU Quebec Invests $19.79 Million in 3M (NYSE:MMM)

Caisse DE Depot ET Placement DU Quebec acquired a new stake in shares of 3M (NYSE:MMM) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 144,762 shares of the conglomerate’s stock, valued at approximately $19,789,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. MFA Wealth Advisors LLC purchased a new stake in shares of 3M in the second quarter worth $28,000. Daymark Wealth Partners LLC raised its holdings in shares of 3M by 8.6% in the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock valued at $30,000 after acquiring an additional 17,211 shares in the last quarter. McClarren Financial Advisors Inc. boosted its position in shares of 3M by 118.6% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after acquiring an additional 121 shares during the last quarter. Meeder Asset Management Inc. grew its holdings in shares of 3M by 689.7% during the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after purchasing an additional 269 shares in the last quarter. Finally, TruNorth Capital Management LLC bought a new position in shares of 3M in the second quarter worth approximately $33,000. Institutional investors own 65.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on MMM. Melius raised shares of 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 target price on the stock in a research note on Tuesday, October 22nd. Royal Bank of Canada raised their price target on 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a research report on Wednesday, October 23rd. UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $130.00 to $184.00 in a report on Wednesday, November 13th. Finally, Mizuho boosted their target price on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Two analysts have rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, 3M currently has an average rating of “Moderate Buy” and an average price target of $144.87.

3M Price Performance

Shares of 3M stock opened at $133.53 on Monday. The company’s fifty day simple moving average is $132.39 and its two-hundred day simple moving average is $120.43. 3M has a 12-month low of $75.40 and a 12-month high of $141.34. The firm has a market cap of $72.72 billion, a PE ratio of 16.86, a price-to-earnings-growth ratio of 2.21 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41.

3M (NYSE:MMM) last posted its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.93 by $0.05. The company had revenue of $6.29 billion for the quarter, compared to analysts’ expectations of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. 3M’s quarterly revenue was down 24.3% on a year-over-year basis. During the same period last year, the firm earned $2.68 earnings per share. As a group, equities analysts expect that 3M will post 7.27 EPS for the current year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be issued a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.10%. 3M’s dividend payout ratio is presently 35.35%.

3M 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.