AGF Management Ltd. Has $717,000 Holdings in 3M (NYSE:MMM)

AGF Management Ltd. lifted its stake in 3M (NYSE:MMM) by 167.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,552 shares of the conglomerate’s stock after acquiring an additional 3,479 shares during the period. AGF Management Ltd.’s holdings in 3M were worth $717,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Miller Financial Services LLC acquired a new stake in 3M in the 4th quarter worth $487,000. Net Worth Advisory Group acquired a new stake in 3M during the fourth quarter worth about $266,000. Davis R M Inc. grew its position in 3M by 20.3% during the fourth quarter. Davis R M Inc. now owns 4,547 shares of the conglomerate’s stock worth $587,000 after buying an additional 766 shares in the last quarter. Independent Advisor Alliance increased its stake in 3M by 11.7% during the fourth quarter. Independent Advisor Alliance now owns 26,182 shares of the conglomerate’s stock valued at $3,380,000 after acquiring an additional 2,751 shares during the period. Finally, Daiwa Securities Group Inc. raised its holdings in 3M by 1.6% in the 4th quarter. Daiwa Securities Group Inc. now owns 152,183 shares of the conglomerate’s stock valued at $19,646,000 after acquiring an additional 2,377 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

3M Stock Performance

Shares of NYSE:MMM opened at $150.58 on Friday. The business has a fifty day moving average of $146.42 and a 200-day moving average of $136.82. The firm has a market cap of $81.75 billion, a PE ratio of 19.94, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. 3M has a twelve month low of $85.62 and a twelve month high of $156.35.

3M (NYSE:MMM) last announced its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.66 by $0.02. 3M had a net margin of 15.71% and a return on equity of 100.77%. The company had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5.77 billion. During the same period in the previous year, the firm posted $2.42 earnings per share. The company’s revenue was down 25.0% on a year-over-year basis. On average, equities research analysts predict that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were paid a $0.73 dividend. This is a boost from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a dividend yield of 1.94%. The ex-dividend date of this dividend was Friday, February 14th. 3M’s dividend payout ratio (DPR) is 38.68%.

Insider Transactions at 3M

In other news, Chairman Michael F. Roman sold 49,598 shares of the firm’s stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $152.30, for a total value of $7,553,775.40. Following the transaction, the chairman now owns 180,895 shares of the company’s stock, valued at approximately $27,550,308.50. This trade represents a 21.52 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Victoria Clarke sold 1,750 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $154.22, for a total transaction of $269,885.00. Following the sale, the executive vice president now directly owns 194 shares of the company’s stock, valued at approximately $29,918.68. This trade represents a 90.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 113,639 shares of company stock worth $17,163,446 over the last 90 days. 0.38% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on MMM shares. Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Citigroup boosted their price target on shares of 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a report on Wednesday, January 22nd. Bank of America raised their price objective on shares of 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a report on Thursday, March 6th. Royal Bank of Canada reissued an “underperform” rating and issued a $96.00 target price on shares of 3M in a research note on Thursday, February 27th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a research note on Friday, March 7th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $149.13.

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.