Burgundy Asset Management Ltd. Buys 10,000 Shares of 3M (NYSE:MMM)

Burgundy Asset Management Ltd. lifted its stake in 3M (NYSE:MMM) by 10.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 110,000 shares of the conglomerate’s stock after acquiring an additional 10,000 shares during the quarter. Burgundy Asset Management Ltd.’s holdings in 3M were worth $14,200,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Investors Asset Management of Georgia Inc. GA ADV raised its position in shares of 3M by 1.3% in the 4th quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 5,377 shares of the conglomerate’s stock valued at $694,000 after purchasing an additional 67 shares during the last quarter. Parkside Financial Bank & Trust raised its position in shares of 3M by 1.4% in the 4th quarter. Parkside Financial Bank & Trust now owns 5,153 shares of the conglomerate’s stock valued at $665,000 after purchasing an additional 70 shares during the last quarter. LaSalle St. Investment Advisors LLC raised its position in shares of 3M by 2.5% in the 4th quarter. LaSalle St. Investment Advisors LLC now owns 2,951 shares of the conglomerate’s stock valued at $381,000 after purchasing an additional 71 shares during the last quarter. Gilbert & Cook Inc. raised its position in shares of 3M by 1.5% in the 4th quarter. Gilbert & Cook Inc. now owns 5,106 shares of the conglomerate’s stock valued at $659,000 after purchasing an additional 73 shares during the last quarter. Finally, Childress Capital Advisors LLC raised its position in shares of 3M by 5.1% in the 4th quarter. Childress Capital Advisors LLC now owns 1,573 shares of the conglomerate’s stock valued at $203,000 after purchasing an additional 76 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors.

Insider Activity at 3M

In related news, EVP Zoe L. Dickson sold 7,915 shares of 3M stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $149.02, for a total value of $1,179,493.30. Following the sale, the executive vice president now owns 6,127 shares of the company’s stock, valued at approximately $913,045.54. This trade represents a 56.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.34% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages recently commented on MMM. JPMorgan Chase & Co. increased their price objective on shares of 3M from $140.00 to $167.00 and gave the company an “overweight” rating in a research report on Friday, May 16th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a research report on Saturday, May 10th. Citigroup reduced their price target on shares of 3M from $152.00 to $142.00 and set a “neutral” rating for the company in a research report on Monday, April 14th. Royal Bank of Canada raised their price target on shares of 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a research report on Wednesday, April 23rd. Finally, Barclays raised their price target on shares of 3M from $160.00 to $164.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 23rd. Two analysts have rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $152.08.

3M Price Performance

Shares of NYSE MMM opened at $149.69 on Friday. The firm’s 50 day simple moving average is $141.74 and its 200-day simple moving average is $139.99. 3M has a 12 month low of $96.76 and a 12 month high of $156.35. The stock has a market capitalization of $80.56 billion, a price-to-earnings ratio of 19.83, a PEG ratio of 3.30 and a beta of 1.02. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.77 by $0.11. 3M had a net margin of 15.71% and a return on equity of 100.77%. The firm had revenue of $5.80 billion for the quarter, compared to analysts’ expectations of $5.78 billion. Analysts expect that 3M will post 7.8 EPS for the current year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Friday, May 23rd will be paid a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 1.95%. 3M’s dividend payout ratio is currently 36.87%.

About 3M

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.