3M (NYSE:MMM) Position Boosted by Asset Management One Co. Ltd.

by · The Cerbat Gem

Asset Management One Co. Ltd. grew its position in shares of 3M (NYSE:MMM – Free Report) by 2.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 351,828 shares of the conglomerate’s stock after buying an additional 9,901 shares during the quarter. Asset Management One Co. Ltd. owned approximately 0.06% of 3M worth $48,095,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. CVA Family Office LLC lifted its stake in shares of 3M by 1.9% during the third quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate’s stock valued at $571,000 after acquiring an additional 79 shares during the period. Fortis Capital Advisors LLC grew its holdings in shares of 3M by 2.9% during the second quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate’s stock worth $307,000 after buying an additional 84 shares in the last quarter. KMG Fiduciary Partners LLC grew its holdings in shares of 3M by 0.5% during the third quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate’s stock worth $2,213,000 after buying an additional 84 shares in the last quarter. TCV Trust & Wealth Management Inc. grew its holdings in shares of 3M by 1.3% during the third quarter. TCV Trust & Wealth Management Inc. now owns 6,464 shares of the conglomerate’s stock worth $884,000 after buying an additional 84 shares in the last quarter. Finally, Weatherly Asset Management L. P. grew its holdings in shares of 3M by 3.3% during the third quarter. Weatherly Asset Management L. P. now owns 2,730 shares of the conglomerate’s stock worth $373,000 after buying an additional 86 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Argus raised 3M from a “hold” rating to a “buy” rating and set a $145.00 price objective for the company in a research report on Tuesday, July 30th. Melius raised 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Morgan Stanley assumed coverage on 3M in a research note on Friday, September 6th. They issued an “underweight” rating and a $125.00 price target on the stock. Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $110.00 to $150.00 in a research report on Monday, July 29th. Finally, Wells Fargo & Company boosted their price objective on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $139.27.

Read Our Latest Research Report on 3M

Insider Transactions at 3M

In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the transaction, the chairman now owns 174,036 shares of the company’s stock, valued at $21,486,484.56. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. In related news, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the sale, the chairman now directly owns 174,036 shares in the company, valued at approximately $21,486,484.56. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total transaction of $260,652.00. Following the transaction, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

3M Trading Up 0.9 %

3M stock traded up $1.17 during midday trading on Monday, reaching $128.39. The stock had a trading volume of 115,303 shares, compared to its average volume of 4,891,583. The firm has a market cap of $69.92 billion, a price-to-earnings ratio of 16.06, a price-to-earnings-growth ratio of 2.07 and a beta of 0.95. The company has a fifty day moving average of $133.00 and a 200 day moving average of $115.48. 3M has a 52-week low of $75.40 and a 52-week high of $141.34. 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 – Get Free Report) last posted its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping the consensus estimate of $1.93 by $0.05. The business had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The business’s revenue for the quarter was down 24.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.68 earnings per share. On average, analysts anticipate that 3M will post 7.28 earnings per share for the current fiscal year.

3M Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.18%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s dividend payout ratio (DPR) is 35.35%.

3M Profile

(Free Report)

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.

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