345,280 Shares in 3M Company $MMM Bought by Nippon Life Global Investors Americas Inc.

Nippon Life Global Investors Americas Inc. acquired a new position in shares of 3M Company (NYSE:MMM) in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 345,280 shares of the conglomerate’s stock, valued at approximately $56,678,000. 3M comprises about 2.3% of Nippon Life Global Investors Americas Inc.’s investment portfolio, making the stock its 11th biggest position.

A number of other institutional investors have also recently added to or reduced their stakes in the business. DecisionPoint Financial LLC increased its holdings in 3M by 2,387.5% in the 3rd quarter. DecisionPoint Financial LLC now owns 199 shares of the conglomerate’s stock valued at $32,000 after purchasing an additional 191 shares in the last quarter. Security National Bank of SO Dak acquired a new stake in shares of 3M in the 2nd quarter worth about $32,000. Trellis Wealth Advisors LLC bought a new stake in 3M in the 3rd quarter valued at about $33,000. Latitude Advisors LLC bought a new stake in 3M in the 3rd quarter valued at about $34,000. Finally, Compass Financial Management LLC acquired a new position in 3M during the 2nd quarter valued at about $38,000. 65.25% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at 3M

In other news, insider Karin Chavez sold 3,635 shares of 3M stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $182.51, for a total value of $663,423.85. Following the completion of the transaction, the insider directly owned 14,035 shares of the company’s stock, valued at approximately $2,561,527.85. This trade represents a 20.57% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.19% of the company’s stock.

3M Stock Down 0.0%

Shares of NYSE MMM opened at $174.32 on Monday. The company’s 50 day moving average price is $168.45 and its 200-day moving average price is $161.35. The company has a debt-to-equity ratio of 3.01, a quick ratio of 1.06 and a current ratio of 1.41. 3M Company has a 52-week low of $139.34 and a 52-week high of $184.90. The company has a market capitalization of $90.08 billion, a P/E ratio of 25.98, a price-to-earnings-growth ratio of 2.27 and a beta of 1.01.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, October 20th. The conglomerate reported $2.50 earnings per share for the quarter, topping the consensus estimate of $2.38 by $0.12. 3M had a net margin of 14.01% and a return on equity of 123.11%. The company had revenue of $6.60 billion during the quarter, compared to analysts’ expectations of $6.61 billion. During the same period in the prior year, the company posted $2.19 earnings per share. 3M’s revenue for the quarter was up 1.5% compared to the same quarter last year. Equities analysts forecast that 3M Company will post 9.14 earnings per share for the current year.

3M Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 11th. Shareholders of record on Monday, August 24th were issued a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date was Monday, August 24th. 3M’s dividend payout ratio (DPR) is presently 46.50%.

Analysts Set New Price Targets

Several research firms recently weighed in on MMM. Deutsche Bank Aktiengesellschaft reissued a “hold” rating on shares of 3M in a research report on Wednesday, October 21st. HSBC upgraded shares of 3M to a “strong-buy” rating in a research report on Thursday, October 22nd. Raymond James Financial reissued a “market perform” rating on shares of 3M in a research note on Wednesday, October 21st. Royal Bank Of Canada lifted their price target on 3M from $132.00 to $135.00 and gave the stock an “underperform” rating in a report on Wednesday, October 21st. Finally, Wells Fargo & Company began coverage on 3M in a research report on Thursday, September 24th. They set an “equal weight” rating and a $195.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $185.36.

3M Profile

3M is a diversified technology and manufacturing company headquartered in St. Paul, Minnesota. Founded in 1902 as Minnesota Mining and Manufacturing Company, it developed from a mining venture into a global enterprise known for applying materials science and engineering to a broad range of industrial, commercial and consumer applications.

The company develops and manufactures products including adhesives, abrasives, filtration systems, personal protective equipment, medical and dental supplies, electrical and electronic materials, automotive components, reflective materials and workplace safety solutions.