Sompo Asset Management Co. Ltd. Decreases Stock Holdings in 3M (NYSE:MMM)

Sompo Asset Management Co. Ltd. lessened its position in shares of 3M (NYSE:MMM - Free Report) by 19.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 39,964 shares of the conglomerate's stock after selling 9,598 shares during the period. Sompo Asset Management Co. Ltd.'s holdings in 3M were worth $5,159,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Investors Asset Management of Georgia Inc. GA ADV lifted its position in 3M by 1.3% during the fourth quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 5,377 shares of the conglomerate's stock valued at $694,000 after acquiring an additional 67 shares during the last quarter. Parkside Financial Bank & Trust increased its position in shares of 3M by 1.4% during the fourth quarter. Parkside Financial Bank & Trust now owns 5,153 shares of the conglomerate's stock worth $665,000 after purchasing an additional 70 shares in the last quarter. LaSalle St. Investment Advisors LLC lifted its holdings in shares of 3M by 2.5% during 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. boosted 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 worth $659,000 after purchasing an additional 73 shares in the last quarter. Finally, Childress Capital Advisors LLC grew its stake in 3M by 5.1% during the 4th quarter. Childress Capital Advisors LLC now owns 1,573 shares of the conglomerate's stock worth $203,000 after buying an additional 76 shares during the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Trading Down 1.1 %

Shares of 3M stock traded down $1.58 on Friday, reaching $137.30. The company had a trading volume of 2,141,243 shares, compared to its average volume of 4,175,835. The firm's 50 day moving average price is $143.15 and its two-hundred day moving average price is $138.23. 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 52-week low of $91.56 and a 52-week high of $156.35. The firm has a market cap of $73.89 billion, a PE ratio of 18.19, a PEG ratio of 3.30 and a beta of 1.01.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, topping analysts' consensus estimates of $1.77 by $0.11. 3M had a return on equity of 100.77% and a net margin of 15.71%. The company had revenue of $5.80 billion for the quarter, compared to analysts' expectations of $5.78 billion. Sell-side analysts predict that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were given a $0.73 dividend. This is an increase from 3M's previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a yield of 2.13%. The ex-dividend date of this dividend was Friday, February 14th. 3M's payout ratio is currently 36.87%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on MMM shares. Bank of America raised their price target on 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a report on Thursday, March 6th. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a research report on Thursday. Wells Fargo & Company upgraded 3M from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Barclays lifted their price target on 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a research report on Wednesday. Finally, Royal Bank of Canada increased their price target on shares of 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a report on Wednesday. Two 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 stock. According to MarketBeat, 3M has an average rating of "Moderate Buy" and an average price target of $147.00.

Insider Transactions at 3M

In other news, Chairman Michael F. Roman sold 49,598 shares of the company's stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $152.30, for a total transaction of $7,553,775.40. Following the sale, the chairman now owns 180,895 shares of the company's stock, valued at approximately $27,550,308.50. This represents a 21.52 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Kevin H. Rhodes sold 6,743 shares of the business's stock in a transaction on Monday, January 27th. The stock was sold at an average price of $149.85, for a total value of $1,010,438.55. Following the transaction, the executive vice president now directly owns 4,902 shares of the company's stock, valued at $734,564.70. The trade was a 57.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 59,736 shares of company stock valued at $9,081,260. 0.34% of the stock is currently owned by corporate insiders.

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.