DnB Asset Management AS Acquires 85,582 Shares of 3M Company $MMM

Key Points

• DnB Asset Management AS increased its holdings in 3M Company by 52.2%, acquiring additional shares during the first quarter, bringing their total shares to 249,586.
• Insider sales were notable, with CAO Theresa E. Reinseth and another insider reducing their positions by 57.59% and 68.01% respectively.
• Several brokerages have raised their price targets for 3M, with Citigroup setting it at $160.00 and Barclays at $170.00, reflecting positive analyst sentiment despite the stock's recent decline of 1.5%.

DnB Asset Management AS increased its stake in shares of 3M Company (NYSE:MMM - Free Report) by 52.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 249,586 shares of the conglomerate's stock after purchasing an additional 85,582 shares during the quarter. DnB Asset Management AS's holdings in 3M were worth $36,654,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in MMM. Nuveen LLC acquired a new position in 3M during the 1st quarter worth approximately $235,020,000. Alliancebernstein L.P. increased its position in 3M by 23.1% in the 1st quarter. Alliancebernstein L.P. now owns 3,127,734 shares of the conglomerate's stock valued at $459,339,000 after acquiring an additional 586,851 shares during the period. Amundi increased its position in 3M by 20.7% in the 1st quarter. Amundi now owns 3,030,397 shares of the conglomerate's stock valued at $423,471,000 after acquiring an additional 519,302 shares during the period. J. Goldman & Co LP acquired a new position in 3M in the 4th quarter valued at approximately $63,471,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in 3M in the 4th quarter valued at approximately $51,289,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other 3M news, CAO Theresa E. Reinseth sold 3,477 shares of the firm's stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $150.63, for a total value of $523,740.51. Following the completion of the sale, the chief accounting officer directly owned 2,561 shares in the company, valued at approximately $385,763.43. This trade represents a 57.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of the firm's stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $150.18, for a total transaction of $925,859.70. Following the completion of the sale, the insider owned 2,900 shares of the company's stock, valued at $435,522. The trade was a 68.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.34% of the company's stock.

Analyst Ratings Changes

MMM has been the subject of several recent research reports. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a research report on Saturday, August 30th. Citigroup upped their price target on shares of 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research report on Friday, May 30th. JPMorgan Chase & Co. set a $167.00 price target on shares of 3M in a research report on Friday, July 18th. Barclays set a $170.00 price target on shares of 3M in a research report on Friday, July 18th. Finally, Wells Fargo & Company restated an "overweight" rating on shares of 3M in a research report on Friday, July 18th. Seven investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, 3M currently has an average rating of "Moderate Buy" and a consensus price target of $161.78.

3M Stock Down 0.1%

NYSE:MMM traded down $0.23 during trading hours on Friday, reaching $155.29. The company had a trading volume of 2,052,950 shares, compared to its average volume of 2,824,897. The company has a quick ratio of 1.20, a current ratio of 1.72 and a debt-to-equity ratio of 2.87. The firm has a market cap of $82.71 billion, a price-to-earnings ratio of 21.60, a P/E/G ratio of 3.00 and a beta of 1.04. The business's 50-day simple moving average is $153.80 and its two-hundred day simple moving average is $147.67. 3M Company has a twelve month low of $121.98 and a twelve month high of $164.15.

3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings results on Friday, July 18th. The conglomerate reported $2.16 EPS for the quarter, topping analysts' consensus estimates of $2.01 by $0.15. The business had revenue of $6.16 billion during the quarter, compared to analysts' expectations of $6.09 billion. 3M had a net margin of 16.01% and a return on equity of 96.48%. The business's quarterly revenue was up 1.4% on a year-over-year basis. During the same period last year, the company posted $1.93 earnings per share. On average, equities analysts expect that 3M Company will post 7.8 earnings per share for the current year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Monday, August 25th will be issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Monday, August 25th. 3M's dividend payout ratio (DPR) is presently 40.61%.

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.