DnB Asset Management AS Raises Holdings in 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 grew its holdings in 3M Company (NYSE:MMM - Free Report) by 52.2% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 249,586 shares of the conglomerate's stock after acquiring an additional 85,582 shares during the quarter. DnB Asset Management AS's holdings in 3M were worth $36,654,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of MMM. Ensign Peak Advisors Inc grew its position in shares of 3M by 29.2% during the 4th quarter. Ensign Peak Advisors Inc now owns 642,354 shares of the conglomerate's stock worth $82,921,000 after buying an additional 145,146 shares during the period. Financial Gravity Asset Management Inc. purchased a new stake in 3M in the first quarter worth about $2,506,000. Synergy Asset Management LLC grew its position in shares of 3M by 122.7% during the first quarter. Synergy Asset Management LLC now owns 4,512 shares of the conglomerate's stock worth $663,000 after purchasing an additional 2,486 shares in the last quarter. Northstar Group Inc. purchased a new position in 3M during the 1st quarter valued at approximately $262,000. Finally, Dynamic Advisor Solutions LLC bought a new stake in shares of 3M in the 1st quarter valued at approximately $786,000. Institutional investors own 65.25% of the company's stock.

3M Price Performance

3M stock traded down $1.08 during trading hours on Tuesday, hitting $152.92. 944,447 shares of the stock were exchanged, compared to its average volume of 3,748,336. 3M Company has a 12 month low of $121.98 and a 12 month high of $164.15. The stock has a market capitalization of $81.45 billion, a P/E ratio of 21.27, a P/E/G ratio of 2.82 and a beta of 1.04. The company has a debt-to-equity ratio of 2.87, a quick ratio of 1.20 and a current ratio of 1.72. The business's 50-day moving average is $153.82 and its two-hundred day moving average is $147.72.

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

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Monday, August 25th will be given a dividend of $0.73 per share. 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 is currently 40.61%.

Insiders Place Their Bets

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

Analyst Upgrades and Downgrades

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

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.