3M Company $MMM Shares Acquired by Nippon Life Global Investors Americas Inc.

Key Points

• Nippon Life Global Investors Americas Inc. increased its stake in 3M Company by 1.8%, now owning 429,850 shares valued at approximately $63.1 million.
• Various institutional investors, including Nuveen LLC and Alliancebernstein L.P., also bought or increased their holdings in 3M during the first quarter, resulting in institutional ownership of 65.25% of the stock.
• 3M announced a quarterly dividend of $0.73 per share, with a payout ratio of 40.61%, contributing to an annualized dividend yield of 1.9%.

Nippon Life Global Investors Americas Inc. increased its stake in shares of 3M Company (NYSE:MMM - Free Report) by 1.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 429,850 shares of the conglomerate's stock after acquiring an additional 7,620 shares during the quarter. 3M comprises approximately 3.1% of Nippon Life Global Investors Americas Inc.'s holdings, making the stock its 8th largest holding. Nippon Life Global Investors Americas Inc. owned 0.08% of 3M worth $63,128,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Brighton Jones LLC boosted its stake in 3M by 26.6% during the fourth quarter. Brighton Jones LLC now owns 8,898 shares of the conglomerate's stock worth $1,149,000 after buying an additional 1,872 shares in the last quarter. Bison Wealth LLC boosted its stake in 3M by 10.2% during the fourth quarter. Bison Wealth LLC now owns 2,751 shares of the conglomerate's stock worth $355,000 after buying an additional 255 shares in the last quarter. CoreCap Advisors LLC boosted its stake in shares of 3M by 21.4% in the 4th quarter. CoreCap Advisors LLC now owns 23,914 shares of the conglomerate's stock valued at $3,087,000 after purchasing an additional 4,213 shares in the last quarter. EP Wealth Advisors LLC boosted its stake in shares of 3M by 5.3% in the 4th quarter. EP Wealth Advisors LLC now owns 24,152 shares of the conglomerate's stock valued at $3,118,000 after purchasing an additional 1,226 shares in the last quarter. Finally, Eagle Global Advisors LLC boosted its stake in shares of 3M by 3.0% in the 4th quarter. Eagle Global Advisors LLC now owns 3,395 shares of the conglomerate's stock valued at $438,000 after purchasing an additional 100 shares in the last quarter. Institutional investors own 65.25% of the company's stock.

3M Trading Up 0.1%

NYSE:MMM traded up $0.16 on Wednesday, hitting $153.24. 1,130,696 shares of the stock were exchanged, compared to its average volume of 3,737,109. The stock has a market capitalization of $81.62 billion, a price-to-earnings ratio of 21.34, a P/E/G ratio of 2.80 and a beta of 1.04. 3M Company has a 52 week low of $121.98 and a 52 week high of $164.15. 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 company's 50-day moving average price is $153.81 and its 200 day moving average price is $147.75.

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

3M Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Monday, August 25th will be issued a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Monday, August 25th. 3M's payout ratio is currently 40.61%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on MMM. Wells Fargo & Company restated an "overweight" rating on shares of 3M in a research note on Friday, July 18th. Barclays set a $170.00 target price on shares of 3M in a research note on Friday, July 18th. JPMorgan Chase & Co. set a $167.00 price target on 3M in a report on Friday, July 18th. Citigroup lifted their price target on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a report on Friday, May 30th. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a report on Saturday, August 30th. Seven investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $161.78.

Insider Activity

In other news, insider Christian T. Goralski, Jr. sold 6,165 shares of the company's stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $150.18, for a total value of $925,859.70. Following the completion of the sale, the insider directly owned 2,900 shares of the company's stock, valued at $435,522. This represents a 68.01% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Theresa E. Reinseth sold 3,477 shares of the company's stock in a transaction dated 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 of the company's stock, valued at approximately $385,763.43. This trade represents a 57.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.48% of the company's stock.

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.