3M Company (NYSE:MMM) Shares Acquired by National Pension Service

Key Points

• The National Pension Service increased its stake in 3M Company by 8.3%, owning approximately 0.31% of the company valued at over $242 million following a purchase of 126,956 shares.
• 3M reported quarterly earnings of $2.16 per share, surpassing estimates, with a 1.4% year-over-year increase in revenue to $6.16 billion.
• Multiple research analysts have rated 3M stock, with a consensus target price of $158.10 and a mix of buy, hold, and sell ratings reflecting varied market perspectives.

National Pension Service increased its position in shares of 3M Company (NYSE:MMM - Free Report) by 8.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,648,582 shares of the conglomerate's stock after buying an additional 126,956 shares during the period. National Pension Service owned about 0.31% of 3M worth $242,111,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in MMM. Ensign Peak Advisors Inc boosted its position in 3M by 29.2% during the fourth quarter. Ensign Peak Advisors Inc now owns 642,354 shares of the conglomerate's stock valued at $82,921,000 after purchasing an additional 145,146 shares in the last quarter. Financial Gravity Asset Management Inc. acquired a new stake in 3M in the first quarter worth about $2,506,000. Synergy Asset Management LLC boosted its holdings in 3M by 122.7% in the first quarter. Synergy Asset Management LLC now owns 4,512 shares of the conglomerate's stock worth $663,000 after acquiring an additional 2,486 shares in the last quarter. Northstar Group Inc. acquired a new stake in 3M in the first quarter worth about $262,000. Finally, Dynamic Advisor Solutions LLC acquired a new stake in 3M in the first quarter worth about $786,000. Hedge funds and other institutional investors own 65.25% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Citigroup raised their price target on 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a report on Friday, May 30th. Royal Bank Of Canada lifted their price target on 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research report on Wednesday, April 23rd. JPMorgan Chase & Co. set a $167.00 price objective on 3M in a research report on Friday, July 18th. Barclays set a $170.00 target price on 3M in a report on Friday, July 18th. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a report on Thursday. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, 3M has an average rating of "Hold" and a consensus target price of $158.10.

Insider Buying and Selling at 3M

In other 3M news, CAO Theresa E. Reinseth sold 3,477 shares of the stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total value of $523,740.51. Following the sale, the chief accounting officer owned 2,561 shares of the company's stock, valued at $385,763.43. This trade represents a 57.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP John Patrick Banovetz sold 7,759 shares of the business's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $148.37, for a total value of $1,151,202.83. Following the sale, the executive vice president owned 31,372 shares of the company's stock, valued at approximately $4,654,663.64. The trade was a 19.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,401 shares of company stock valued at $2,600,803 in the last quarter. Corporate insiders own 0.34% of the company's stock.

3M Trading Down 2.8%

Shares of NYSE MMM traded down $4.39 during mid-day trading on Friday, reaching $152.26. 3,921,103 shares of the company's stock were exchanged, compared to its average volume of 3,875,243. The firm has a market capitalization of $81.10 billion, a price-to-earnings ratio of 21.18, a PEG ratio of 3.10 and a beta of 1.05. The company has a debt-to-equity ratio of 2.87, a quick ratio of 1.20 and a current ratio of 1.72. 3M Company has a 52-week low of $121.98 and a 52-week high of $164.15. The company's 50-day moving average is $150.84 and its 200-day moving average is $147.19.

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

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.