Asahi Life Asset Management CO. LTD. Has $1.30 Million Stock Position in 3M Company (NYSE:MMM)

Asahi Life Asset Management CO. LTD. trimmed its position in 3M Company (NYSE:MMM - Free Report) by 29.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,878 shares of the conglomerate's stock after selling 3,638 shares during the quarter. 3M comprises approximately 0.8% of Asahi Life Asset Management CO. LTD.'s holdings, making the stock its 28th biggest position. Asahi Life Asset Management CO. LTD.'s holdings in 3M were worth $1,304,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MMM. 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 worth $381,000 after acquiring an additional 71 shares during the period. TCV Trust & Wealth Management Inc. grew its position in 3M by 1.1% during the 1st quarter. TCV Trust & Wealth Management Inc. now owns 6,497 shares of the conglomerate's stock worth $954,000 after acquiring an additional 73 shares during the last quarter. Cahaba Wealth Management Inc. grew its position in 3M by 1.4% during the 1st quarter. Cahaba Wealth Management Inc. now owns 5,580 shares of the conglomerate's stock worth $819,000 after acquiring an additional 75 shares during the last quarter. NBT Bank N A NY grew its position in 3M by 0.8% during the 1st quarter. NBT Bank N A NY now owns 9,744 shares of the conglomerate's stock worth $1,431,000 after acquiring an additional 79 shares during the last quarter. Finally, Rehmann Capital Advisory Group lifted its holdings in 3M by 2.6% during the 1st quarter. Rehmann Capital Advisory Group now owns 3,272 shares of the conglomerate's stock worth $481,000 after buying an additional 82 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Stock Down 0.7%

Shares of NYSE MMM traded down $1.14 during mid-day trading on Tuesday, hitting $156.77. The company had a trading volume of 778,317 shares, compared to its average volume of 3,787,717. The company has a current ratio of 1.66, a quick ratio of 1.25 and a debt-to-equity ratio of 2.72. The firm has a 50-day simple moving average of $148.57 and a two-hundred day simple moving average of $144.88. The company has a market capitalization of $84.37 billion, a PE ratio of 19.80, a price-to-earnings-growth ratio of 3.04 and a beta of 1.02. 3M Company has a one year low of $100.87 and a one year high of $159.47.

3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.77 by $0.11. 3M had a net margin of 17.79% and a return on equity of 96.19%. The firm had revenue of $5.80 billion for the quarter, compared to analyst estimates of $5.78 billion. On average, equities analysts expect that 3M Company will post 7.8 EPS for the current year.

3M Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were issued a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.86%. 3M's dividend payout ratio is presently 36.87%.

Insider Buying and Selling

In related news, EVP Zoe L. Dickson sold 7,915 shares of the stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the sale, the executive vice president owned 6,127 shares of the company's stock, valued at $913,045.54. This represents a 56.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP John Patrick Banovetz sold 7,759 shares of the company's stock in a transaction on Friday, May 23rd. The shares were 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 ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.34% of the company's stock.

Analysts Set New Price Targets

Several research analysts have issued reports on MMM shares. Citigroup upped their price objective on 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a report on Friday, May 30th. Barclays upped their price objective on 3M from $164.00 to $170.00 and gave the stock an "overweight" rating in a report on Wednesday, July 9th. JPMorgan Chase & Co. upped their price objective on 3M from $140.00 to $167.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research note on Saturday. Finally, Wells Fargo & Company raised their price objective on 3M from $150.00 to $170.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $156.33.

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.