Hikari Power Ltd Sells 11,750 Shares of 3M Company (NYSE:MMM)

Hikari Power Ltd lessened its position in 3M Company (NYSE:MMM - Free Report) by 62.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 7,040 shares of the conglomerate's stock after selling 11,750 shares during the period. Hikari Power Ltd's holdings in 3M were worth $1,034,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Brighton Jones LLC grew its stake in shares of 3M by 26.6% in the fourth quarter. Brighton Jones LLC now owns 8,898 shares of the conglomerate's stock worth $1,149,000 after purchasing an additional 1,872 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in 3M in the 4th quarter worth approximately $352,000. IFP Advisors Inc grew its position in shares of 3M by 220.7% in the 4th quarter. IFP Advisors Inc now owns 9,331 shares of the conglomerate's stock worth $1,205,000 after buying an additional 6,421 shares during the last quarter. NewEdge Wealth LLC increased its stake in shares of 3M by 6.6% during the fourth quarter. NewEdge Wealth LLC now owns 240,525 shares of the conglomerate's stock valued at $31,049,000 after buying an additional 14,809 shares during the period. Finally, Allegiance Financial Group Advisory Services LLC bought a new position in shares of 3M during the fourth quarter valued at approximately $278,000. Hedge funds and other institutional investors own 65.25% of the company's stock.

Analysts Set New Price Targets

MMM has been the topic of several recent analyst reports. Bank of America lifted their price target on shares of 3M from $175.00 to $179.00 and gave the company a "buy" rating in a report on Thursday, March 6th. Citigroup boosted 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. raised their price objective on shares of 3M from $140.00 to $167.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a report on Wednesday, June 11th. Finally, Royal Bank Of Canada increased their target price on 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a research report on Wednesday, April 23rd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $155.83.

Insider Activity

In related news, EVP Zoe L. Dickson sold 7,915 shares of 3M stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total value of $1,179,493.30. Following the completion of the sale, the executive vice president now owns 6,127 shares of the company's stock, valued at $913,045.54. The trade was a 56.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP John Patrick Banovetz sold 7,759 shares of the stock in a transaction dated 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 completion of the transaction, the executive vice president now directly owns 31,372 shares in the company, valued at approximately $4,654,663.64. This represents a 19.83% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.34% of the company's stock.

3M Stock Performance

Shares of MMM opened at $150.89 on Friday. The company has a quick ratio of 1.25, a current ratio of 1.66 and a debt-to-equity ratio of 2.72. The stock has a market cap of $81.21 billion, a P/E ratio of 19.05, a P/E/G ratio of 3.07 and a beta of 1.03. The business's 50 day moving average price is $144.39 and its 200-day moving average price is $142.61. 3M Company has a 52 week low of $98.26 and a 52 week high of $156.35.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, beating 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 company had revenue of $5.80 billion for the quarter, compared to the consensus estimate of $5.78 billion. Equities research analysts anticipate that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were paid a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 1.94%. 3M's dividend payout ratio is currently 36.87%.

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.

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