Hikari Tsushin Inc. Lowers Stock Holdings in 3M Company (NYSE:MMM)

Key Points

• Hikari Tsushin Inc. reduced its stake in 3M Company by 17.8% in Q1, now holding 190,549 shares worth approximately $27.98 million, making it the 6th largest holding in their portfolio.
• Recent insider transactions at 3M include EVP John Patrick Banovetz selling 7,759 shares and CAO Theresa E. Reinseth selling 3,477 shares, both indicating significant decreases in their stock positions.
• Analyst ratings for 3M are mixed, with Wells Fargo maintaining an "overweight" rating, while Citigroup raised its price target from $141 to $160, reflecting varying perspectives on the stock's performance.

Hikari Tsushin Inc. reduced its position in 3M Company (NYSE:MMM - Free Report) by 17.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 190,549 shares of the conglomerate's stock after selling 41,223 shares during the quarter. 3M makes up about 1.9% of Hikari Tsushin Inc.'s investment portfolio, making the stock its 6th biggest holding. Hikari Tsushin Inc.'s holdings in 3M were worth $27,984,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Northern Trust Corp lifted its position in 3M by 12.6% in the fourth quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate's stock worth $871,738,000 after purchasing an additional 755,155 shares during the period. Capital World Investors lifted its position in 3M by 25.4% in the fourth quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock worth $794,410,000 after purchasing an additional 1,248,093 shares during the period. Invesco Ltd. lifted its position in 3M by 0.7% in the first quarter. Invesco Ltd. now owns 4,498,809 shares of the conglomerate's stock worth $660,695,000 after purchasing an additional 30,260 shares during the period. Bank of America Corp DE lifted its position in 3M by 4.2% in the fourth quarter. Bank of America Corp DE now owns 4,270,238 shares of the conglomerate's stock worth $551,245,000 after purchasing an additional 172,815 shares during the period. Finally, Janus Henderson Group PLC lifted its position in shares of 3M by 5.7% during the 4th quarter. Janus Henderson Group PLC now owns 3,624,933 shares of the conglomerate's stock valued at $467,944,000 after acquiring an additional 193,957 shares during the last quarter. 65.25% of the stock is owned by institutional investors.

Insider Buying and Selling at 3M

In related news, insider Christian T. Goralski, Jr. sold 6,165 shares of the company's stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $150.18, for a total value of $925,859.70. Following the completion of the sale, the insider owned 2,900 shares in the company, valued at $435,522. This represents a 68.01% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP John Patrick Banovetz sold 7,759 shares of the company's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the completion of the transaction, the executive vice president directly 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. In the last 90 days, insiders sold 17,401 shares of company stock worth $2,600,803. Insiders own 0.34% of the company's stock.

3M Stock Performance

Shares of NYSE:MMM traded down $4.39 during midday trading on Friday, hitting $152.26. The company's stock had a trading volume of 3,921,103 shares, compared to its average volume of 4,231,796. The stock has a market capitalization of $81.10 billion, a price-to-earnings ratio of 21.18, a PEG ratio of 2.95 and a beta of 1.05. The stock's 50 day simple moving average is $150.97 and its 200 day simple moving average is $147.16. 3M Company has a fifty-two week low of $121.98 and a fifty-two 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.

3M (NYSE:MMM - Get Free Report) last released its earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts' expectations of $6.09 billion. During the same quarter last year, the company earned $1.93 earnings per share. The firm's revenue was up 1.4% on a year-over-year basis. As a group, research analysts anticipate that 3M Company will post 7.8 earnings per share for the current year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Monday, August 25th will be given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 1.9%. 3M's payout ratio is 40.61%.

Analysts Set New Price Targets

A number of brokerages have recently commented on MMM. Royal Bank Of Canada increased their price objective on 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research report on Wednesday, April 23rd. Citigroup increased 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 set a $170.00 price objective on 3M in a report on Friday, July 18th. Wells Fargo & Company reiterated an "overweight" rating on shares of 3M in a report on Friday, July 18th. Finally, JPMorgan Chase & Co. set a $167.00 price objective on 3M in a report on Friday, July 18th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $158.10.

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.