Hikari Tsushin Inc. Has $27.98 Million Stake 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. decreased its stake in shares of 3M Company (NYSE:MMM - Free Report) by 17.8% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 190,549 shares of the conglomerate's stock after selling 41,223 shares during the quarter. 3M comprises about 1.9% of Hikari Tsushin Inc.'s portfolio, making the stock its 6th largest holding. Hikari Tsushin Inc.'s holdings in 3M were worth $27,984,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MMM. REAP Financial Group LLC boosted its position in shares of 3M by 88.7% during the fourth quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock worth $26,000 after acquiring an additional 94 shares during the last quarter. Pinney & Scofield Inc. bought a new position in shares of 3M during the fourth quarter worth $28,000. Curat Global LLC bought a new position in shares of 3M during the first quarter worth $29,000. Intelligent Financial Strategies bought a new position in shares of 3M during the first quarter worth $42,000. Finally, Investment Management Corp VA ADV boosted its position in shares of 3M by 173.6% during the first quarter. Investment Management Corp VA ADV now owns 301 shares of the conglomerate's stock worth $44,000 after acquiring an additional 191 shares during the last quarter. Institutional investors own 65.25% of the company's stock.

Insider Buying and Selling at 3M

In other 3M news, EVP John Patrick Banovetz sold 7,759 shares of the firm's stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the transaction, the executive vice president owned 31,372 shares of the company's stock, valued at approximately $4,654,663.64. This trade represents a 19.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Theresa E. Reinseth sold 3,477 shares of the firm's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $150.63, for a total transaction of $523,740.51. Following the transaction, the chief accounting officer directly owned 2,561 shares in the company, valued at $385,763.43. This trade represents a 57.59% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 25,316 shares of company stock worth $3,780,296. Company insiders own 0.48% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on MMM shares. Wells Fargo & Company reissued an "overweight" rating on shares of 3M in a research note on Friday, July 18th. Citigroup lifted their price objective on shares of 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research note on Friday, May 30th. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research note on Tuesday, July 29th. Barclays set a $170.00 price objective on shares of 3M in a research note on Friday, July 18th. Finally, Royal Bank Of Canada lifted their price objective on shares of 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a research note on Wednesday, April 23rd. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat.com, 3M has an average rating of "Hold" and a consensus target price of $158.10.

3M Trading Up 1.6%

MMM stock opened at $157.86 on Wednesday. The company has a market capitalization of $84.08 billion, a PE ratio of 21.96, a P/E/G ratio of 3.01 and a beta of 1.05. 3M Company has a 12 month low of $121.98 and a 12 month high of $164.15. The firm's 50-day moving average is $150.35 and its 200 day moving average is $147.06. The company has a debt-to-equity ratio of 2.87, a current ratio of 1.72 and a quick ratio of 1.20.

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

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