KLP Kapitalforvaltning AS Has $43.05 Million Position in 3M Company (NYSE:MMM)

KLP Kapitalforvaltning AS lowered its position in 3M Company (NYSE:MMM - Free Report) by 15.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 293,163 shares of the conglomerate's stock after selling 55,300 shares during the quarter. KLP Kapitalforvaltning AS owned about 0.05% of 3M worth $43,054,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. Ensign Peak Advisors Inc increased its stake in shares of 3M by 29.2% in 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 during the period. Financial Gravity Asset Management Inc. acquired a new stake in shares of 3M in the first quarter valued at approximately $2,506,000. Allstate Corp bought a new position in shares of 3M in the fourth quarter valued at approximately $2,101,000. Synergy Asset Management LLC boosted its holdings in shares of 3M by 122.7% in the first quarter. Synergy Asset Management LLC now owns 4,512 shares of the conglomerate's stock valued at $663,000 after acquiring an additional 2,486 shares in the last quarter. Finally, Northstar Group Inc. bought a new position in shares of 3M in the first quarter valued at approximately $262,000. Institutional investors and hedge funds own 65.25% of the company's stock.

3M Price Performance

NYSE:MMM traded down $1.42 during mid-day trading on Thursday, reaching $149.40. 4,809,573 shares of the company were exchanged, compared to its average volume of 3,911,629. 3M Company has a 12 month low of $101.77 and a 12 month high of $164.15. The company has a fifty day moving average of $150.02 and a 200 day moving average of $145.88. The company has a quick ratio of 1.20, a current ratio of 1.72 and a debt-to-equity ratio of 2.87. The stock has a market cap of $79.57 billion, a PE ratio of 20.78, a PEG ratio of 3.09 and a beta of 1.02.

3M (NYSE:MMM - Get Free Report) last announced its earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share for the quarter, topping analysts' consensus estimates of $2.01 by $0.15. 3M had a net margin of 16.01% and a return on equity of 96.48%. The company had revenue of $6.16 billion during the quarter, compared to the consensus estimate of $6.09 billion. During the same period in the previous year, the firm posted $1.93 earnings per share. The company's revenue was up 1.4% on a year-over-year basis. On average, research analysts anticipate that 3M Company will post 7.8 EPS 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 $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.95%. 3M's dividend payout ratio is presently 40.61%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on MMM. Barclays set a $170.00 price objective on shares of 3M in a report on Friday, July 18th. Royal Bank Of Canada raised their target price on shares of 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a report on Wednesday, April 23rd. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a report on Saturday, July 12th. JPMorgan Chase & Co. set a $167.00 target price on shares of 3M in a report on Friday, July 18th. Finally, Wells Fargo & Company restated an "overweight" rating on shares of 3M in a report on Friday, July 18th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $156.33.

Insider Transactions at 3M

In other 3M news, EVP Zoe L. Dickson sold 7,915 shares of the business's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $149.02, for a total value of $1,179,493.30. Following the completion of the transaction, the executive vice president directly owned 6,127 shares of the company's stock, valued at approximately $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 accessible through this hyperlink. Also, EVP John Patrick Banovetz sold 7,759 shares of the business's stock in a transaction dated 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. This represents 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.

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.