Korea Investment CORP Has $54.16 Million Stake in 3M Company $MMM

Key Points

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Korea Investment CORP lessened its position in 3M Company (NYSE:MMM - Free Report) by 4.3% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 368,784 shares of the conglomerate's stock after selling 16,725 shares during the quarter. Korea Investment CORP owned approximately 0.07% of 3M worth $54,160,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in MMM. Brighton Jones LLC lifted its position in shares of 3M by 26.6% in the 4th quarter. Brighton Jones LLC now owns 8,898 shares of the conglomerate's stock valued at $1,149,000 after acquiring an additional 1,872 shares in the last quarter. Gabelli Funds LLC lifted its position in shares of 3M by 7.1% in the 4th quarter. Gabelli Funds LLC now owns 3,000 shares of the conglomerate's stock valued at $387,000 after acquiring an additional 200 shares in the last quarter. Forum Financial Management LP lifted its position in shares of 3M by 58.5% in the 4th quarter. Forum Financial Management LP now owns 3,170 shares of the conglomerate's stock valued at $409,000 after acquiring an additional 1,170 shares in the last quarter. First Trust Advisors LP lifted its position in shares of 3M by 6.3% in the 4th quarter. First Trust Advisors LP now owns 557,154 shares of the conglomerate's stock valued at $71,923,000 after acquiring an additional 32,952 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in 3M by 34.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,133,190 shares of the conglomerate's stock worth $275,375,000 after buying an additional 544,380 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company's stock.

Insiders Place Their Bets

In related news, insider Christian T. Goralski, Jr. sold 6,165 shares of the firm'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 transaction, the insider directly owned 2,900 shares in the company, valued at approximately $435,522. This trade represents a 68.01% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Theresa E. Reinseth sold 3,477 shares of the firm's stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $150.63, for a total transaction of $523,740.51. Following the completion of the transaction, the chief accounting officer owned 2,561 shares in the company, valued at $385,763.43. The trade was a 57.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.34% of the company's stock.

3M Stock Up 2.7%

Shares of 3M stock traded up $4.1990 during midday trading on Friday, reaching $158.5790. 1,958,212 shares of the company's stock traded hands, compared to its average volume of 3,830,302. The company has a market cap of $84.46 billion, a price-to-earnings ratio of 22.06, a price-to-earnings-growth ratio of 2.99 and a beta of 1.05. The company's 50 day simple moving average is $151.67 and its 200 day simple moving average is $147.25. 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 Company has a 52 week low of $121.98 and a 52 week high of $164.15.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share for the quarter, beating analysts' consensus estimates of $2.01 by $0.15. The business 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%. 3M's revenue for the quarter was up 1.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.93 EPS. Equities analysts expect that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Monday, August 25th will be paid a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 1.8%. 3M's payout ratio is presently 40.61%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on MMM. Barclays set a $170.00 target price on shares of 3M in a research report on Friday, July 18th. JPMorgan Chase & Co. set a $167.00 target price on shares of 3M in a research report on Friday, July 18th. Citigroup increased their target price on shares of 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research report on Friday, May 30th. Wells Fargo & Company reiterated an "overweight" rating on shares of 3M in a research report on Friday, July 18th. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research report on Thursday, August 14th. Seven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $158.10.

3M Company 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.