Nippon Life Global Investors Americas Inc. Makes New Investment in 3M Company $MMM

Key Points

• Nippon Life Global Investors Americas acquired 345,280 shares of 3M worth approximately $56.7 million, making 3M its 11th-largest holding and representing about 2.3% of its portfolio.
• 3M reported quarterly EPS of $2.50, exceeding the $2.38 consensus estimate, while revenue rose 1.5% year over year to $6.60 billion. The company also pays a quarterly dividend of $0.78, equivalent to a 1.8% yield.
• Analysts maintain a generally cautious outlook, with 3M receiving an average “Hold” rating and an average price target of $185.36; institutional investors and hedge funds own 65.25% of the stock.

Nippon Life Global Investors Americas Inc. bought a new stake in 3M Company (NYSE:MMM - Free Report) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 345,280 shares of the conglomerate's stock, valued at approximately $56,678,000. 3M accounts for 2.3% of Nippon Life Global Investors Americas Inc.'s investment portfolio, making the stock its 11th largest holding. Nippon Life Global Investors Americas Inc. owned about 0.07% of 3M at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Security National Bank of SO Dak purchased a new stake in 3M during the 2nd quarter worth about $32,000. DecisionPoint Financial LLC boosted its stake in shares of 3M by 2,387.5% in the 3rd quarter. DecisionPoint Financial LLC now owns 199 shares of the conglomerate's stock valued at $32,000 after buying an additional 191 shares during the period. Trellis Wealth Advisors LLC purchased a new position in shares of 3M in the 3rd quarter valued at about $33,000. Latitude Advisors LLC acquired a new position in shares of 3M during the third quarter worth about $34,000. Finally, Compass Financial Management LLC acquired a new position in shares of 3M during the second quarter worth about $38,000. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Price Performance

MMM stock opened at $174.32 on Monday. The business has a 50 day moving average price of $168.45 and a 200 day moving average price of $161.35. The company has a quick ratio of 1.06, a current ratio of 1.41 and a debt-to-equity ratio of 3.01. The stock has a market cap of $90.08 billion, a price-to-earnings ratio of 25.98, a PEG ratio of 2.27 and a beta of 1.01. 3M Company has a fifty-two week low of $139.34 and a fifty-two week high of $184.90.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings results on Tuesday, October 20th. The conglomerate reported $2.50 EPS for the quarter, beating the consensus estimate of $2.38 by $0.12. 3M had a net margin of 14.01% and a return on equity of 123.11%. The company had revenue of $6.60 billion for the quarter, compared to analyst estimates of $6.61 billion. During the same period in the prior year, the firm posted $2.19 earnings per share. The firm's revenue was up 1.5% on a year-over-year basis. Equities research analysts anticipate that 3M Company will post 9.14 earnings per share for the current fiscal year.

3M Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 11th. Stockholders of record on Monday, August 24th were issued a $0.78 dividend. The ex-dividend date was Monday, August 24th. This represents a $3.12 annualized dividend and a dividend yield of 1.8%. 3M's dividend payout ratio is presently 46.50%.

Insider Activity at 3M

In related news, insider Karin Chavez sold 3,635 shares of the stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $182.51, for a total value of $663,423.85. Following the transaction, the insider directly owned 14,035 shares of the company's stock, valued at $2,561,527.85. This trade represents a 20.57% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.19% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts recently weighed in on MMM shares. Wells Fargo & Company began coverage on shares of 3M in a report on Thursday, September 24th. They issued an "equal weight" rating and a $195.00 target price on the stock. Wolfe Research reissued an "outperform" rating on shares of 3M in a research report on Thursday, July 9th. UBS Group restated a "buy" rating on shares of 3M in a report on Wednesday, October 21st. Weiss Ratings upgraded shares of 3M from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, October 23rd. Finally, Raymond James Financial reissued a "market perform" rating on shares of 3M in a report on Wednesday, October 21st. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, 3M has an average rating of "Hold" and an average target price of $185.36.

3M Company Profile

3M is a diversified technology and manufacturing company headquartered in St. Paul, Minnesota. Founded in 1902 as Minnesota Mining and Manufacturing Company, it developed from a mining venture into a global enterprise known for applying materials science and engineering to a broad range of industrial, commercial and consumer applications.

The company develops and manufactures products including adhesives, abrasives, filtration systems, personal protective equipment, medical and dental supplies, electrical and electronic materials, automotive components, reflective materials and workplace safety solutions.

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