Norinchukin Bank The Raises Position in 3M Company $MMM

Key Points

• Norinchukin Bank The increased its stake in 3M Company by 9.1% during the first quarter, now holding 33,684 shares valued at approximately $4.95 million.
• 3M reported earnings of $2.16 per share, surpassing analysts' expectations, with a quarterly revenue of $6.16 billion, reflecting a 1.4% year-over-year increase.
• The company announced a quarterly dividend of $0.73, payable on September 12th, with an annualized yield of 1.9% and a payout ratio of 40.61%.

Norinchukin Bank The grew its position in 3M Company (NYSE:MMM - Free Report) by 9.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 33,684 shares of the conglomerate's stock after acquiring an additional 2,812 shares during the period. Norinchukin Bank The's holdings in 3M were worth $4,947,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. REAP Financial Group LLC lifted its stake in shares of 3M by 88.7% in the fourth quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock valued at $26,000 after purchasing an additional 94 shares during the period. Pinney & Scofield Inc. acquired a new stake in shares of 3M in the fourth quarter valued at about $28,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of 3M in the first quarter valued at about $28,000. Curat Global LLC acquired a new stake in shares of 3M in the first quarter valued at about $29,000. Finally, Intelligent Financial Strategies acquired a new stake in shares of 3M in the first quarter valued at about $42,000. Hedge funds and other institutional investors own 65.25% of the company's stock.

3M Stock Performance

Shares of MMM opened at $154.3420 on Friday. The company has a 50-day moving average of $151.67 and a two-hundred day moving average of $147.25. The company has a current ratio of 1.72, a quick ratio of 1.20 and a debt-to-equity ratio of 2.87. The stock has a market cap of $82.21 billion, a P/E ratio of 21.47, a PEG ratio of 2.99 and a beta of 1.05. 3M Company has a 12-month low of $121.98 and a 12-month high of $164.15.

3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings data 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 during the quarter, compared to analyst estimates of $6.09 billion. 3M had a net margin of 16.01% and a return on equity of 96.48%. The company's revenue was up 1.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.93 earnings per share. As a group, research analysts predict that 3M Company will post 7.8 EPS for the current fiscal year.

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Monday, August 25th will be given a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.9%. 3M's dividend payout ratio is presently 40.61%.

Insider Buying and Selling

In other news, CAO Theresa E. Reinseth sold 3,477 shares of the business's stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $150.63, for a total value of $523,740.51. Following the completion of the transaction, the chief accounting officer owned 2,561 shares of the company's stock, valued at $385,763.43. The trade was a 57.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of the company's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $150.18, for a total transaction of $925,859.70. Following the transaction, the insider directly owned 2,900 shares of the company's stock, valued at $435,522. This trade represents a 68.01% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.34% of the company's stock.

Analyst Upgrades and Downgrades

MMM has been the subject of several recent analyst reports. Wells Fargo & Company reiterated an "overweight" rating on shares of 3M in a research note on Friday, July 18th. Citigroup raised their price objective on shares of 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research note on Friday, May 30th. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research note on Thursday, August 14th. JPMorgan Chase & Co. set a $167.00 target price on shares of 3M in a research report on Friday, July 18th. Finally, Barclays set a $170.00 target price on shares of 3M in a research report on Friday, July 18th. Seven equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price 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.

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