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Resona Asset Management Co. Ltd. Grows Position in 3M Company (NYSE:MMM)

3M logo with Multi-Sector Conglomerates background

Key Points

  • Resona Asset Management Co. Ltd. increased its stake in 3M Company by 7.5% during the first quarter, holding a total of 178,895 shares valued at approximately $26.22 million.
  • Analysts have set varying price targets for 3M, with Barclays at $170.00 and Citigroup at $160.00, while the stock enjoys an average rating of "Hold" and a consensus target price of $158.10.
  • 3M reported earnings of $2.16 per share for the recent quarter, exceeding analyst estimates of $2.01, with a year-over-year revenue increase of 1.4% to $6.16 billion.
  • Want stock alerts on 3M? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

Resona Asset Management Co. Ltd. grew its stake in shares of 3M Company (NYSE:MMM - Free Report) by 7.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 178,895 shares of the conglomerate's stock after purchasing an additional 12,466 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in 3M were worth $26,216,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of MMM. Brighton Jones LLC raised its position in shares of 3M by 26.6% during 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. Rockefeller Capital Management L.P. raised its stake in shares of 3M by 7.8% in the 4th quarter. Rockefeller Capital Management L.P. now owns 58,872 shares of the conglomerate's stock valued at $7,598,000 after acquiring an additional 4,282 shares in the last quarter. Townsquare Capital LLC grew its holdings in 3M by 24.1% in the 4th quarter. Townsquare Capital LLC now owns 16,546 shares of the conglomerate's stock valued at $2,136,000 after buying an additional 3,218 shares during the last quarter. Sagespring Wealth Partners LLC acquired a new stake in shares of 3M during the 4th quarter worth approximately $503,000. Finally, Savvy Advisors Inc. grew its holdings in shares of 3M by 27.1% during the 4th quarter. Savvy Advisors Inc. now owns 3,170 shares of the conglomerate's stock worth $409,000 after purchasing an additional 675 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at 3M

In related news, CAO Theresa E. Reinseth sold 3,477 shares of the business's stock in a transaction 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 sale, the chief accounting officer owned 2,561 shares of the company's stock, valued at approximately $385,763.43. The trade was a 57.59% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of the business's stock in a transaction 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 completion of the sale, the insider directly owned 2,900 shares of the company's stock, valued at approximately $435,522. The trade was a 68.01% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 17,401 shares of company stock worth $2,600,803 in the last three months. Company insiders own 0.34% of the company's stock.

Analysts Set New Price Targets

Several analysts have weighed in on MMM shares. Barclays set a $170.00 price objective on shares of 3M in a research note on Friday, July 18th. Royal Bank Of Canada upped their price objective on 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 research report on Thursday. JPMorgan Chase & Co. set a $167.00 price objective on 3M in a report on Friday, July 18th. Finally, Wells Fargo & Company reissued an "overweight" rating on shares of 3M in a research note on Friday, July 18th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $158.10.

Read Our Latest Report on MMM

3M Trading Down 2.8%

Shares of 3M stock traded down $4.39 on Friday, hitting $152.26. 3,921,103 shares of the company traded hands, compared to its average volume of 3,875,243. 3M Company has a 52 week low of $121.98 and a 52 week high of $164.15. The company has a market cap of $81.10 billion, a PE ratio of 21.18, a PEG ratio of 3.10 and a beta of 1.05. The stock's 50 day moving average price is $150.84 and its 200-day moving average price is $147.19. The company has a current ratio of 1.72, a quick ratio of 1.20 and a debt-to-equity ratio of 2.87.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings data on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) 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 firm had revenue of $6.16 billion for the quarter, compared to the consensus estimate of $6.09 billion. During the same quarter in the previous year, the firm earned $1.93 EPS. The company's quarterly revenue was up 1.4% compared to the same quarter last year. Equities research analysts predict that 3M Company will post 7.8 EPS for the current year.

3M Company Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for 3M (NYSE:MMM)

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