Nippon Life Global Investors Americas Inc. Purchases 175,770 Shares of 3M (NYSE:MMM)

Nippon Life Global Investors Americas Inc. grew its stake in shares of 3M (NYSE:MMM - Free Report) by 71.3% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 422,230 shares of the conglomerate's stock after purchasing an additional 175,770 shares during the quarter. 3M comprises about 2.5% of Nippon Life Global Investors Americas Inc.'s portfolio, making the stock its 10th biggest holding. Nippon Life Global Investors Americas Inc. owned about 0.08% of 3M worth $54,506,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Transce3nd LLC acquired a new stake in 3M during the 4th quarter worth approximately $71,000. Sharpepoint LLC bought a new stake in shares of 3M during the 4th quarter valued at approximately $1,048,000. MML Investors Services LLC lifted its stake in shares of 3M by 34.1% in the 4th quarter. MML Investors Services LLC now owns 122,063 shares of the conglomerate's stock valued at $15,757,000 after acquiring an additional 31,044 shares during the last quarter. MetLife Investment Management LLC grew its holdings in shares of 3M by 0.7% during the fourth quarter. MetLife Investment Management LLC now owns 148,580 shares of the conglomerate's stock worth $19,180,000 after purchasing an additional 997 shares during the last quarter. Finally, Natixis grew its holdings in 3M by 5.1% during the 4th quarter. Natixis now owns 53,039 shares of the conglomerate's stock worth $6,847,000 after acquiring an additional 2,592 shares during the last quarter. Institutional investors own 65.25% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. JPMorgan Chase & Co. cut their target price on 3M from $165.00 to $140.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Royal Bank of Canada raised their price objective on 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research note on Wednesday. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a report on Thursday. Barclays lifted their price objective on shares of 3M from $160.00 to $164.00 and gave the stock an "overweight" rating in a research report on Wednesday. Finally, Bank of America boosted their price objective on 3M from $175.00 to $179.00 and gave the company a "buy" rating in a research note on Thursday, March 6th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat.com, 3M currently has a consensus rating of "Moderate Buy" and a consensus target price of $147.00.

Insider Transactions at 3M

In related news, EVP Kevin H. Rhodes sold 6,743 shares of the stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $149.85, for a total value of $1,010,438.55. Following the completion of the transaction, the executive vice president now directly owns 4,902 shares of the company's stock, valued at $734,564.70. This trade represents a 57.90 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Victoria Clarke sold 1,750 shares of 3M stock in a transaction on Friday, January 31st. The stock was sold at an average price of $154.22, for a total transaction of $269,885.00. Following the sale, the executive vice president now owns 194 shares of the company's stock, valued at $29,918.68. The trade was a 90.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 59,736 shares of company stock valued at $9,081,260. Corporate insiders own 0.34% of the company's stock.

3M Price Performance

Shares of NYSE:MMM traded down $1.58 on Friday, reaching $137.30. The company's stock had a trading volume of 2,141,243 shares, compared to its average volume of 4,177,216. The company has a 50-day simple moving average of $143.15 and a 200 day simple moving average of $138.21. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. 3M has a 52-week low of $91.08 and a 52-week high of $156.35. The company has a market cap of $74.05 billion, a P/E ratio of 18.19, a PEG ratio of 3.30 and a beta of 1.01.

3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.77 by $0.11. The company had revenue of $5.80 billion during the quarter, compared to analysts' expectations of $5.78 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. As a group, equities research analysts anticipate that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 2.13%. The ex-dividend date was Friday, February 14th. This is a boost from 3M's previous quarterly dividend of $0.70. 3M's dividend payout ratio (DPR) is 38.68%.

About 3M

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.