Tokio Marine Asset Management Co. Ltd. Purchases 905 Shares of 3M (NYSE:MMM)

Tokio Marine Asset Management Co. Ltd. increased its position in shares of 3M (NYSE:MMM) by 6.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 16,027 shares of the conglomerate’s stock after purchasing an additional 905 shares during the period. Tokio Marine Asset Management Co. Ltd.’s holdings in 3M were worth $2,191,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MMM. MFA Wealth Advisors LLC bought a new stake in shares of 3M during the 2nd quarter worth approximately $28,000. Daymark Wealth Partners LLC grew its holdings in shares of 3M by 8.6% in the third quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock worth $30,000 after purchasing an additional 17,211 shares during the last quarter. McClarren Financial Advisors Inc. increased its stake in 3M by 118.6% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after buying an additional 121 shares during the period. Meeder Asset Management Inc. lifted its holdings in 3M by 689.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after buying an additional 269 shares in the last quarter. Finally, TruNorth Capital Management LLC purchased a new stake in 3M in the 2nd quarter valued at about $33,000. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Stock Performance

Shares of MMM opened at $132.32 on Friday. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. The firm has a market cap of $72.06 billion, a PE ratio of 16.71, a P/E/G ratio of 2.17 and a beta of 0.95. 3M has a 12 month low of $75.40 and a 12 month high of $141.34. The stock has a fifty day moving average price of $132.76 and a 200-day moving average price of $117.50.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The company had revenue of $6.29 billion during the quarter, compared to analysts’ expectations of $6.06 billion. During the same period last year, the business posted $2.68 earnings per share. The firm’s revenue was down 24.3% compared to the same quarter last year. Equities research analysts predict that 3M will post 7.27 earnings per share for the current fiscal year.

3M Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 2.12%. The ex-dividend date is Friday, November 15th. 3M’s dividend payout ratio is presently 35.35%.

Analyst Ratings Changes

Several analysts have recently weighed in on MMM shares. Argus raised shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price target for the company in a research note on Tuesday, July 30th. Morgan Stanley initiated coverage on 3M in a research report on Friday, September 6th. They set an “underweight” rating and a $125.00 price target on the stock. Mizuho lifted their price objective on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Royal Bank of Canada increased their target price on shares of 3M from $99.00 to $100.00 and gave the stock an “underperform” rating in a report on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. boosted their price target on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $144.87.

3M 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.