Sompo Asset Management Co. Ltd. Has $6.78 Million Stock Holdings in 3M (NYSE:MMM)

Sompo Asset Management Co. Ltd. lowered its position in 3M (NYSE:MMM) by 17.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 49,562 shares of the conglomerate’s stock after selling 10,666 shares during the period. 3M accounts for about 1.1% of Sompo Asset Management Co. Ltd.’s holdings, making the stock its 26th biggest position. Sompo Asset Management Co. Ltd.’s holdings in 3M were worth $6,775,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of MMM. Bank of New York Mellon Corp raised its holdings in shares of 3M by 11.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock worth $517,617,000 after acquiring an additional 533,520 shares during the last quarter. Pacer Advisors Inc. raised its stake in shares of 3M by 2.0% in the second quarter. Pacer Advisors Inc. now owns 4,952,878 shares of the conglomerate’s stock worth $506,135,000 after purchasing an additional 97,340 shares during the last quarter. AQR Capital Management LLC lifted its holdings in shares of 3M by 18.6% in the second quarter. AQR Capital Management LLC now owns 2,531,422 shares of the conglomerate’s stock valued at $258,686,000 after purchasing an additional 396,773 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in 3M by 0.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,940,202 shares of the conglomerate’s stock worth $198,298,000 after buying an additional 11,315 shares in the last quarter. Finally, National Pension Service raised its position in 3M by 14.5% in the 3rd quarter. National Pension Service now owns 1,268,003 shares of the conglomerate’s stock valued at $173,336,000 after buying an additional 161,036 shares during the last quarter. Institutional investors own 65.25% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Argus upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 target price for the company in a research note on Tuesday, July 30th. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $130.00 to $184.00 in a research report on Wednesday, November 13th. Wells Fargo & Company lifted their target price on shares of 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Citigroup upped their target price on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a report on Monday, July 29th. Finally, Royal Bank of Canada lifted their price target on 3M from $99.00 to $100.00 and gave the stock an “underperform” rating in a report on Wednesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $144.87.

3M Trading Up 0.9 %

Shares of MMM opened at $128.42 on Friday. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $141.34. The business has a 50-day moving average of $132.56 and a 200 day moving average of $119.11. The firm has a market cap of $69.93 billion, a P/E ratio of 16.21, a price-to-earnings-growth ratio of 2.11 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43.

3M (NYSE:MMM) last posted its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping the consensus estimate of $1.93 by $0.05. The firm had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The company’s revenue was down 24.3% on a year-over-year basis. During the same quarter last year, the company earned $2.68 earnings per share. As a group, research analysts forecast that 3M will post 7.27 EPS for the current 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. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 annualized dividend and a dividend yield of 2.18%. 3M’s dividend payout ratio is currently 35.35%.

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.