Sompo Asset Management Co. Ltd. Raises Position in 3M (NYSE:MMM)

Sompo Asset Management Co. Ltd. boosted its position in 3M (NYSE:MMM) by 23.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 60,228 shares of the conglomerate’s stock after acquiring an additional 11,298 shares during the quarter. 3M accounts for about 1.0% of Sompo Asset Management Co. Ltd.’s holdings, making the stock its 22nd biggest holding. Sompo Asset Management Co. Ltd.’s holdings in 3M were worth $6,155,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Sei Investments Co. raised its stake in 3M by 6.7% in the second quarter. Sei Investments Co. now owns 165,119 shares of the conglomerate’s stock valued at $16,874,000 after buying an additional 10,309 shares in the last quarter. Pacer Advisors Inc. raised its holdings in 3M by 2.0% during 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 in the last quarter. Skandinaviska Enskilda Banken AB publ lifted its position in shares of 3M by 1.7% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 115,605 shares of the conglomerate’s stock worth $11,814,000 after buying an additional 1,949 shares during the last quarter. AE Wealth Management LLC lifted its position in shares of 3M by 6.9% during the 2nd quarter. AE Wealth Management LLC now owns 24,322 shares of the conglomerate’s stock worth $2,485,000 after buying an additional 1,565 shares during the last quarter. Finally, Simplify Asset Management Inc. grew its position in shares of 3M by 42.1% in the 2nd quarter. Simplify Asset Management Inc. now owns 34,851 shares of the conglomerate’s stock valued at $3,561,000 after buying an additional 10,321 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Price Performance

MMM stock opened at $134.76 on Friday. The stock has a market capitalization of $74.57 billion, a price-to-earnings ratio of -10.59, a price-to-earnings-growth ratio of 2.41 and a beta of 0.95. The stock’s fifty day simple moving average is $124.63 and its 200-day simple moving average is $107.80. 3M has a 52-week low of $71.12 and a 52-week high of $135.32. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95.

3M (NYSE:MMM) last posted its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, beating the consensus estimate of $1.68 by $0.25. 3M had a return on equity of 112.92% and a net margin of 3.08%. The company had revenue of $6.26 billion during the quarter, compared to analysts’ expectations of $5.85 billion. During the same quarter in the previous year, the business earned $2.17 EPS. Equities research analysts expect that 3M will post 7.22 EPS for the current year.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date was Monday, August 26th. 3M’s dividend payout ratio is currently -22.01%.

Insider Buying and Selling at 3M

In other news, CFO Theresa E. Reinseth sold 2,100 shares of the company’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at approximately $541,659.68. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other 3M news, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the transaction, the chairman now directly owns 174,036 shares of the company’s stock, valued at $21,486,484.56. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the sale, the chief financial officer now owns 4,364 shares in the company, valued at approximately $541,659.68. The disclosure for this sale can be found here. 0.34% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have issued reports on MMM. Barclays raised their price objective on 3M from $120.00 to $145.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Argus raised 3M from a “hold” rating to a “buy” rating and set a $145.00 price target on the stock in a research report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and boosted their price objective for the company from $110.00 to $150.00 in a research note on Monday, July 29th. StockNews.com cut shares of 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Finally, Citigroup upped their price target on shares of 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research report on Monday, July 29th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, 3M currently has a consensus rating of “Hold” and a consensus price target of $124.43.

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.