KLP Kapitalforvaltning AS Makes New $44.98 Million Investment in 3M (NYSE:MMM)

KLP Kapitalforvaltning AS purchased a new position in shares of 3M (NYSE:MMM) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 348,463 shares of the conglomerate’s stock, valued at approximately $44,983,000.

A number of other institutional investors have also recently bought and sold shares of the business. Umpqua Bank boosted its stake in shares of 3M by 22.8% in the 4th quarter. Umpqua Bank now owns 3,560 shares of the conglomerate’s stock valued at $488,000 after purchasing an additional 660 shares in the last quarter. Sei Investments Co. boosted its stake in shares of 3M by 13.3% in the 4th quarter. Sei Investments Co. now owns 147,942 shares of the conglomerate’s stock valued at $19,099,000 after purchasing an additional 17,330 shares in the last quarter. American Century Companies Inc. boosted its stake in shares of 3M by 12.0% in the 4th quarter. American Century Companies Inc. now owns 102,773 shares of the conglomerate’s stock valued at $13,267,000 after purchasing an additional 11,032 shares in the last quarter. Mizuho Securities USA LLC boosted its stake in shares of 3M by 44.9% in the 4th quarter. Mizuho Securities USA LLC now owns 51,612 shares of the conglomerate’s stock valued at $6,663,000 after purchasing an additional 15,989 shares in the last quarter. Finally, Sciencast Management LP boosted its stake in shares of 3M by 165.2% in the 4th quarter. Sciencast Management LP now owns 13,616 shares of the conglomerate’s stock valued at $1,758,000 after purchasing an additional 8,482 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Insider Transactions at 3M

In related news, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the stock in a transaction on Monday, January 27th. The stock was sold at an average price of $150.25, for a total value of $247,161.25. Following the sale, the insider now owns 5,153 shares in the company, valued at approximately $774,238.25. This represents a 24.20 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Victoria Clarke sold 1,750 shares of the stock in a transaction on Friday, January 31st. The shares were sold at an average price of $154.22, for a total value of $269,885.00. Following the completion of the sale, the executive vice president now owns 194 shares in the company, valued at approximately $29,918.68. This trade represents a 90.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 113,639 shares of company stock worth $17,163,446 in the last 90 days. Corporate insiders own 0.34% of the company’s stock.

3M Trading Down 0.6 %

NYSE:MMM opened at $150.35 on Friday. 3M has a twelve month low of $85.62 and a twelve month high of $156.35. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. The business has a 50 day moving average price of $148.35 and a two-hundred day moving average price of $137.47. The company has a market cap of $81.63 billion, a P/E ratio of 19.91, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.66 by $0.02. 3M had a return on equity of 100.77% and a net margin of 15.71%. The firm had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5.77 billion. During the same quarter in the prior year, the firm posted $2.42 EPS. The business’s revenue was down 25.0% on a year-over-year basis. As a group, analysts expect that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The company also recently declared 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. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a yield of 1.94%. This is an increase from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio is 38.68%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Citigroup boosted their target price on shares of 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a research note on Wednesday, January 22nd. Barclays lifted their price target on 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a report on Friday, March 7th. Royal Bank of Canada reaffirmed an “underperform” rating and issued a $96.00 price target on shares of 3M in a report on Thursday, February 27th. Finally, Bank of America lifted their price target on 3M from $175.00 to $179.00 and gave the company a “buy” rating in a report on Thursday, March 6th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, 3M currently has a consensus rating of “Moderate Buy” and an average target price of $149.13.

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.