3M (NYSE:MMM) Shares Sold by Meiji Yasuda Asset Management Co Ltd.

Meiji Yasuda Asset Management Co Ltd. reduced its stake in shares of 3M (NYSE:MMM) by 5.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 18,208 shares of the conglomerate’s stock after selling 1,050 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.’s holdings in 3M were worth $2,350,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Financial Life Planners acquired a new stake in 3M in the fourth quarter worth approximately $25,000. FSA Wealth Management LLC acquired a new position in shares of 3M during the 3rd quarter valued at $27,000. True Wealth Design LLC raised its stake in shares of 3M by 2,466.7% in the 3rd quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock worth $42,000 after buying an additional 296 shares in the last quarter. ORG Partners LLC lifted its holdings in shares of 3M by 44.1% in the fourth quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock valued at $41,000 after buying an additional 98 shares during the period. Finally, Catalyst Capital Advisors LLC boosted its stake in 3M by 81.5% during the fourth quarter. Catalyst Capital Advisors LLC now owns 363 shares of the conglomerate’s stock valued at $47,000 after buying an additional 163 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors.

Insider Transactions at 3M

In related news, EVP Victoria Clarke sold 1,750 shares of the firm’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $154.22, for a total transaction of $269,885.00. Following the transaction, the executive vice president now owns 194 shares of the company’s stock, valued at approximately $29,918.68. This trade represents a 90.02 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Michael F. Roman sold 49,598 shares of the business’s stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $152.30, for a total transaction of $7,553,775.40. Following the completion of the sale, the chairman now directly owns 180,895 shares of the company’s stock, valued at $27,550,308.50. This represents a 21.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 113,639 shares of company stock valued at $17,163,446 in the last three months. Corporate insiders own 0.34% of the company’s stock.

3M Stock Performance

MMM stock opened at $153.53 on Wednesday. The firm has a 50 day simple moving average of $149.05 and a 200 day simple moving average of $137.88. 3M has a 52 week low of $85.62 and a 52 week high of $156.35. The stock has a market cap of $83.35 billion, a P/E ratio of 20.34, a P/E/G ratio of 3.30 and a beta of 0.97. 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 (NYSE:MMM) last issued its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.66 by $0.02. 3M had a net margin of 15.71% and a return on equity of 100.77%. The company had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5.77 billion. During the same quarter last year, the business posted $2.42 EPS. The company’s revenue for the quarter was down 25.0% on a year-over-year basis. Research analysts anticipate that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were given a $0.73 dividend. This is a positive change from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a yield of 1.90%. The ex-dividend date of this dividend was Friday, February 14th. 3M’s dividend payout ratio is presently 38.68%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Citigroup upped their price target on shares of 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a report on Wednesday, January 22nd. Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a research note on Saturday. Bank of America raised their target price on shares of 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a report on Thursday, March 6th. JPMorgan Chase & Co. increased their price objective on 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, January 22nd. Finally, Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus 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.