Sompo Asset Management Co. Ltd. Sells 9,598 Shares of 3M (NYSE:MMM)

Sompo Asset Management Co. Ltd. lessened its stake in 3M (NYSE:MMM - Free Report) by 19.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 39,964 shares of the conglomerate's stock after selling 9,598 shares during the period. Sompo Asset Management Co. Ltd.'s holdings in 3M were worth $5,159,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in MMM. Geode Capital Management LLC lifted its holdings in 3M by 2.5% in the fourth quarter. Geode Capital Management LLC now owns 11,574,414 shares of the conglomerate's stock valued at $1,493,655,000 after acquiring an additional 280,048 shares during the period. Capital World Investors increased its position in shares of 3M by 25.4% during the 4th quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock valued at $794,410,000 after purchasing an additional 1,248,093 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of 3M by 9.2% in the 4th quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate's stock worth $734,456,000 after purchasing an additional 479,621 shares during the period. Norges Bank purchased a new position in shares of 3M in the fourth quarter worth approximately $636,767,000. Finally, Invesco Ltd. grew its position in 3M by 51.6% during the fourth quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate's stock valued at $576,845,000 after buying an additional 1,520,619 shares during the period. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Price Performance

NYSE:MMM traded down $1.58 during trading hours on Friday, reaching $137.30. The stock had a trading volume of 2,141,243 shares, compared to its average volume of 4,177,214. The company has a 50 day moving average price of $143.38 and a two-hundred day moving average price of $138.19. 3M has a 52 week low of $91.08 and a 52 week high of $156.35. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. The stock has a market capitalization of $74.05 billion, a PE ratio of 18.19, a PEG ratio of 3.30 and a beta of 1.01.

3M (NYSE:MMM - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.77 by $0.11. 3M had a net margin of 15.71% and a return on equity of 100.77%. The firm had revenue of $5.80 billion for the quarter, compared to analysts' expectations of $5.78 billion. As a group, sell-side analysts anticipate that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The company also recently disclosed 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. This is a boost from 3M's previous quarterly dividend of $0.70. 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 2.13%. 3M's payout ratio is 38.68%.

Wall Street Analyst Weigh In

MMM has been the topic of several analyst reports. Wells Fargo & Company upgraded shares of 3M from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Bank of America lifted their target price on 3M from $175.00 to $179.00 and gave the company a "buy" rating in a research report on Thursday, March 6th. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a research report on Thursday. JPMorgan Chase & Co. lowered their price objective on 3M from $165.00 to $140.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Finally, Royal Bank of Canada increased their target price on shares of 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat, 3M presently has an average rating of "Moderate Buy" and a consensus target price of $147.00.

Insider Transactions at 3M

In other news, EVP Victoria Clarke sold 1,750 shares of the business's stock in a transaction 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 completion of the sale, the executive vice president now directly owns 194 shares of the company's stock, valued at approximately $29,918.68. The trade was a 90.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Kevin H. Rhodes sold 6,743 shares of the company's stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $149.85, for a total transaction of $1,010,438.55. Following the completion of the transaction, the executive vice president now owns 4,902 shares in the company, valued at approximately $734,564.70. The trade was a 57.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 59,736 shares of company stock worth $9,081,260. 0.34% of the stock is currently owned by insiders.

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.