DnB Asset Management AS Raises Position in 3M (NYSE:MMM)

DnB Asset Management AS increased its position in shares of 3M (NYSE:MMM - Free Report) by 15.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 164,004 shares of the conglomerate's stock after acquiring an additional 21,479 shares during the period. DnB Asset Management AS's holdings in 3M were worth $21,171,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently bought and sold shares of the company. denkapparat Operations GmbH purchased a new position in shares of 3M during the fourth quarter worth about $487,000. Premier Fund Managers Ltd bought a new stake in 3M during the fourth quarter worth about $9,984,000. Pictet Asset Management Holding SA boosted its holdings in shares of 3M by 15.6% in the 4th quarter. Pictet Asset Management Holding SA now owns 314,194 shares of the conglomerate's stock worth $40,559,000 after purchasing an additional 42,385 shares in the last quarter. Norges Bank purchased a new position in shares of 3M during the 4th quarter valued at about $636,767,000. Finally, Caisse Des Depots ET Consignations bought a new stake in 3M in the 4th quarter worth approximately $1,541,000. 65.25% of the stock is owned by institutional investors.

Insider Transactions at 3M

In other news, 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 value of $7,553,775.40. Following the sale, the chairman now directly owns 180,895 shares of the company's stock, valued at $27,550,308.50. The trade was a 21.52 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 value of $269,885.00. Following the transaction, the executive vice president now directly owns 194 shares of the company's stock, 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 113,639 shares of company stock valued at $17,163,446 in the last three months. 0.34% of the stock is currently owned by company insiders.

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3M Trading Up 1.5 %

Shares of MMM traded up $2.19 during trading hours on Monday, reaching $147.03. 1,810,468 shares of the company traded hands, compared to its average volume of 4,124,787. 3M has a 12 month low of $88.23 and a 12 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 company's fifty day moving average price is $149.60 and its two-hundred day moving average price is $138.29. The company has a market capitalization of $79.82 billion, a price-to-earnings ratio of 19.46, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97.

3M (NYSE:MMM - Get Free Report) last posted its 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. The firm had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. The business's revenue for the quarter was down 25.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.42 EPS. Equities research analysts predict that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were issued a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.99%. The ex-dividend date of this dividend was Friday, February 14th. This is a boost from 3M's previous quarterly dividend of $0.70. 3M's payout ratio is 38.68%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Royal Bank of Canada restated an "underperform" rating and issued a $96.00 price objective on shares of 3M in a report on Thursday, February 27th. Citigroup boosted their price target on shares of 3M from $142.00 to $152.00 and gave the stock a "neutral" rating in a research note on Wednesday, January 22nd. JPMorgan Chase & Co. lifted their price objective on 3M from $162.00 to $165.00 and gave the stock an "overweight" rating in a report on Wednesday, January 22nd. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a report on Saturday, March 22nd. Finally, Bank of America lifted their price target on 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a research note on Thursday, March 6th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $149.13.

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.