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

KLP Kapitalforvaltning AS purchased a new stake in shares of 3M (NYSE:MMM - Free Report) during the 4th quarter, according to the company in its most recent filing with the SEC. The fund purchased 348,463 shares of the conglomerate's stock, valued at approximately $44,983,000. KLP Kapitalforvaltning AS owned about 0.06% of 3M as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of MMM. Investors Asset Management of Georgia Inc. GA ADV boosted its holdings in shares of 3M by 1.3% in the 4th quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 5,377 shares of the conglomerate's stock valued at $694,000 after buying an additional 67 shares in the last quarter. Parkside Financial Bank & Trust raised its stake in 3M by 1.4% during the 4th quarter. Parkside Financial Bank & Trust now owns 5,153 shares of the conglomerate's stock worth $665,000 after acquiring an additional 70 shares in the last quarter. Gilbert & Cook Inc. lifted its position in 3M by 1.5% in the fourth quarter. Gilbert & Cook Inc. now owns 5,106 shares of the conglomerate's stock valued at $659,000 after acquiring an additional 73 shares during the last quarter. Childress Capital Advisors LLC grew its holdings in shares of 3M by 5.1% during the fourth quarter. Childress Capital Advisors LLC now owns 1,573 shares of the conglomerate's stock worth $203,000 after purchasing an additional 76 shares during the last quarter. Finally, Capital Advisors Ltd. LLC increased its position in shares of 3M by 5.3% during the fourth quarter. Capital Advisors Ltd. LLC now owns 1,519 shares of the conglomerate's stock worth $196,000 after purchasing an additional 77 shares in the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

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Analysts Set New Price Targets

Several research analysts have commented on the company. Barclays lifted their price target on 3M from $161.00 to $165.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 22nd. Bank of America lifted their target price on shares of 3M from $175.00 to $179.00 and gave the company a "buy" rating in a report on Thursday, March 6th. JPMorgan Chase & Co. increased their price target on shares of 3M from $162.00 to $165.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 22nd. Wells Fargo & Company upgraded shares of 3M from an "equal weight" rating to an "overweight" rating and lifted their price objective for the company from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Finally, Citigroup increased their target price 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. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, 3M presently has an average rating of "Moderate Buy" and a consensus target price of $149.13.

Insider Buying and Selling

In related news, Chairman Michael F. Roman sold 49,598 shares of the business's stock in a transaction dated Wednesday, January 29th. The shares were 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 in the company, valued at $27,550,308.50. The trade was a 21.52 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Victoria Clarke sold 1,750 shares of the firm's stock in a transaction dated 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 $29,918.68. This trade represents a 90.02 % decrease in their ownership of the stock. 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 quarter. Company insiders own 0.34% of the company's stock.

3M Price Performance

NYSE:MMM traded up $0.61 during trading hours on Tuesday, hitting $153.76. The company's stock had a trading volume of 1,945,031 shares, compared to its average volume of 4,027,325. 3M has a 52-week low of $85.62 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 business's 50-day moving average is $148.72 and its two-hundred day moving average is $137.71. The company has a market capitalization of $83.47 billion, a PE ratio of 20.35, a PEG ratio of 3.30 and a beta of 0.97.

3M (NYSE:MMM - Get Free Report) last announced its quarterly 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. The business had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. The business's revenue was down 25.0% compared to the same quarter last year. During the same quarter last year, the firm posted $2.42 EPS. As a group, research analysts anticipate 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. Stockholders of record on Friday, February 14th were paid a dividend of $0.73 per share. This is a positive change from 3M's previous quarterly dividend of $0.70. The ex-dividend date was Friday, February 14th. This represents a $2.92 annualized dividend and a dividend yield of 1.90%. 3M's payout ratio is 38.68%.

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.