Norges Bank Makes New $636.77 Million Investment in 3M (NYSE:MMM)

Norges Bank bought a new position in shares of 3M (NYSE:MMM - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 4,932,734 shares of the conglomerate's stock, valued at approximately $636,767,000. Norges Bank owned about 0.91% of 3M at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of MMM. Financial Life Planners bought a new position in 3M during the fourth quarter worth about $25,000. Proficio Capital Partners LLC bought a new position in shares of 3M during the 4th quarter valued at about $26,000. FSA Wealth Management LLC acquired a new position in shares of 3M in the 3rd quarter valued at approximately $27,000. Daymark Wealth Partners LLC increased its stake in 3M by 9.0% during the 4th quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate's stock worth $31,000 after purchasing an additional 19,552 shares in the last quarter. Finally, ORG Partners LLC raised its holdings in 3M by 44.1% during the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate's stock worth $41,000 after buying an additional 98 shares during the period. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at 3M

In other 3M news, insider Christian T. Goralski, Jr. sold 6,318 shares of the firm's stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $149.43, for a total transaction of $944,098.74. Following the completion of the sale, the insider now directly owns 5,024 shares in the company, valued at $750,736.32. This trade represents a 55.70 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman Michael F. Roman sold 45,276 shares of the company's stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $150.01, for a total value of $6,791,852.76. Following the completion of the transaction, the chairman now directly owns 175,718 shares in the company, valued at $26,359,457.18. The trade was a 20.49 % decrease in their position. 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 quarter. 0.34% of the stock is currently owned by insiders.

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3M Stock Performance

MMM stock traded up $0.58 during trading hours on Monday, reaching $145.42. The stock had a trading volume of 726,305 shares, compared to its average volume of 4,105,641. The stock has a market capitalization of $78.95 billion, a PE ratio of 19.26, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97. The stock has a 50-day simple moving average of $149.60 and a 200 day simple moving average of $138.29. 3M has a fifty-two week low of $88.23 and a fifty-two week high of $156.35. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08.

3M (NYSE:MMM - Get Free Report) last issued its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate 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%. 3M's revenue was down 25.0% on a year-over-year basis. During the same period last year, the business posted $2.42 EPS. Analysts predict that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were paid a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 2.01%. The ex-dividend date was Friday, February 14th. This is a boost from 3M's previous quarterly dividend of $0.70. 3M's dividend payout ratio is 38.68%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on MMM. Wells Fargo & Company upgraded shares of 3M from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $140.00 to $170.00 in a report on Wednesday, January 22nd. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a report on Saturday, March 22nd. Royal Bank of Canada reissued an "underperform" rating and issued a $96.00 price target on shares of 3M in a research note on Thursday, February 27th. Barclays upped their price objective on 3M from $161.00 to $165.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 22nd. Finally, Citigroup lifted their target price on 3M from $142.00 to $152.00 and gave the company a "neutral" rating in a research report on Wednesday, January 22nd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently 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.