Mitsubishi UFJ Asset Management UK Ltd. Makes New Investment in 3M (NYSE:MMM)

Mitsubishi UFJ Asset Management UK Ltd. acquired a new position in shares of 3M (NYSE:MMM - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 21,000 shares of the conglomerate's stock, valued at approximately $2,871,000. 3M comprises about 1.5% of Mitsubishi UFJ Asset Management UK Ltd.'s investment portfolio, making the stock its 15th largest holding.

Several other hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in shares of 3M by 0.8% during the first quarter. Vanguard Group Inc. now owns 49,461,361 shares of the conglomerate's stock valued at $5,246,367,000 after buying an additional 377,703 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of 3M by 11.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate's stock worth $517,617,000 after acquiring an additional 533,520 shares during the period. Pacer Advisors Inc. lifted its position in shares of 3M by 2.0% in the 2nd quarter. Pacer Advisors Inc. now owns 4,952,878 shares of the conglomerate's stock worth $506,135,000 after acquiring an additional 97,340 shares during the period. AQR Capital Management LLC increased its position in shares of 3M by 18.6% during the second quarter. AQR Capital Management LLC now owns 2,531,422 shares of the conglomerate's stock valued at $258,686,000 after purchasing an additional 396,773 shares during the period. Finally, Nordea Investment Management AB raised its stake in shares of 3M by 8.2% in the first quarter. Nordea Investment Management AB now owns 2,168,811 shares of the conglomerate's stock valued at $228,875,000 after purchasing an additional 164,236 shares in the last quarter. Institutional investors own 65.25% of the company's stock.

Insiders Place Their Bets

In other news, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value of $700,635.50. Following the transaction, the chairman now owns 174,036 shares of the company's stock, valued at $21,486,484.56. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the transaction, the chief financial officer now directly owns 4,364 shares of the company's stock, valued at $541,659.68. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Michael F. Roman sold 5,675 shares of the company's stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the sale, the chairman now owns 174,036 shares of the company's stock, valued at approximately $21,486,484.56. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.34% of the company's stock.

3M Trading Down 0.4 %

MMM stock traded down $0.54 during trading on Friday, hitting $135.14. The company had a trading volume of 2,791,646 shares, compared to its average volume of 4,893,641. The firm has a 50-day moving average price of $132.67 and a 200-day moving average price of $112.59. 3M has a 12 month low of $71.12 and a 12 month high of $140.72. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95. The stock has a market cap of $74.78 billion, a price-to-earnings ratio of -10.62, a PEG ratio of 2.49 and a beta of 0.95.

3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.25. The business had revenue of $6.26 billion for the quarter, compared to analysts' expectations of $5.85 billion. 3M had a return on equity of 112.92% and a net margin of 3.08%. During the same quarter last year, the business earned $2.17 earnings per share. As a group, analysts predict that 3M will post 7.24 earnings per share for the current year.

3M Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were paid a $0.70 dividend. The ex-dividend date was Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a yield of 2.07%. 3M's payout ratio is presently -22.01%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Deutsche Bank Aktiengesellschaft raised shares of 3M from a "hold" rating to a "buy" rating and raised their price objective for the stock from $110.00 to $150.00 in a report on Monday, July 29th. Mizuho upped their price objective on 3M from $105.00 to $146.00 and gave the company a "neutral" rating in a research note on Thursday. Wells Fargo & Company upped their price target on 3M from $130.00 to $140.00 and gave the company an "equal weight" rating in a research report on Monday, October 7th. Morgan Stanley started coverage on 3M in a report on Friday, September 6th. They set an "underweight" rating and a $125.00 price objective for the company. Finally, Argus raised shares of 3M from a "hold" rating to a "buy" rating and set a $145.00 target price on the stock in a report on Tuesday, July 30th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, 3M presently has an average rating of "Hold" and an average target price of $130.57.

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.