Resona Asset Management Co. Ltd. Invests $21.51 Million in 3M (NYSE:MMM)

Resona Asset Management Co. Ltd. acquired a new stake in 3M (NYSE:MMM - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 166,429 shares of the conglomerate's stock, valued at approximately $21,510,000.

A number of other institutional investors and hedge funds have also made changes to their positions in MMM. Geode Capital Management LLC increased 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 buying an additional 280,048 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of 3M by 9.2% during 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 acquiring an additional 479,621 shares in the last quarter. Norges Bank purchased a new stake in 3M during the fourth quarter worth approximately $636,767,000. Charles Schwab Investment Management Inc. boosted its holdings in 3M by 0.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,577,045 shares of the conglomerate's stock valued at $461,761,000 after purchasing an additional 17,228 shares in the last quarter. Finally, Alliancebernstein L.P. increased its stake in 3M by 26.6% in the fourth quarter. Alliancebernstein L.P. now owns 2,540,883 shares of the conglomerate's stock valued at $328,003,000 after purchasing an additional 533,753 shares during the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Royal Bank of Canada restated an "underperform" rating and issued a $96.00 target price on shares of 3M in a report on Thursday, February 27th. Wells Fargo & Company raised 3M from an "equal weight" rating to an "overweight" rating and raised their price objective for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. Barclays boosted their target price on 3M from $161.00 to $165.00 and gave the company an "overweight" rating in a report on Wednesday, January 22nd. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research report on Saturday, March 22nd. Finally, Citigroup lifted their price target on 3M from $142.00 to $152.00 and gave the stock a "neutral" rating in a research report on Wednesday, January 22nd. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, 3M presently has a consensus rating of "Moderate Buy" and an average price target of $149.13.

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Insider Transactions at 3M

In other 3M news, Chairman Michael F. Roman sold 49,598 shares of the business's stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $152.30, for a total transaction of $7,553,775.40. Following the sale, the chairman now directly owns 180,895 shares in the company, valued at approximately $27,550,308.50. The trade was a 21.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Victoria Clarke sold 1,750 shares of the company's stock in a transaction 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 completion of the sale, the executive vice president now directly owns 194 shares in the company, valued at $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 a total of 113,639 shares of company stock valued at $17,163,446 in the last ninety days. 0.34% of the stock is currently owned by company insiders.

3M Stock Performance

3M stock traded down $13.12 during trading hours on Friday, reaching $126.62. 9,608,022 shares of the stock were exchanged, compared to its average volume of 4,099,389. 3M has a 52-week low of $90.17 and a 52-week high of $156.35. The stock has a market cap of $68.29 billion, a P/E ratio of 16.77, a P/E/G ratio of 3.30 and a beta of 1.01. 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 firm's 50 day moving average is $149.05 and its 200 day moving average is $138.58.

3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.66 by $0.02. 3M had a net margin of 15.71% and a return on equity of 100.77%. The firm had revenue of $6.01 billion during the quarter, compared to analysts' expectations of $5.77 billion. During the same period in the prior year, the company posted $2.42 earnings per share. The firm's revenue for the quarter was down 25.0% on a year-over-year basis. Analysts predict that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The business also recently announced 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 positive change from 3M's previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a dividend yield of 2.31%. The ex-dividend date was Friday, February 14th. 3M's payout ratio is presently 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.