Sompo Asset Management Co. Ltd. Cuts Stake in 3M (NYSE:MMM)

Sompo Asset Management Co. Ltd. lessened its position in shares of 3M (NYSE:MMM - Free Report) by 17.7% in the third quarter, according to its most recent filing with the SEC. The firm owned 49,562 shares of the conglomerate's stock after selling 10,666 shares during the quarter. 3M makes up approximately 1.1% of Sompo Asset Management Co. Ltd.'s investment portfolio, making the stock its 26th largest holding. Sompo Asset Management Co. Ltd.'s holdings in 3M were worth $6,775,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. McClarren Financial Advisors Inc. grew its holdings in 3M by 118.6% in the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate's stock worth $30,000 after purchasing an additional 121 shares during the period. MFA Wealth Advisors LLC acquired a new position in shares of 3M during the second quarter worth approximately $28,000. Meeder Asset Management Inc. grew its position in 3M by 689.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate's stock valued at $31,000 after purchasing an additional 269 shares during the period. TruNorth Capital Management LLC bought a new position in shares of 3M in the second quarter valued at $33,000. Finally, Gradient Investments LLC grew its holdings in shares of 3M by 44.7% during the second quarter. Gradient Investments LLC now owns 356 shares of the conglomerate's stock valued at $36,000 after buying an additional 110 shares during the last quarter. 65.25% of the stock is owned by institutional investors.

3M Price Performance

MMM stock traded up $1.10 during mid-day trading on Friday, reaching $128.42. 3,052,490 shares of the company traded hands, compared to its average volume of 3,195,841. 3M has a 52-week low of $75.40 and a 52-week high of $141.34. The company has a market capitalization of $69.93 billion, a P/E ratio of 16.21, a P/E/G ratio of 2.11 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. The company has a fifty day moving average price of $132.56 and a 200-day moving average price of $119.11.

3M (NYSE:MMM - Get Free Report) last posted its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.93 by $0.05. The business had revenue of $6.29 billion for the quarter, compared to analysts' expectations of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The business's revenue for the quarter was down 24.3% compared to the same quarter last year. During the same period in the prior year, the company posted $2.68 EPS. As a group, analysts anticipate that 3M will post 7.27 earnings per share for the current year.

3M Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be issued a $0.70 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 annualized dividend and a dividend yield of 2.18%. 3M's payout ratio is currently 35.35%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on MMM. Argus upgraded 3M from a "hold" rating to a "buy" rating and set a $145.00 price target for the company in a research note on Tuesday, July 30th. Royal Bank of Canada upped their target price on shares of 3M from $99.00 to $100.00 and gave the stock an "underperform" rating in a research note on Wednesday, October 23rd. Melius raised shares of 3M from a "hold" rating to a "buy" rating in a research report on Tuesday, October 22nd. UBS Group upgraded shares of 3M from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $130.00 to $184.00 in a report on Wednesday, November 13th. Finally, Mizuho increased their price objective on shares of 3M from $105.00 to $146.00 and gave the company a "neutral" rating in a research note on Thursday, October 17th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $144.87.

3M 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.