KLP Kapitalforvaltning AS Purchases New Stake in 3M (NYSE:MMM)

KLP Kapitalforvaltning AS purchased a new stake in 3M (NYSE:MMM) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 348,463 shares of the conglomerate’s stock, valued at approximately $44,983,000. KLP Kapitalforvaltning AS owned approximately 0.06% of 3M at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Thrivent Financial for Lutherans increased its stake in 3M by 5.6% during the third quarter. Thrivent Financial for Lutherans now owns 64,013 shares of the conglomerate’s stock valued at $8,751,000 after purchasing an additional 3,404 shares during the last quarter. Prospera Financial Services Inc grew its position in shares of 3M by 11.0% during the third quarter. Prospera Financial Services Inc now owns 11,882 shares of the conglomerate’s stock worth $1,625,000 after acquiring an additional 1,182 shares during the last quarter. Cornerstone Advisors LLC grew its position in shares of 3M by 5.4% during the third quarter. Cornerstone Advisors LLC now owns 19,600 shares of the conglomerate’s stock worth $2,679,000 after acquiring an additional 1,000 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in shares of 3M by 8.9% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 389,209 shares of the conglomerate’s stock worth $53,205,000 after acquiring an additional 31,923 shares during the last quarter. Finally, Intech Investment Management LLC grew its position in shares of 3M by 93.9% during the third quarter. Intech Investment Management LLC now owns 67,385 shares of the conglomerate’s stock worth $9,212,000 after acquiring an additional 32,627 shares during the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Chairman Michael F. Roman sold 49,598 shares of the firm’s stock in a transaction on 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 owns 180,895 shares in the company, valued at approximately $27,550,308.50. This trade represents a 21.52 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Victoria Clarke sold 1,750 shares of the firm’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $154.22, for a total transaction of $269,885.00. Following the completion of the sale, the executive vice president now owns 194 shares in the company, valued at approximately $29,918.68. The trade was 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 over the last 90 days. 0.34% of the stock is currently owned by company insiders.

3M Price Performance

Shares of MMM opened at $150.35 on Friday. The firm has a market cap of $81.63 billion, a PE ratio of 19.91, a PEG ratio of 3.30 and a beta of 0.97. The firm’s 50 day moving average price is $148.35 and its 200 day moving average price is $137.47. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. 3M has a twelve month low of $85.62 and a twelve month high of $156.35.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.66 by $0.02. The firm had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. The company’s revenue for the quarter was down 25.0% on a year-over-year basis. During the same quarter last year, the firm earned $2.42 earnings per share. As a group, research analysts expect 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 given a $0.73 dividend. 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 dividend on an annualized basis and a dividend yield of 1.94%. 3M’s dividend payout ratio (DPR) is currently 38.68%.

Analyst Upgrades and Downgrades

MMM has been the topic of several research analyst reports. Bank of America raised their target price on shares of 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research note on Thursday, March 6th. JPMorgan Chase & Co. raised their target price on shares of 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, January 22nd. Barclays raised their target price on shares of 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, January 22nd. Royal Bank of Canada reissued an “underperform” rating and set a $96.00 target price on shares of 3M in a research note on Thursday, February 27th. Finally, Wells Fargo & Company upgraded shares of 3M from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $140.00 to $170.00 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 assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $149.13.

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.