DnB Asset Management AS Has $21.17 Million Stock Holdings in 3M (NYSE:MMM)

DnB Asset Management AS raised its stake in 3M (NYSE:MMM) by 15.1% during the 4th quarter, Holdings Channel.com reports. The firm owned 164,004 shares of the conglomerate’s stock after buying an additional 21,479 shares during the period. DnB Asset Management AS’s holdings in 3M were worth $21,171,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of MMM. Dynamic Technology Lab Private Ltd acquired a new stake in shares of 3M during the 3rd quarter worth $329,000. Brooklyn Investment Group bought a new stake in 3M during the 3rd quarter worth approximately $61,000. CreativeOne Wealth LLC lifted its holdings in 3M by 52.2% during the 3rd quarter. CreativeOne Wealth LLC now owns 13,433 shares of the conglomerate’s stock worth $1,836,000 after buying an additional 4,605 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in 3M by 1.2% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,815,625 shares of the conglomerate’s stock valued at $521,596,000 after acquiring an additional 43,942 shares during the last quarter. Finally, Public Sector Pension Investment Board increased its position in shares of 3M by 10.3% during the third quarter. Public Sector Pension Investment Board now owns 23,580 shares of the conglomerate’s stock worth $3,223,000 after buying an additional 2,200 shares during the period. 65.25% of the stock is owned by institutional investors.

Insider Activity at 3M

In other news, insider Christian T. Goralski, Jr. sold 6,318 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $149.43, for a total value 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. The trade was a 55.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Theresa E. Reinseth sold 2,309 shares of the business’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $149.95, for a total transaction of $346,234.55. Following the completion of the sale, the chief accounting officer now directly owns 4,417 shares of the company’s stock, valued at approximately $662,329.15. The trade was a 34.33 % 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 three months. 0.34% of the stock is owned by insiders.

3M Price Performance

MMM stock opened at $144.74 on Friday. 3M has a 12 month low of $88.23 and a 12 month high of $156.35. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. The stock has a market cap of $78.58 billion, a PE ratio of 19.17, a P/E/G ratio of 3.30 and a beta of 0.97. The company has a 50-day moving average price of $149.60 and a 200 day moving average price of $138.17.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS 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 return on equity of 100.77% and a net margin of 15.71%. The business’s revenue for the quarter was down 25.0% on a year-over-year basis. During the same quarter last year, the firm posted $2.42 earnings per share. Equities research analysts anticipate that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were paid a $0.73 dividend. The ex-dividend date of this dividend was Friday, February 14th. This is a boost from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 dividend on an annualized basis and a yield of 2.02%. 3M’s dividend payout ratio (DPR) is 38.68%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on MMM shares. Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a research note on Saturday, March 22nd. Barclays raised their price target on shares of 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, January 22nd. Citigroup upped their price objective on 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a research note on Wednesday, January 22nd. Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. increased their target price on shares of 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Two research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $149.13.

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.