3M (NYSE:MMM) Shares Bought by DnB Asset Management AS

DnB Asset Management AS increased its stake in 3M (NYSE:MMM) by 0.2% in the second quarter, Holdings Channel reports. The firm owned 191,826 shares of the conglomerate’s stock after purchasing an additional 350 shares during the period. DnB Asset Management AS’s holdings in 3M were worth $19,200,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of the stock. Moneta Group Investment Advisors LLC raised its position in 3M by 73,903.2% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 6,656,588 shares of the conglomerate’s stock worth $798,258,000 after buying an additional 6,647,593 shares during the last quarter. Norges Bank acquired a new position in 3M during the fourth quarter worth $369,974,000. Renaissance Technologies LLC raised its position in 3M by 1,889.1% during the first quarter. Renaissance Technologies LLC now owns 1,356,600 shares of the conglomerate’s stock worth $201,971,000 after acquiring an additional 1,288,400 shares during the period. Charles Schwab Investment Management Inc. raised its position in 3M by 9.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 13,132,871 shares of the conglomerate’s stock worth $1,567,502,000 after acquiring an additional 1,116,821 shares during the period. Finally, Neuberger Berman Group LLC raised its position in 3M by 112.8% during the first quarter. Neuberger Berman Group LLC now owns 1,822,588 shares of the conglomerate’s stock worth $191,461,000 after acquiring an additional 966,287 shares during the period. 65.24% of the stock is currently owned by institutional investors and hedge funds.

3M Trading Up 1.3 %

Shares of MMM opened at $102.34 on Friday. The company has a current ratio of 1.44, a quick ratio of 0.96 and a debt-to-equity ratio of 1.65. The firm has a market capitalization of $56.49 billion, a P/E ratio of -36.04, a P/E/G ratio of 1.57 and a beta of 0.96. The firm has a 50-day moving average price of $104.19 and a 200 day moving average price of $103.05. 3M has a 12-month low of $92.38 and a 12-month high of $133.91.

3M (NYSE:MMM) last announced its earnings results on Tuesday, July 25th. The conglomerate reported $2.17 earnings per share for the quarter, topping the consensus estimate of $1.73 by $0.44. The company had revenue of $7.99 billion during the quarter, compared to analyst estimates of $7.88 billion. 3M had a negative net margin of 4.43% and a positive return on equity of 38.99%. 3M’s revenue was down 8.1% compared to the same quarter last year. During the same quarter last year, the firm posted $2.48 earnings per share. Sell-side analysts forecast that 3M will post 8.95 EPS for the current year.

3M Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 12th. Shareholders of record on Monday, August 21st were paid a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 5.86%. The ex-dividend date of this dividend was Friday, August 18th. 3M’s dividend payout ratio (DPR) is presently -211.27%.

Analyst Ratings Changes

A number of equities analysts have weighed in on MMM shares. VNET Group restated a “maintains” rating on shares of 3M in a research report on Tuesday, June 27th. UBS Group upped their target price on shares of 3M from $95.00 to $115.00 in a report on Tuesday, July 25th. Citigroup upped their target price on shares of 3M from $100.00 to $111.00 in a report on Wednesday, July 26th. Wells Fargo & Company dropped their target price on shares of 3M from $110.00 to $100.00 in a report on Monday, July 10th. Finally, Barclays upped their target price on shares of 3M from $93.00 to $96.00 in a report on Wednesday, July 26th. One analyst has rated the stock with a sell rating and eleven have given a hold rating to the company’s stock. According to data from MarketBeat.com, 3M has a consensus rating of “Hold” and an average target price of $113.45.

3M Profile

3M Company provides diversified technology services in the United States and internationally. The company operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.