Mitsubishi UFJ Asset Management UK Ltd. Takes $2.87 Million Position in 3M (NYSE:MMM)

Mitsubishi UFJ Asset Management UK Ltd. purchased a new position in shares of 3M (NYSE:MMM) during the third quarter, Holdings Channel.com reports. The fund purchased 21,000 shares of the conglomerate’s stock, valued at approximately $2,871,000. 3M accounts for 1.5% of Mitsubishi UFJ Asset Management UK Ltd.’s investment portfolio, making the stock its 15th biggest holding.

Several other large investors have also recently added to or reduced their stakes in MMM. Capital World Investors purchased a new position in 3M in the first quarter valued at $165,986,000. National Bank of Canada FI raised its position in 3M by 218.3% in the 1st quarter. National Bank of Canada FI now owns 1,489,351 shares of the conglomerate’s stock valued at $147,344,000 after purchasing an additional 1,021,440 shares in the last quarter. Janus Henderson Group PLC boosted its stake in shares of 3M by 1,015.6% in the 1st quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate’s stock valued at $94,247,000 after buying an additional 808,914 shares during the period. Electron Capital Partners LLC acquired a new position in shares of 3M during the second quarter worth about $76,732,000. Finally, Bank of New York Mellon Corp increased its stake in shares of 3M by 11.8% during the second quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock worth $517,617,000 after buying an additional 533,520 shares during the period. 65.25% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the sale, the chairman now owns 174,036 shares in the company, valued at $21,486,484.56. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total value of $260,652.00. Following the sale, the chief financial officer now owns 4,364 shares of the company’s stock, valued at $541,659.68. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the transaction, the chairman now directly owns 174,036 shares of the company’s stock, valued at $21,486,484.56. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is owned by insiders.

Analysts Set New Price Targets

MMM has been the subject of several analyst reports. StockNews.com cut shares of 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Royal Bank of Canada boosted their target price on shares of 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a research note on Monday, July 29th. Barclays raised their price target on 3M from $145.00 to $160.00 and gave the company an “overweight” rating in a research note on Wednesday, October 2nd. Argus raised 3M from a “hold” rating to a “buy” rating and set a $145.00 price objective for the company in a research report on Tuesday, July 30th. Finally, Bank of America raised their target price on 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $130.57.

3M Stock Performance

NYSE MMM traded down $0.54 on Friday, reaching $135.14. The stock had a trading volume of 2,791,646 shares, compared to its average volume of 4,893,641. The company has a debt-to-equity ratio of 2.95, a quick ratio of 1.08 and a current ratio of 1.36. The stock has a market cap of $74.78 billion, a P/E ratio of -10.62, a price-to-earnings-growth ratio of 2.49 and a beta of 0.95. The business’s 50-day moving average price is $132.67 and its 200 day moving average price is $112.59. 3M has a 12-month low of $71.12 and a 12-month high of $140.72.

3M (NYSE:MMM) last issued its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, topping analysts’ consensus estimates of $1.68 by $0.25. The firm had revenue of $6.26 billion during the quarter, compared to analysts’ expectations of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same quarter in the prior year, the business earned $2.17 EPS. As a group, equities analysts expect that 3M will post 7.24 earnings per share for the current year.

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 2.07%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s dividend payout ratio is presently -22.01%.

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.