Sompo Asset Management Co. Ltd. Sells 10,666 Shares of 3M (NYSE:MMM)

Sompo Asset Management Co. Ltd. lessened its position in shares of 3M (NYSE:MMM) by 17.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 49,562 shares of the conglomerate’s stock after selling 10,666 shares during the period. 3M makes up about 1.1% of Sompo Asset Management Co. Ltd.’s holdings, making the stock its 26th biggest position. Sompo Asset Management Co. Ltd.’s holdings in 3M were worth $6,775,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. MFA Wealth Advisors LLC purchased a new position in shares of 3M during the 2nd quarter valued at $28,000. Daymark Wealth Partners LLC boosted its stake in 3M by 8.6% during the third quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock valued at $30,000 after buying an additional 17,211 shares during the period. McClarren Financial Advisors Inc. grew its position in 3M by 118.6% during the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after buying an additional 121 shares in the last quarter. Meeder Asset Management Inc. increased its stake in 3M by 689.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after acquiring an additional 269 shares during the last quarter. Finally, TruNorth Capital Management LLC purchased a new stake in shares of 3M in the 2nd quarter valued at about $33,000. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on MMM. Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective for the company in a report on Tuesday, October 22nd. Wells Fargo & Company boosted their price target on shares of 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Argus raised shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price target on the stock in a report on Tuesday, July 30th. Mizuho lifted their price objective on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Finally, Royal Bank of Canada increased their target price on 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a research note on Wednesday, October 23rd. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $144.87.

3M Trading Up 0.9 %

NYSE MMM opened at $128.42 on Friday. The firm has a market cap of $69.93 billion, a PE ratio of 16.21, a price-to-earnings-growth ratio of 2.11 and a beta of 0.95. 3M has a 1-year low of $75.40 and a 1-year high of $141.34. The stock has a 50-day moving average of $132.56 and a 200-day moving average of $119.11. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating the consensus estimate of $1.93 by $0.05. The firm had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. The business’s revenue was down 24.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.68 earnings per share. As a group, sell-side analysts forecast that 3M will post 7.27 EPS for the current year.

3M Announces Dividend

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

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.