Norinchukin Bank The raised its position in 3M Co (NYSE:MMM) by 22.7% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 344,028 shares of the conglomerate’s stock after purchasing an additional 63,561 shares during the period. 3M accounts for approximately 1.4% of Norinchukin Bank The’s portfolio, making the stock its 6th largest position. Norinchukin Bank The owned 0.06% of 3M worth $80,974,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Lenox Wealth Advisors Inc. lifted its position in shares of 3M by 16,300.0% during the 4th quarter. Lenox Wealth Advisors Inc. now owns 492 shares of the conglomerate’s stock valued at $116,000 after acquiring an additional 489 shares during the period. Horan Capital Management acquired a new position in shares of 3M during the 4th quarter valued at $123,000. Sawyer & Company Inc acquired a new position in shares of 3M during the 4th quarter valued at $138,000. Field & Main Bank acquired a new position in shares of 3M during the 4th quarter valued at $140,000. Finally, Mascoma Wealth Management LLC lifted its position in shares of 3M by 87.5% during the 3rd quarter. Mascoma Wealth Management LLC now owns 750 shares of the conglomerate’s stock valued at $157,000 after acquiring an additional 350 shares during the period. Hedge funds and other institutional investors own 66.89% of the company’s stock.
In other news, EVP Frank R. Jr. Little sold 3,133 shares of the company’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $236.85, for a total value of $742,051.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Hak Cheol Shin sold 8,385 shares of the company’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $247.20, for a total transaction of $2,072,772.00. Following the completion of the sale, the insider now owns 120,105 shares of the company’s stock, valued at approximately $29,689,956. The disclosure for this sale can be found here. In the last quarter, insiders sold 52,806 shares of company stock valued at $13,162,628. Company insiders own 0.58% of the company’s stock.
3M (NYSE:MMM) last posted its earnings results on Thursday, January 25th. The conglomerate reported $2.10 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.03 by $0.07. 3M had a net margin of 15.35% and a return on equity of 48.34%. The firm had revenue of $7.99 billion during the quarter, compared to analyst estimates of $7.85 billion. During the same quarter in the prior year, the business posted $1.88 EPS. The business’s revenue was up 9.0% compared to the same quarter last year. equities research analysts forecast that 3M Co will post 10.59 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, March 12th. Stockholders of record on Friday, February 16th were paid a $1.36 dividend. This is a positive change from 3M’s previous quarterly dividend of $0.01. The ex-dividend date was Thursday, February 15th. This represents a $5.44 annualized dividend and a dividend yield of 2.29%. 3M’s dividend payout ratio is presently 68.69%.
A number of research analysts recently issued reports on MMM shares. ValuEngine downgraded shares of 3M from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Argus reiterated a “buy” rating on shares of 3M in a research report on Friday, December 22nd. Zacks Investment Research downgraded shares of 3M from a “buy” rating to a “hold” rating in a research report on Wednesday, January 3rd. Deutsche Bank boosted their target price on shares of 3M from $180.00 to $240.00 and gave the company a “hold” rating in a research report on Wednesday, January 10th. Finally, Citigroup boosted their target price on shares of 3M from $268.00 to $278.00 and gave the company a “buy” rating in a research report on Tuesday, January 16th. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $254.02.
ILLEGAL ACTIVITY NOTICE: “3M Co (MMM) is Norinchukin Bank The’s 6th Largest Position” was originally posted by American Banking News and is the property of of American Banking News. If you are reading this story on another website, it was illegally stolen and republished in violation of US and international copyright laws. The legal version of this story can be accessed at https://www.americanbankingnews.com/2018/03/14/3m-co-mmm-is-norinchukin-bank-thes-6th-largest-position.html.
3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, , appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
Want to see what other hedge funds are holding MMM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 3M Co (NYSE:MMM).
Receive News & Ratings for 3M Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M and related companies with MarketBeat.com's FREE daily email newsletter.