Rakuten Securities Inc. Acquires New Shares in 3M (NYSE:MMM)

Rakuten Securities Inc. purchased a new position in shares of 3M (NYSE:MMM) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,455 shares of the conglomerate’s stock, valued at approximately $159,000.

Other large investors also recently added to or reduced their stakes in the company. Financial Freedom LLC acquired a new position in 3M during the fourth quarter worth $25,000. Briaud Financial Planning Inc acquired a new position in 3M during the third quarter worth $35,000. Authentikos Wealth Advisory LLC acquired a new position in 3M during the third quarter worth $37,000. CGC Financial Services LLC increased its position in shares of 3M by 89.9% during the fourth quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock worth $37,000 after acquiring an additional 160 shares during the period. Finally, VisionPoint Advisory Group LLC increased its position in shares of 3M by 91.9% during the third quarter. VisionPoint Advisory Group LLC now owns 449 shares of the conglomerate’s stock worth $42,000 after acquiring an additional 215 shares during the period. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total transaction of $39,328.32. Following the transaction, the insider now owns 3,966 shares of the company’s stock, valued at $366,141.12. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

MMM has been the topic of a number of recent research reports. Royal Bank of Canada cut their price objective on 3M from $84.00 to $78.00 and set an “underperform” rating on the stock in a research report on Tuesday, April 2nd. Citigroup upped their price objective on 3M from $95.31 to $98.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Bank of America cut their price objective on 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 2nd. JPMorgan Chase & Co. cut their price objective on 3M from $118.00 to $110.00 and set a “neutral” rating on the stock in a research report on Wednesday. Finally, Wells Fargo & Company dropped their target price on 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 24th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $104.00.

3M Stock Performance

NYSE:MMM opened at $90.95 on Thursday. The business’s fifty day moving average price is $95.81 and its 200 day moving average price is $97.26. The firm has a market capitalization of $50.33 billion, a PE ratio of -7.20, a price-to-earnings-growth ratio of 1.61 and a beta of 1.02. 3M has a 12 month low of $71.12 and a 12 month high of $95.67. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.07 and a quick ratio of 0.76.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.11. The company had revenue of $8.01 billion for the quarter, compared to analyst estimates of $7.69 billion. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The business’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter last year, the company posted $2.28 earnings per share. On average, sell-side analysts anticipate that 3M will post 8.79 earnings per share for the current fiscal year.

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were issued a dividend of $1.51 per share. This is a positive change from 3M’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $6.04 annualized dividend and a dividend yield of 6.64%. 3M’s dividend payout ratio (DPR) is presently -47.82%.

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.