MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH Has $10.47 Million Stock Holdings in 3M (NYSE:MMM)

MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH lifted its position in 3M (NYSE:MMM) by 4,540.6% during the first quarter, HoldingsChannel.com reports. The fund owned 71,279 shares of the conglomerate’s stock after purchasing an additional 69,743 shares during the period. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH’s holdings in 3M were worth $10,468,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of MMM. Proficio Capital Partners LLC acquired a new stake in shares of 3M in the 4th quarter valued at approximately $26,000. REAP Financial Group LLC raised its position in shares of 3M by 88.7% in the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate’s stock valued at $26,000 after acquiring an additional 94 shares during the period. Hazlett Burt & Watson Inc. acquired a new stake in shares of 3M in the 4th quarter valued at approximately $27,000. Pinney & Scofield Inc. acquired a new stake in shares of 3M in the 4th quarter valued at approximately $28,000. Finally, Curat Global LLC acquired a new stake in shares of 3M in the 1st quarter valued at approximately $29,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at 3M

In related news, EVP John Patrick Banovetz sold 7,759 shares of the firm’s stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $148.37, for a total value of $1,151,202.83. Following the completion of the transaction, the executive vice president now directly owns 31,372 shares of the company’s stock, valued at approximately $4,654,663.64. This trade represents a 19.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Zoe L. Dickson sold 7,915 shares of the firm’s stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the completion of the transaction, the executive vice president now directly owns 6,127 shares of the company’s stock, valued at $913,045.54. This represents a 56.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.48% of the company’s stock.

3M Price Performance

Shares of MMM opened at $142.17 on Friday. The stock has a market capitalization of $76.51 billion, a P/E ratio of 18.83, a P/E/G ratio of 3.30 and a beta of 1.03. 3M has a twelve month low of $98.26 and a twelve month high of $156.35. The company has a 50 day moving average of $142.25 and a 200-day moving average of $141.84. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.77 by $0.11. The company had revenue of $5.80 billion during the quarter, compared to analysts’ expectations of $5.78 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. As a group, equities research analysts forecast that 3M will post 7.8 EPS for the current fiscal year.

3M Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were paid a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 2.05%. 3M’s dividend payout ratio is currently 36.87%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on MMM shares. Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a research report on Wednesday. Barclays increased their target price on 3M from $160.00 to $164.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 23rd. Citigroup increased their target price on 3M from $141.00 to $160.00 and gave the stock a “neutral” rating in a research note on Friday, May 30th. Bank of America increased their target price on 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research note on Thursday, March 6th. Finally, JPMorgan Chase & Co. increased their target price on 3M from $140.00 to $167.00 and gave the stock an “overweight” rating in a research note on Friday, May 16th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $155.83.

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.