3M Company $MMM Shares Bought by OVERSEA CHINESE BANKING Corp Ltd

OVERSEA CHINESE BANKING Corp Ltd raised its holdings in 3M Company (NYSE:MMM) by 12.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 40,875 shares of the conglomerate’s stock after purchasing an additional 4,384 shares during the period. OVERSEA CHINESE BANKING Corp Ltd’s holdings in 3M were worth $6,218,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of MMM. Caitong International Asset Management Co. Ltd purchased a new stake in shares of 3M in the first quarter valued at about $28,000. WPG Advisers LLC purchased a new position in shares of 3M during the first quarter valued at approximately $28,000. GFG Capital LLC purchased a new position in shares of 3M during the second quarter valued at approximately $28,000. Saudi Central Bank purchased a new position in shares of 3M during the first quarter valued at approximately $31,000. Finally, Investment Management Corp VA ADV lifted its stake in shares of 3M by 173.6% during the first quarter. Investment Management Corp VA ADV now owns 301 shares of the conglomerate’s stock valued at $44,000 after buying an additional 191 shares during the period. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on MMM shares. Citigroup upped their price objective on shares of 3M from $160.00 to $169.00 and gave the company a “neutral” rating in a research note on Thursday, October 9th. Wells Fargo & Company upped their price objective on shares of 3M from $176.00 to $183.00 and gave the company an “overweight” rating in a research note on Wednesday, October 22nd. Royal Bank Of Canada upped their price objective on shares of 3M from $120.00 to $130.00 and gave the company an “underperform” rating in a research note on Wednesday, October 22nd. Deutsche Bank Aktiengesellschaft upped their price objective on shares of 3M from $177.00 to $185.00 and gave the company a “buy” rating in a research note on Thursday, October 2nd. Finally, Morgan Stanley set a $160.00 price target on shares of 3M and gave the stock an “equal weight” rating in a research note on Tuesday, October 21st. Seven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $172.67.

Insider Transactions at 3M

In other news, CAO Theresa E. Reinseth sold 3,477 shares of the stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total value of $523,740.51. Following the completion of the sale, the chief accounting officer owned 2,561 shares in the company, valued at approximately $385,763.43. This trade represents a 57.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of the stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $150.18, for a total value of $925,859.70. Following the completion of the sale, the insider owned 2,900 shares of the company’s stock, valued at approximately $435,522. This trade represents a 68.01% decrease in their position. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by company insiders.

3M Stock Performance

NYSE:MMM opened at $168.50 on Monday. 3M Company has a twelve month low of $121.98 and a twelve month high of $172.85. The firm has a market capitalization of $89.51 billion, a price-to-earnings ratio of 26.92, a PEG ratio of 2.97 and a beta of 1.05. The company has a current ratio of 1.84, a quick ratio of 1.40 and a debt-to-equity ratio of 2.54. The firm’s fifty day simple moving average is $155.93 and its 200 day simple moving average is $150.13.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, February 21st. The conglomerate reported $2.45 EPS for the quarter. 3M had a return on equity of 98.47% and a net margin of 13.70%.The company had revenue of $8.38 billion for the quarter. As a group, equities research analysts expect that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 12th. Stockholders of record on Monday, August 25th were paid a $0.73 dividend. The ex-dividend date was Monday, August 25th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.7%. 3M’s dividend payout ratio (DPR) is 46.65%.

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.