DekaBank Deutsche Girozentrale Sells 5,096 Shares of 3M (NYSE:MMM)

DekaBank Deutsche Girozentrale lessened its position in shares of 3M (NYSE:MMM) by 1.4% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 369,131 shares of the conglomerate’s stock after selling 5,096 shares during the period. DekaBank Deutsche Girozentrale owned approximately 0.07% of 3M worth $50,218,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Capital World Investors bought a new stake in shares of 3M in the first quarter valued at approximately $165,986,000. International Assets Investment Management LLC boosted its stake in shares of 3M by 11,601.2% in the third quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock valued at $172,416,000 after buying an additional 1,250,491 shares during the period. National Bank of Canada FI boosted its stake in shares of 3M by 218.3% in the first quarter. National Bank of Canada FI now owns 1,489,351 shares of the conglomerate’s stock valued at $147,344,000 after buying an additional 1,021,440 shares during the period. Janus Henderson Group PLC boosted its stake in shares of 3M by 1,015.6% in the first quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate’s stock valued at $94,247,000 after buying an additional 808,914 shares during the period. Finally, Electron Capital Partners LLC bought a new stake in shares of 3M in the second quarter valued at approximately $76,732,000. Institutional investors own 65.25% of the company’s stock.

Wall Street Analysts Forecast Growth

MMM has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and upped their target price for the stock from $110.00 to $150.00 in a research note on Monday, July 29th. JPMorgan Chase & Co. upped their target price on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research note on Monday. Morgan Stanley initiated coverage on shares of 3M in a report on Friday, September 6th. They set an “underweight” rating and a $125.00 price target for the company. Mizuho upped their price target 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, Bank of America upped their price target on shares of 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, 3M currently has a consensus rating of “Hold” and an average price target of $139.27.

3M Stock Performance

NYSE MMM opened at $130.28 on Tuesday. The company has a market capitalization of $72.09 billion, a price-to-earnings ratio of -10.24, a PEG ratio of 2.42 and a beta of 0.95. 3M has a twelve month low of $73.15 and a twelve month high of $141.34. The stock has a fifty day simple moving average of $133.07 and a 200 day simple moving average of $114.44. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The firm had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. During the same period last year, the business posted $2.68 EPS. The business’s revenue was down 24.3% compared to the same quarter last year. Sell-side analysts expect that 3M will post 7.26 EPS for the current year.

3M Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were issued a dividend of $0.70 per share. The ex-dividend date was Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a yield of 2.15%. 3M’s payout ratio is currently -22.01%.

Insiders Place Their Bets

In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the sale, the chairman now directly owns 174,036 shares in the company, valued at approximately $21,486,484.56. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the transaction, the chief financial officer now owns 4,364 shares of the company’s stock, valued at $541,659.68. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the transaction, the chairman now directly owns 174,036 shares in the company, valued at $21,486,484.56. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

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.