OVERSEA CHINESE BANKING Corp Ltd Increases Stock Position in 3M Company $MMM

OVERSEA CHINESE BANKING Corp Ltd boosted its stake in 3M Company (NYSE:MMM) by 12.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 40,875 shares of the conglomerate’s stock after acquiring an additional 4,384 shares during the period. OVERSEA CHINESE BANKING Corp Ltd’s holdings in 3M were worth $6,218,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. GFG Capital LLC purchased a new stake in 3M in the second quarter valued at $28,000. Caitong International Asset Management Co. Ltd purchased a new stake in 3M in the first quarter valued at $28,000. WPG Advisers LLC purchased a new stake in 3M in the first quarter valued at $28,000. Saudi Central Bank purchased a new stake in 3M in the first quarter valued at $31,000. Finally, Investment Management Corp VA ADV lifted its position in 3M by 173.6% in the first quarter. Investment Management Corp VA ADV now owns 301 shares of the conglomerate’s stock valued at $44,000 after acquiring an additional 191 shares during the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Trading Down 1.8%

Shares of 3M stock opened at $168.50 on Monday. 3M Company has a 52-week low of $121.98 and a 52-week high of $172.85. The company has a quick ratio of 1.40, a current ratio of 1.84 and a debt-to-equity ratio of 2.54. The company’s 50-day simple moving average is $155.93 and its 200-day simple moving average is $150.13. The firm has a market cap of $89.51 billion, a price-to-earnings ratio of 26.92, a price-to-earnings-growth ratio of 2.97 and a beta of 1.05.

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

3M Announces Dividend

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

Insider Transactions at 3M

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

Analyst Ratings Changes

A number of equities research analysts recently weighed in on MMM shares. Barclays boosted their price target on shares of 3M from $172.00 to $180.00 and gave the company an “overweight” rating in a research report on Wednesday. Royal Bank Of Canada lifted 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. Wells Fargo & Company lifted 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. UBS Group lifted their price objective on shares of 3M from $184.00 to $190.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of 3M in a research note on Friday. Seven research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $172.67.

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.