Dai ichi Life Insurance Company Ltd Buys 11,115 Shares of 3M (NYSE:MMM)

Dai ichi Life Insurance Company Ltd lifted its holdings in shares of 3M (NYSE:MMM) by 33.5% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 44,265 shares of the conglomerate’s stock after purchasing an additional 11,115 shares during the period. Dai ichi Life Insurance Company Ltd’s holdings in 3M were worth $6,051,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of MMM. Tidal Investments LLC lifted its holdings in shares of 3M by 8.1% during the first quarter. Tidal Investments LLC now owns 47,993 shares of the conglomerate’s stock worth $5,085,000 after purchasing an additional 3,597 shares during the period. Beacon Capital Management LLC lifted its holdings in shares of 3M by 22.5% during the first quarter. Beacon Capital Management LLC now owns 709 shares of the conglomerate’s stock worth $75,000 after purchasing an additional 130 shares during the period. XML Financial LLC lifted its holdings in shares of 3M by 2.0% during the first quarter. XML Financial LLC now owns 7,599 shares of the conglomerate’s stock worth $806,000 after purchasing an additional 150 shares during the period. Plato Investment Management Ltd lifted its holdings in shares of 3M by 355.5% during the first quarter. Plato Investment Management Ltd now owns 14,777 shares of the conglomerate’s stock worth $1,567,000 after purchasing an additional 11,533 shares during the period. Finally, New Covenant Trust Company N.A. acquired a new position in 3M in the first quarter valued at $103,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Trading Up 2.0 %

Shares of MMM stock opened at $132.95 on Wednesday. 3M has a 52-week low of $75.40 and a 52-week high of $141.34. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. The company has a 50-day simple moving average of $132.46 and a two-hundred day simple moving average of $119.75. The company has a market capitalization of $72.40 billion, a price-to-earnings ratio of 16.79, a PEG ratio of 2.16 and a beta of 0.95.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The business had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. During the same period in the prior year, the firm posted $2.68 EPS. The firm’s quarterly revenue was down 24.3% compared to the same quarter last year. Research analysts anticipate that 3M will post 7.27 EPS for the current fiscal year.

3M Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date is Friday, November 15th. 3M’s payout ratio is 35.35%.

Analyst Upgrades and Downgrades

MMM has been the topic of several recent analyst reports. Bank of America boosted their target price on shares of 3M from $143.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Melius Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 target price on the stock in a report on Tuesday, October 22nd. Barclays boosted their target price on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. JPMorgan Chase & Co. upped their price objective on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Finally, Argus upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price objective on the stock in a report on Tuesday, July 30th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, 3M has an average rating of “Moderate Buy” and a consensus price target of $144.87.

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.