Nomura Asset Management Co. Ltd. Lowers Holdings in 3M (NYSE:MMM)

Nomura Asset Management Co. Ltd. reduced its stake in 3M (NYSE:MMM) by 0.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 429,143 shares of the conglomerate’s stock after selling 2,198 shares during the period. Nomura Asset Management Co. Ltd. owned approximately 0.08% of 3M worth $58,664,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. FSA Wealth Management LLC bought a new position in shares of 3M in the third quarter worth approximately $27,000. MFA Wealth Advisors LLC bought a new position in 3M in the 2nd quarter valued at approximately $28,000. Daymark Wealth Partners LLC boosted its stake in 3M by 8.6% during the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock valued at $30,000 after purchasing an additional 17,211 shares during the last quarter. McClarren Financial Advisors Inc. increased its holdings in shares of 3M by 118.6% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after purchasing an additional 121 shares in the last quarter. Finally, Meeder Asset Management Inc. raised its stake in shares of 3M by 689.7% in the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after purchasing an additional 269 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors.

3M Trading Down 1.2 %

3M stock opened at $131.49 on Tuesday. 3M has a 12-month low of $75.40 and a 12-month high of $141.34. The firm has a market capitalization of $71.60 billion, a price-to-earnings ratio of 16.60, a P/E/G ratio of 2.20 and a beta of 0.95. The firm has a 50 day moving average of $131.78 and a 200 day moving average of $121.65. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41.

3M (NYSE:MMM) last announced 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 firm had revenue of $6.29 billion during the quarter, compared to analysts’ expectations of $6.06 billion. During the same period in the prior year, the company posted $2.68 earnings per share. The company’s revenue for the quarter was down 24.3% compared to the same quarter last year. As a group, research analysts predict that 3M will post 7.27 earnings per share for the current year.

3M Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be given a $0.70 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 annualized dividend and a dividend yield of 2.13%. 3M’s payout ratio is 35.35%.

Wall Street Analysts Forecast Growth

MMM has been the subject of several research analyst reports. UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $130.00 to $184.00 in a report on Wednesday, November 13th. Wells Fargo & Company boosted their price objective on shares of 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Barclays raised their target price on shares of 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Morgan Stanley assumed coverage on shares of 3M in a research note on Friday, September 6th. They set an “underweight” rating and a $125.00 target price for the company. Finally, Mizuho raised their price target on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price 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.