Dai ichi Life Insurance Company Ltd Lowers Holdings in 3M (NYSE:MMM)

Dai ichi Life Insurance Company Ltd trimmed its holdings in 3M (NYSE:MMM) by 37.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 33,778 shares of the conglomerate’s stock after selling 20,577 shares during the quarter. Dai ichi Life Insurance Company Ltd’s holdings in 3M were worth $3,693,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. CGC Financial Services LLC boosted its stake in shares of 3M by 89.9% during the 4th quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock worth $37,000 after acquiring an additional 160 shares in the last quarter. Briaud Financial Planning Inc purchased a new stake in shares of 3M during the 3rd quarter worth about $35,000. Authentikos Wealth Advisory LLC purchased a new stake in shares of 3M during the 3rd quarter worth about $37,000. VisionPoint Advisory Group LLC boosted its stake in shares of 3M by 91.9% during the 3rd quarter. VisionPoint Advisory Group LLC now owns 449 shares of the conglomerate’s stock worth $42,000 after acquiring an additional 215 shares in the last quarter. Finally, HHM Wealth Advisors LLC boosted its stake in shares of 3M by 275.6% during the 3rd quarter. HHM Wealth Advisors LLC now owns 477 shares of the conglomerate’s stock worth $45,000 after acquiring an additional 350 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Trading Down 1.2 %

Shares of NYSE:MMM traded down $1.21 during mid-day trading on Thursday, reaching $99.58. 638,606 shares of the company were exchanged, compared to its average volume of 5,660,812. The company has a debt-to-equity ratio of 4.17, a current ratio of 1.64 and a quick ratio of 1.27. The firm has a market cap of $55.10 billion, a price-to-earnings ratio of -7.98, a P/E/G ratio of 1.90 and a beta of 1.00. The firm’s 50-day simple moving average is $97.87 and its 200 day simple moving average is $98.66. 3M has a 1 year low of $71.12 and a 1 year high of $106.04.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share for the quarter, topping analysts’ consensus estimates of $2.10 by $0.29. The firm had revenue of $8 billion during the quarter, compared to analysts’ expectations of $7.64 billion. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. During the same quarter last year, the company posted $1.97 EPS. Equities research analysts forecast that 3M will post 7.23 EPS for the current year.

3M Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 12th. Investors of record on Friday, May 24th will be given a dividend of $0.70 per share. The ex-dividend date is Thursday, May 23rd. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.81%. 3M’s payout ratio is currently -47.48%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. HSBC raised shares of 3M from a “hold” rating to a “buy” rating and increased their target price for the stock from $91.13 to $115.00 in a research note on Friday, May 10th. Mizuho reaffirmed a “neutral” rating and issued a $105.00 price target on shares of 3M in a research note on Wednesday, March 27th. StockNews.com initiated coverage on shares of 3M in a research note on Tuesday. They issued a “buy” rating on the stock. Royal Bank of Canada raised their price target on shares of 3M from $78.00 to $87.00 and gave the company an “underperform” rating in a research note on Wednesday, May 1st. Finally, Bank of America cut their price objective on shares of 3M from $110.00 to $100.00 and set a “neutral” rating for the company in a report on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the stock. According to MarketBeat, 3M presently has an average rating of “Hold” and an average target price of $107.55.

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.