Mitsubishi UFJ Trust & Banking Corp Has $106.41 Million Stake in 3M (NYSE:MMM)

Mitsubishi UFJ Trust & Banking Corp decreased its position in shares of 3M (NYSE:MMM) by 9.4% in the second quarter, Holdings Channel reports. The fund owned 535,695 shares of the conglomerate’s stock after selling 55,667 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in 3M were worth $106,405,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in MMM. Kornitzer Capital Management Inc. KS raised its position in shares of 3M by 1.2% during the second quarter. Kornitzer Capital Management Inc. KS now owns 119,687 shares of the conglomerate’s stock valued at $23,773,000 after buying an additional 1,410 shares during the last quarter. Mattern Capital Management LLC raised its position in shares of 3M by 2.6% during the second quarter. Mattern Capital Management LLC now owns 27,904 shares of the conglomerate’s stock valued at $5,543,000 after buying an additional 705 shares during the last quarter. Ieq Capital LLC raised its position in shares of 3M by 29.1% during the second quarter. Ieq Capital LLC now owns 10,157 shares of the conglomerate’s stock valued at $2,017,000 after buying an additional 2,287 shares during the last quarter. Hennion & Walsh Asset Management Inc. acquired a new position in shares of 3M during the first quarter valued at about $2,520,000. Finally, Stifel Financial Corp raised its position in shares of 3M by 7.3% during the first quarter. Stifel Financial Corp now owns 1,889,937 shares of the conglomerate’s stock valued at $364,157,000 after buying an additional 128,666 shares during the last quarter. 66.82% of the stock is owned by hedge funds and other institutional investors.

MMM has been the subject of a number of research analyst reports. Deutsche Bank Aktiengesellschaft upped their price objective on shares of 3M from $196.00 to $201.00 and gave the company a “hold” rating in a research report on Wednesday, July 28th. Wolfe Research lowered shares of 3M from a “peer perform” rating to an “underperform” rating and dropped their price target for the stock from $218.00 to $215.00 in a research report on Monday, July 12th. Credit Suisse Group lowered shares of 3M from an “outperform” rating to a “neutral” rating and increased their price target for the stock from $210.00 to $212.00 in a research report on Tuesday, July 6th. UBS Group dropped their price target on shares of 3M from $183.00 to $172.00 and set a “sell” rating for the company in a research report on Friday. Finally, Morgan Stanley upped their price objective on shares of 3M from $200.00 to $213.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 28th. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $196.85.

In related news, insider Jeffrey R. Lavers sold 6,025 shares of the firm’s stock in a transaction on Wednesday, August 11th. The shares were sold at an average price of $200.00, for a total transaction of $1,205,000.00. Following the sale, the insider now directly owns 10,973 shares in the company, valued at $2,194,600. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP John Patrick Banovetz sold 3,236 shares of the firm’s stock in a transaction on Tuesday, August 10th. The stock was sold at an average price of $197.93, for a total transaction of $640,501.48. The disclosure for this sale can be found here. Over the last quarter, insiders sold 20,666 shares of company stock worth $4,103,569. Company insiders own 0.34% of the company’s stock.

Shares of MMM traded down $1.87 during mid-day trading on Tuesday, hitting $178.66. 82,685 shares of the company traded hands, compared to its average volume of 2,481,509. 3M has a one year low of $156.13 and a one year high of $208.95. The stock has a market capitalization of $103.38 billion, a price-to-earnings ratio of 17.63, a PEG ratio of 1.92 and a beta of 0.96. The company has a current ratio of 1.73, a quick ratio of 1.22 and a debt-to-equity ratio of 1.12. The business has a 50-day moving average of $195.24 and a 200 day moving average of $196.55.

3M (NYSE:MMM) last announced its quarterly earnings data on Monday, July 26th. The conglomerate reported $2.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.28 by $0.31. 3M had a net margin of 17.13% and a return on equity of 44.72%. The firm had revenue of $8.90 billion for the quarter, compared to analysts’ expectations of $8.59 billion. During the same period last year, the firm earned $1.78 earnings per share. The business’s revenue for the quarter was up 24.0% on a year-over-year basis. As a group, analysts anticipate that 3M will post 10.11 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, September 12th. Shareholders of record on Monday, August 23rd were paid a $1.48 dividend. The ex-dividend date was Friday, August 20th. This represents a $5.92 dividend on an annualized basis and a yield of 3.31%. 3M’s payout ratio is presently 67.73%.

3M Company Profile

3M Co is a technology company, which manufactures industrial, safety and consumer products. It operates through the following segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment consists of personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules.

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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