Palisade Asset Management LLC decreased its position in 3M Company (NYSE:MMM) by 1.4% during the first quarter, Holdings Channel reports. The institutional investor owned 66,810 shares of the conglomerate’s stock after selling 980 shares during the period. 3M Company accounts for approximately 2.3% of Palisade Asset Management LLC’s holdings, making the stock its 6th largest position. Palisade Asset Management LLC’s holdings in 3M Company were worth $12,783,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of MMM. Cable Hill Partners LLC increased its stake in shares of 3M Company by 2.4% in the first quarter. Cable Hill Partners LLC now owns 635 shares of the conglomerate’s stock worth $122,000 after buying an additional 15 shares in the last quarter. Reilly Financial Advisors LLC increased its stake in shares of 3M Company by 3.9% in the first quarter. Reilly Financial Advisors LLC now owns 642 shares of the conglomerate’s stock worth $123,000 after buying an additional 24 shares in the last quarter. Jackson Grant Investment Advisers Inc. increased its stake in shares of 3M Company by 0.6% in the fourth quarter. Jackson Grant Investment Advisers Inc. now owns 714 shares of the conglomerate’s stock worth $128,000 after buying an additional 4 shares in the last quarter. SRS Capital Advisors Inc. bought a new stake in shares of 3M Company during the fourth quarter worth about $134,000. Finally, Patriot Financial Group Insurance Agency LLC bought a new stake in shares of 3M Company during the fourth quarter worth about $139,000. 65.74% of the stock is currently owned by institutional investors and hedge funds.
3M Company (NYSE MMM) opened at 212.90 on Friday. 3M Company has a 52 week low of $163.85 and a 52 week high of $214.57. The company has a market capitalization of $127.15 billion, a PE ratio of 25.75 and a beta of 1.10. The stock has a 50 day moving average price of $202.29 and a 200-day moving average price of $188.66.
3M Company (NYSE:MMM) last announced its earnings results on Tuesday, April 25th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.07 by $0.09. 3M Company had a net margin of 16.78% and a return on equity of 44.95%. The company had revenue of $7.69 billion during the quarter, compared to analyst estimates of $7.48 billion. During the same period in the previous year, the business earned $1.95 earnings per share. The firm’s quarterly revenue was up 3.7% compared to the same quarter last year. On average, equities analysts predict that 3M Company will post $8.95 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, June 12th. Investors of record on Friday, May 19th were given a $1.175 dividend. The ex-dividend date was Wednesday, May 17th. This represents a $4.70 annualized dividend and a yield of 2.21%. 3M Company’s dividend payout ratio (DPR) is presently 56.83%.
A number of equities research analysts recently issued reports on MMM shares. Jefferies Group LLC reissued a “buy” rating and set a $219.00 price target on shares of 3M Company in a research report on Friday, May 26th. Zacks Investment Research raised 3M Company from a “hold” rating to a “buy” rating and set a $223.00 target price on the stock in a report on Friday, May 26th. Barclays PLC reaffirmed a “buy” rating on shares of 3M Company in a report on Thursday, April 27th. Credit Suisse Group reaffirmed a “buy” rating on shares of 3M Company in a report on Thursday, April 27th. Finally, Citigroup Inc. reaffirmed a “buy” rating and issued a $229.00 target price (up previously from $220.00) on shares of 3M Company in a report on Saturday, June 3rd. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $201.10.
In related news, VP Marlene Mary Mcgrath sold 14,766 shares of the company’s stock in a transaction on Thursday, May 18th. The shares were sold at an average price of $194.88, for a total value of $2,877,598.08. Following the completion of the transaction, the vice president now directly owns 24,480 shares in the company, valued at $4,770,662.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jon T. Lindekugel sold 1,300 shares of the company’s stock in a transaction on Wednesday, May 3rd. The stock was sold at an average price of $197.22, for a total transaction of $256,386.00. Following the completion of the transaction, the insider now owns 2,238 shares of the company’s stock, valued at $441,378.36. The disclosure for this sale can be found here. Insiders sold 33,698 shares of company stock valued at $6,593,443 over the last quarter. 0.58% of the stock is owned by company insiders.
About 3M Company
3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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