3M Company $MMM Shares Sold by Palisade Asset Management LLC

by · The Markets Daily

Palisade Asset Management LLC reduced its stake in 3M Company (NYSE:MMM – Free Report) by 3.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 83,855 shares of the conglomerate’s stock after selling 3,386 shares during the quarter. 3M makes up 1.3% of Palisade Asset Management LLC’s investment portfolio, making the stock its 26th largest holding. Palisade Asset Management LLC’s holdings in 3M were worth $13,765,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also bought and sold shares of the company. State Street Corp boosted its holdings in 3M by 0.4% during the 2nd quarter. State Street Corp now owns 27,828,966 shares of the conglomerate’s stock worth $4,505,788,000 after acquiring an additional 105,222 shares during the last quarter. Amundi raised its holdings in shares of 3M by 67.0% in the second quarter. Amundi now owns 4,536,148 shares of the conglomerate’s stock valued at $734,448,000 after purchasing an additional 1,819,178 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of 3M by 7.4% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,935,534 shares of the conglomerate’s stock valued at $637,202,000 after purchasing an additional 270,458 shares during the last quarter. National Pension Service raised its holdings in shares of 3M by 3.6% in the second quarter. National Pension Service now owns 1,401,543 shares of the conglomerate’s stock valued at $226,924,000 after purchasing an additional 48,167 shares during the last quarter. Finally, Fort Washington Investment Advisors Inc. OH lifted its position in shares of 3M by 1.2% during the third quarter. Fort Washington Investment Advisors Inc. OH now owns 376,784 shares of the conglomerate’s stock valued at $61,849,000 after purchasing an additional 4,628 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on MMM shares. HSBC raised shares of 3M to a “strong-buy” rating in a research report on Thursday, October 22nd. Sanford C. Bernstein upped their price objective on shares of 3M from $171.00 to $197.00 and gave the stock a “market perform” rating in a research report on Wednesday, October 21st. Jefferies Financial Group reiterated a “hold” rating and issued a $186.00 price objective on shares of 3M in a research note on Wednesday, October 21st. JPMorgan Chase & Co. lifted their target price on shares of 3M from $191.00 to $210.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Mizuho lifted their target price on shares of 3M from $160.00 to $180.00 and gave the stock a “neutral” rating in a research report on Thursday, July 23rd. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $190.07.

Check Out Our Latest Stock Report on 3M

3M Price Performance

3M stock opened at $185.23 on Friday. The business’s 50 day simple moving average is $168.96 and its 200 day simple moving average is $161.79. 3M Company has a 12 month low of $139.34 and a 12 month high of $196.90. The company has a market cap of $95.71 billion, a price-to-earnings ratio of 27.60, a PEG ratio of 2.41 and a beta of 1.01. The company has a current ratio of 1.41, a quick ratio of 1.06 and a debt-to-equity ratio of 3.01.

3M (NYSE:MMM – Get Free Report) last released its earnings results on Tuesday, October 20th. The conglomerate reported $2.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.38 by $0.12. The business had revenue of $6.60 billion during the quarter, compared to the consensus estimate of $6.61 billion. 3M had a return on equity of 123.11% and a net margin of 14.01%. The business’s revenue for the quarter was up 1.5% on a year-over-year basis. During the same period last year, the business posted $2.19 earnings per share. Sell-side analysts forecast that 3M Company will post 9.14 EPS for the current year.

3M announced that its board has initiated a share repurchase program on Wednesday, November 4th that authorizes the company to repurchase $6 billion in shares. This buyback authorization authorizes the conglomerate to repurchase up to 6.6% of its stock through open market purchases. Share buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

3M Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Friday, November 13th will be paid a dividend of $0.78 per share. The ex-dividend date of this dividend is Friday, November 13th. This represents a $3.12 annualized dividend and a yield of 1.7%. 3M’s dividend payout ratio (DPR) is currently 46.50%.

3M Profile

(Free Report)

3M is a diversified science and manufacturing company that develops products for businesses and consumers. Its offerings include workplace safety equipment, adhesives and abrasives, filtration materials, automotive and electronics components, and home and office products such as Post-it Notes and Scotch brand tapes.

Founded in 1902 as the Minnesota Mining and Manufacturing Company, 3M began as a mining venture before expanding into materials science and industrial manufacturing. The company adopted the name 3M in 2002 and is headquartered in St.

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