3M (NYSE:MMM) Holdings Lowered by Palisade Asset Management LLC

Palisade Asset Management LLC cut its stake in 3M (NYSE:MMM) by 1.9% in the 3rd quarter, HoldingsChannel reports. The fund owned 98,629 shares of the conglomerate’s stock after selling 1,951 shares during the period. 3M accounts for approximately 1.3% of Palisade Asset Management LLC’s holdings, making the stock its 24th largest holding. Palisade Asset Management LLC’s holdings in 3M were worth $13,483,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. CVA Family Office LLC grew its position in 3M by 1.9% during the third quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate’s stock worth $571,000 after buying an additional 79 shares in the last quarter. Harbour Investments Inc. lifted its position in shares of 3M by 0.8% in the 3rd quarter. Harbour Investments Inc. now owns 10,559 shares of the conglomerate’s stock worth $1,443,000 after acquiring an additional 81 shares during the period. Fortis Capital Advisors LLC grew its holdings in shares of 3M by 2.9% during the 2nd quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate’s stock worth $307,000 after purchasing an additional 84 shares in the last quarter. KMG Fiduciary Partners LLC increased its position in shares of 3M by 0.5% during the third quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate’s stock valued at $2,213,000 after purchasing an additional 84 shares during the period. Finally, TCV Trust & Wealth Management Inc. raised its stake in shares of 3M by 1.3% in the third quarter. TCV Trust & Wealth Management Inc. now owns 6,464 shares of the conglomerate’s stock valued at $884,000 after purchasing an additional 84 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on MMM shares. JPMorgan Chase & Co. raised their price objective on shares of 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. StockNews.com downgraded 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Royal Bank of Canada increased their target price on 3M from $99.00 to $100.00 and gave the stock an “underperform” rating in a report on Wednesday, October 23rd. Mizuho boosted their price target on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Finally, Bank of America upped their price target on 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $144.87.

3M Stock Up 0.9 %

Shares of NYSE MMM opened at $128.43 on Friday. 3M has a 12-month low of $75.40 and a 12-month high of $141.34. The firm’s 50-day simple moving average is $132.56 and its 200 day simple moving average is $118.95. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. The company has a market cap of $69.94 billion, a price-to-earnings ratio of 16.22, a price-to-earnings-growth ratio of 2.11 and a beta of 0.95.

3M (NYSE:MMM) last announced its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share 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 company had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. During the same period in the previous year, the firm posted $2.68 earnings per share. The company’s revenue was down 24.3% on a year-over-year basis. On average, research analysts expect that 3M will post 7.27 earnings per share for the current fiscal year.

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders 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 dividend on an annualized basis and a yield of 2.18%. 3M’s payout ratio is 35.35%.

3M Company 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.