Allspring Global Investments Holdings LLC Acquires 25,895 Shares of 3M (NYSE:MMM)

Allspring Global Investments Holdings LLC raised its holdings in shares of 3M (NYSE:MMM) by 14.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 209,848 shares of the conglomerate’s stock after buying an additional 25,895 shares during the period. Allspring Global Investments Holdings LLC’s holdings in 3M were worth $27,214,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Kentucky Trust Co bought a new position in 3M during the 4th quarter worth approximately $1,807,000. Gladstone Institutional Advisory LLC boosted its stake in shares of 3M by 74.2% during the fourth quarter. Gladstone Institutional Advisory LLC now owns 34,020 shares of the conglomerate’s stock valued at $4,392,000 after purchasing an additional 14,496 shares during the period. Strengthening Families & Communities LLC grew its holdings in shares of 3M by 1.1% in the fourth quarter. Strengthening Families & Communities LLC now owns 23,176 shares of the conglomerate’s stock worth $2,991,000 after purchasing an additional 255 shares during the last quarter. Stonebridge Financial Group LLC bought a new stake in 3M during the 4th quarter valued at $210,000. Finally, Essex Financial Services Inc. boosted its position in 3M by 9.0% during the 4th quarter. Essex Financial Services Inc. now owns 10,073 shares of the conglomerate’s stock valued at $1,300,000 after buying an additional 835 shares during the period. 65.25% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

MMM has been the subject of several recent analyst reports. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and upped their price objective for the company from $130.00 to $184.00 in a research note on Wednesday, November 13th. Barclays increased their price objective on 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, January 22nd. Melius raised 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Royal Bank of Canada reaffirmed an “underperform” rating and issued a $96.00 price target on shares of 3M in a research note on Wednesday, January 22nd. Finally, Wells Fargo & Company upgraded shares of 3M from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, 3M presently has an average rating of “Moderate Buy” and an average target price of $148.87.

3M Stock Down 0.0 %

MMM stock opened at $148.65 on Friday. The business has a 50 day moving average of $138.80 and a 200 day moving average of $133.79. The firm has a market cap of $80.70 billion, a PE ratio of 19.69, a price-to-earnings-growth ratio of 3.37 and a beta of 0.96. 3M has a twelve month low of $75.40 and a twelve month high of $155.00. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.66 by $0.02. 3M had a return on equity of 100.77% and a net margin of 15.71%. The firm had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5.77 billion. During the same quarter in the previous year, the firm earned $2.42 EPS. 3M’s quarterly revenue was down 25.0% compared to the same quarter last year. On average, research analysts forecast that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 14th will be given a dividend of $0.73 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.92 annualized dividend and a dividend yield of 1.96%. This is an increase from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio (DPR) is 37.09%.

Insider Buying and Selling

In related news, CAO Theresa E. Reinseth sold 2,309 shares of 3M stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.95, for a total value of $346,234.55. Following the completion of the sale, the chief accounting officer now directly owns 4,417 shares in the company, valued at approximately $662,329.15. This trade represents a 34.33 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the company’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $149.43, for a total transaction of $944,098.74. Following the transaction, the insider now owns 5,024 shares in the company, valued at $750,736.32. This represents a 55.70 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 113,639 shares of company stock worth $17,163,446 in the last three months. Insiders own 0.34% of the company’s stock.

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.