Palisade Asset Management LLC Has $11.81 Million Stake in 3M (NYSE:MMM)

Palisade Asset Management LLC cut its stake in shares of 3M (NYSE:MMM) by 1.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 108,067 shares of the conglomerate’s stock after selling 1,598 shares during the quarter. 3M makes up approximately 1.3% of Palisade Asset Management LLC’s portfolio, making the stock its 23rd biggest position. Palisade Asset Management LLC’s holdings in 3M were worth $11,814,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in MMM. Vanguard Group Inc. lifted its stake in shares of 3M by 0.7% in the third quarter. Vanguard Group Inc. now owns 49,033,679 shares of the conglomerate’s stock worth $4,590,533,000 after acquiring an additional 317,483 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of 3M by 0.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 12,080,578 shares of the conglomerate’s stock worth $1,320,649,000 after purchasing an additional 43,732 shares during the period. Invesco Ltd. lifted its position in shares of 3M by 2.4% in the 3rd quarter. Invesco Ltd. now owns 4,082,950 shares of the conglomerate’s stock worth $382,246,000 after purchasing an additional 94,864 shares during the period. Nuance Investments LLC boosted its stake in shares of 3M by 10.1% in the 3rd quarter. Nuance Investments LLC now owns 4,062,557 shares of the conglomerate’s stock valued at $380,337,000 after purchasing an additional 371,935 shares during the last quarter. Finally, Pacer Advisors Inc. lifted its holdings in 3M by 1,273.9% in the fourth quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate’s stock valued at $413,637,000 after buying an additional 3,508,334 shares during the period. Institutional investors own 65.25% of the company’s stock.

Insiders Place Their Bets

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the business’s stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total value of $39,328.32. Following the transaction, the insider now owns 3,966 shares of the company’s stock, valued at $366,141.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.38% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms have recently weighed in on MMM. StockNews.com raised 3M from a “buy” rating to a “strong-buy” rating in a research report on Thursday, April 25th. Barclays dropped their target price on shares of 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 2nd. UBS Group raised their price target on shares of 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. Wells Fargo & Company cut their price objective on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 24th. Finally, JPMorgan Chase & Co. raised 3M from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $110.00 to $111.00 in a research report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, 3M presently has an average rating of “Hold” and an average target price of $103.70.

3M Stock Up 0.8 %

Shares of NYSE:MMM traded up $0.81 during mid-day trading on Wednesday, hitting $96.35. 3,092,445 shares of the company traded hands, compared to its average volume of 5,829,437. The stock has a 50-day moving average price of $96.30 and a two-hundred day moving average price of $97.84. 3M has a 12-month low of $71.12 and a 12-month high of $99.70. The stock has a market cap of $53.32 billion, a P/E ratio of -7.54, a P/E/G ratio of 1.79 and a beta of 1.00. The company has a current ratio of 1.64, a quick ratio of 1.27 and a debt-to-equity ratio of 4.17.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.10 by $0.29. The firm had revenue of $8 billion for the quarter, compared to the consensus estimate of $7.64 billion. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. During the same period in the previous year, the firm earned $1.97 EPS. On average, equities research analysts forecast that 3M will post 7.23 earnings per share for the current year.

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.