Allstate Corp Grows Holdings in 3M Company $MMM

Allstate Corp lifted its position in shares of 3M Company (NYSE:MMM) by 5.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,194 shares of the conglomerate’s stock after acquiring an additional 922 shares during the quarter. Allstate Corp’s holdings in 3M were worth $2,525,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. Nuveen LLC purchased a new position in 3M during the first quarter worth approximately $235,020,000. Northern Trust Corp raised its stake in shares of 3M by 12.6% during the 4th quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate’s stock worth $871,738,000 after buying an additional 755,155 shares during the period. J. Goldman & Co LP purchased a new position in shares of 3M during the 4th quarter valued at approximately $63,471,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in 3M in the 4th quarter valued at $51,289,000. Finally, Jennison Associates LLC grew its stake in 3M by 84.7% in the 1st quarter. Jennison Associates LLC now owns 842,174 shares of the conglomerate’s stock valued at $123,682,000 after acquiring an additional 386,093 shares during the period. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MMM has been the subject of a number of research analyst reports. Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a research report on Thursday, August 14th. Barclays set a $170.00 target price on shares of 3M in a research note on Friday, July 18th. Wells Fargo & Company reaffirmed an “overweight” rating on shares of 3M in a research note on Friday, July 18th. Citigroup lifted their price objective on 3M from $141.00 to $160.00 and gave the stock a “neutral” rating in a report on Friday, May 30th. Finally, JPMorgan Chase & Co. set a $167.00 target price on 3M in a report on Friday, July 18th. Seven research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, 3M has a consensus rating of “Hold” and a consensus price target of $158.10.

Insider Activity

In other 3M news, insider Christian T. Goralski, Jr. sold 6,165 shares of 3M stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $150.18, for a total transaction of $925,859.70. Following the transaction, the insider directly owned 2,900 shares of the company’s stock, valued at $435,522. The trade was a 68.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Theresa E. Reinseth sold 3,477 shares of the business’s stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $150.63, for a total transaction of $523,740.51. Following the completion of the transaction, the chief accounting officer owned 2,561 shares in the company, valued at $385,763.43. The trade was a 57.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by company insiders.

3M Price Performance

NYSE:MMM opened at $158.5790 on Friday. 3M Company has a one year low of $121.98 and a one year high of $164.15. The stock has a market cap of $84.46 billion, a PE ratio of 22.06, a P/E/G ratio of 2.99 and a beta of 1.05. The company has a debt-to-equity ratio of 2.87, a quick ratio of 1.20 and a current ratio of 1.72. The stock has a 50 day moving average price of $152.00 and a 200 day moving average price of $147.29.

3M (NYSE:MMM) last released its quarterly earnings data on Friday, July 18th. The conglomerate reported $2.16 earnings per share for the quarter, topping analysts’ consensus estimates of $2.01 by $0.15. 3M had a return on equity of 96.48% and a net margin of 16.01%.The company had revenue of $6.16 billion for the quarter, compared to analyst estimates of $6.09 billion. During the same quarter in the previous year, the company posted $1.93 earnings per share. The firm’s revenue for the quarter was up 1.4% compared to the same quarter last year. Equities research analysts expect that 3M Company will post 7.8 EPS for the current fiscal year.

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Monday, August 25th will be issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.8%. 3M’s dividend payout ratio is currently 40.61%.

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.