Palisade Asset Management LLC Trims Position in 3M Company (NYSE:MMM)

Palisade Asset Management LLC trimmed its position in 3M Company (NYSE:MMM) by 0.9% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 96,557 shares of the conglomerate’s stock after selling 840 shares during the period. 3M comprises 1.5% of Palisade Asset Management LLC’s portfolio, making the stock its 23rd biggest holding. Palisade Asset Management LLC’s holdings in 3M were worth $14,180,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the company. Proficio Capital Partners LLC bought a new stake in 3M during the fourth quarter valued at approximately $26,000. REAP Financial Group LLC boosted its stake in shares of 3M by 88.7% during the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate’s stock worth $26,000 after acquiring an additional 94 shares during the last quarter. Hazlett Burt & Watson Inc. bought a new stake in shares of 3M during the 4th quarter valued at $27,000. Pinney & Scofield Inc. bought a new position in 3M in the 4th quarter worth $28,000. Finally, Curat Global LLC purchased a new position in 3M during the first quarter valued at $29,000. 65.25% of the stock is currently owned by institutional investors.

3M Stock Up 2.6%

MMM opened at $147.71 on Tuesday. The company has a market capitalization of $79.49 billion, a PE ratio of 18.65, a price-to-earnings-growth ratio of 2.99 and a beta of 1.03. The firm has a 50-day simple moving average of $143.34 and a two-hundred day simple moving average of $142.39. The company has a quick ratio of 1.25, a current ratio of 1.66 and a debt-to-equity ratio of 2.72. 3M Company has a 52 week low of $98.26 and a 52 week high of $156.35.

3M (NYSE:MMM) last posted its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, topping analysts’ consensus estimates of $1.77 by $0.11. The company had revenue of $5.80 billion for the quarter, compared to the consensus estimate of $5.78 billion. 3M had a return on equity of 96.19% and a net margin of 17.79%. Analysts forecast that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 23rd were issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.98%. 3M’s dividend payout ratio (DPR) is presently 36.87%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on MMM shares. Bank of America raised their price objective on 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research note on Thursday, March 6th. JPMorgan Chase & Co. increased their target price on shares of 3M from $140.00 to $167.00 and gave the stock an “overweight” rating in a report on Friday, May 16th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a report on Wednesday, June 11th. Citigroup increased their price objective on shares of 3M from $141.00 to $160.00 and gave the stock a “neutral” rating in a research note on Friday, May 30th. Finally, Royal Bank Of Canada raised their price objective on shares of 3M from $98.00 to $100.00 and gave the company an “underperform” rating in a research report on Wednesday, April 23rd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $155.83.

Insider Buying and Selling

In other news, EVP Zoe L. Dickson sold 7,915 shares of the business’s stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the transaction, the executive vice president now owns 6,127 shares of the company’s stock, valued at approximately $913,045.54. The trade was a 56.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP John Patrick Banovetz sold 7,759 shares of the stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $148.37, for a total value of $1,151,202.83. Following the sale, the executive vice president now owns 31,372 shares in the company, valued at $4,654,663.64. The trade was a 19.83% decrease in their position. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by company insiders.

3M 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.