Palisade Asset Management LLC Sells 1,598 Shares of 3M (NYSE:MMM)

Palisade Asset Management LLC trimmed its holdings in shares of 3M (NYSE:MMM) by 1.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & 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 investment portfolio, making the stock its 23rd biggest holding. Palisade Asset Management LLC’s holdings in 3M were worth $11,814,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Brown Advisory Inc. boosted its holdings in 3M by 1.4% in the third quarter. Brown Advisory Inc. now owns 120,123 shares of the conglomerate’s stock worth $11,246,000 after acquiring an additional 1,618 shares in the last quarter. Concord Wealth Partners increased its holdings in 3M by 14.9% in the 3rd quarter. Concord Wealth Partners now owns 5,249 shares of the conglomerate’s stock worth $491,000 after buying an additional 681 shares during the period. Verdence Capital Advisors LLC lifted its stake in 3M by 41.2% during the 3rd quarter. Verdence Capital Advisors LLC now owns 13,896 shares of the conglomerate’s stock valued at $1,301,000 after acquiring an additional 4,058 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of 3M by 1.8% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 365,385 shares of the conglomerate’s stock worth $34,207,000 after acquiring an additional 6,442 shares during the period. Finally, WESPAC Advisors LLC raised its holdings in shares of 3M by 2.9% during the third quarter. WESPAC Advisors LLC now owns 6,969 shares of the conglomerate’s stock worth $652,000 after purchasing an additional 197 shares during the last quarter. Institutional investors own 65.25% of the company’s stock.

3M Price Performance

Shares of MMM stock traded up $0.81 on Wednesday, reaching $96.35. 3,092,445 shares of the company were exchanged, compared to its average volume of 5,829,437. The company has a market cap of $53.32 billion, a price-to-earnings ratio of -7.54, a P/E/G ratio of 1.79 and a beta of 1.00. 3M has a 1 year low of $71.12 and a 1 year high of $99.70. The business has a 50-day moving average price of $96.30 and a 200 day moving average price of $97.84. The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.27 and a current ratio of 1.64.

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

Insider Buying and Selling at 3M

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

Analysts Set New Price Targets

MMM has been the topic of a number of recent research reports. Wells Fargo & Company lowered their target price on 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 24th. Citigroup raised their price objective on shares of 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. JPMorgan Chase & Co. upgraded shares of 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 note on Wednesday, May 1st. Barclays dropped their price target 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. Finally, Royal Bank of Canada upped their price objective on shares of 3M from $78.00 to $87.00 and gave the stock an “underperform” rating in a research report on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, 3M presently has a consensus rating of “Hold” and an average target price of $103.70.

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.