Allen Capital Group LLC Decreases Holdings in 3M (NYSE:MMM)

Allen Capital Group LLC cut its holdings in 3M (NYSE:MMM) by 88.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,436 shares of the conglomerate’s stock after selling 26,696 shares during the period. Allen Capital Group LLC’s holdings in 3M were worth $470,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. McClarren Financial Advisors Inc. raised its position in 3M by 118.6% in the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after acquiring an additional 121 shares during the period. MFA Wealth Advisors LLC bought a new position in 3M in the second quarter worth approximately $28,000. Meeder Asset Management Inc. raised its position in 3M by 689.7% in the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after acquiring an additional 269 shares during the period. TruNorth Capital Management LLC bought a new position in 3M in the second quarter worth approximately $33,000. Finally, Gradient Investments LLC raised its position in 3M by 44.7% in the second quarter. Gradient Investments LLC now owns 356 shares of the conglomerate’s stock worth $36,000 after acquiring an additional 110 shares during the period. 65.25% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on MMM shares. Wells Fargo & Company raised their price objective on shares of 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. UBS Group upgraded shares of 3M from a “neutral” rating to a “buy” rating and raised their price objective for the company from $130.00 to $184.00 in a research report on Wednesday, November 13th. Bank of America raised their price objective on shares of 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft upgraded shares of 3M from a “hold” rating to a “buy” rating and raised their price objective for the company from $110.00 to $150.00 in a research report on Monday, July 29th. Finally, Morgan Stanley started coverage on shares of 3M in a research report on Friday, September 6th. They set an “underweight” rating and a $125.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $144.87.

3M Stock Performance

Shares of NYSE MMM opened at $128.43 on Friday. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. The company has a market cap of $69.94 billion, a P/E ratio of 16.22, a P/E/G ratio of 2.11 and a beta of 0.95. The firm’s fifty day moving average is $132.56 and its two-hundred day moving average is $118.95. 3M has a 52-week low of $75.40 and a 52-week high of $141.34.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The business had revenue of $6.29 billion during the quarter, compared to analysts’ expectations of $6.06 billion. During the same period last year, the company posted $2.68 EPS. The business’s revenue was down 24.3% on a year-over-year basis. As a group, analysts anticipate that 3M will post 7.27 EPS for the current fiscal year.

3M Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be paid a $0.70 dividend. The ex-dividend date is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.18%. 3M’s payout ratio is currently 35.35%.

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.