Palisade Asset Management LLC Raises Stake in 3M Co (NYSE:MMM)

Palisade Asset Management LLC boosted its position in 3M Co (NYSE:MMM) by 3.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 63,474 shares of the conglomerate’s stock after buying an additional 2,205 shares during the quarter. 3M makes up approximately 1.7% of Palisade Asset Management LLC’s portfolio, making the stock its 19th biggest position. Palisade Asset Management LLC’s holdings in 3M were worth $11,003,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Creative Financial Designs Inc. ADV boosted its stake in shares of 3M by 202.0% during the first quarter. Creative Financial Designs Inc. ADV now owns 151 shares of the conglomerate’s stock valued at $31,000 after purchasing an additional 101 shares during the period. Weaver Consulting Group bought a new position in shares of 3M during the first quarter valued at approximately $32,000. Cordasco Financial Network raised its holdings in shares of 3M by 220.0% during the first quarter. Cordasco Financial Network now owns 160 shares of the conglomerate’s stock valued at $33,000 after acquiring an additional 110 shares in the last quarter. Capital Financial Planning LLC bought a new position in shares of 3M during the fourth quarter valued at approximately $34,000. Finally, Arcus Capital Partners LLC bought a new position in shares of 3M during the second quarter valued at approximately $35,000. 66.98% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE MMM traded down $4.88 during trading on Monday, reaching $165.67. The company had a trading volume of 1,208,977 shares, compared to its average volume of 3,006,408. 3M Co has a 12-month low of $159.32 and a 12-month high of $219.75. The stock has a market cap of $95.99 billion, a PE ratio of 15.84, a PEG ratio of 1.79 and a beta of 1.09. The business’s 50-day moving average is $172.71. The company has a debt-to-equity ratio of 1.53, a quick ratio of 1.34 and a current ratio of 1.93.

3M (NYSE:MMM) last released its quarterly earnings data on Thursday, July 25th. The conglomerate reported $2.20 EPS for the quarter, beating the consensus estimate of $2.04 by $0.16. 3M had a return on equity of 55.05% and a net margin of 15.27%. The company had revenue of $8.17 billion for the quarter, compared to analysts’ expectations of $8.10 billion. During the same period last year, the firm posted $2.59 earnings per share. 3M’s revenue was down 2.6% compared to the same quarter last year. Research analysts forecast that 3M Co will post 9.35 EPS for the current year.

In related news, insider Joaquin Delgado sold 5,400 shares of the stock in a transaction on Friday, May 17th. The stock was sold at an average price of $169.68, for a total transaction of $916,272.00. Following the sale, the insider now directly owns 28,092 shares of the company’s stock, valued at $4,766,650.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Gregory R. Page acquired 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The shares were acquired at an average cost of $179.60 per share, for a total transaction of $179,600.00. Following the completion of the transaction, the director now directly owns 3,000 shares of the company’s stock, valued at $538,800. The disclosure for this purchase can be found here. Insiders have purchased 3,200 shares of company stock worth $559,260 over the last ninety days. 0.83% of the stock is currently owned by insiders.

A number of equities analysts recently commented on the company. Argus downgraded 3M from a “buy” rating to a “hold” rating in a report on Friday, April 26th. Barclays restated a “sell” rating and set a $162.00 target price on shares of 3M in a report on Thursday, June 6th. Bank of America decreased their target price on 3M from $193.00 to $185.00 and set a “neutral” rating for the company in a report on Thursday, June 27th. Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating and set a $183.00 target price for the company in a report on Monday, July 29th. Finally, Gordon Haskett downgraded 3M from a “buy” rating to a “hold” rating and set a $191.98 target price for the company. in a report on Monday, April 29th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $182.77.

3M Profile

3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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