Allspring Global Investments Holdings LLC Trims Stock Holdings in 3M (NYSE:MMM)

Allspring Global Investments Holdings LLC lowered its position in shares of 3M (NYSE:MMM) by 50.7% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 33,749 shares of the conglomerate’s stock after selling 34,681 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in 3M were worth $3,689,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Fortune Financial Advisors LLC acquired a new position in 3M in the 4th quarter worth approximately $213,000. Bleakley Financial Group LLC lifted its position in 3M by 11.6% during the fourth quarter. Bleakley Financial Group LLC now owns 18,950 shares of the conglomerate’s stock valued at $2,072,000 after purchasing an additional 1,969 shares during the period. Meeder Advisory Services Inc. boosted its holdings in 3M by 6.1% in the fourth quarter. Meeder Advisory Services Inc. now owns 7,549 shares of the conglomerate’s stock valued at $825,000 after purchasing an additional 432 shares during the last quarter. Wakefield Asset Management LLLP acquired a new stake in 3M during the 4th quarter worth about $300,000. Finally, Means Investment CO. Inc. purchased a new position in shares of 3M during the 4th quarter valued at about $204,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Trading Up 1.0 %

MMM stock opened at $92.35 on Friday. The business’s 50-day moving average is $95.76 and its 200 day moving average is $97.24. 3M has a 12-month low of $71.12 and a 12-month high of $95.67. The stock has a market cap of $51.10 billion, a price-to-earnings ratio of -7.31, a PEG ratio of 1.61 and a beta of 1.02. The company has a current ratio of 1.07, a quick ratio of 0.76 and a debt-to-equity ratio of 2.69.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 EPS for the quarter, topping the consensus estimate of $2.31 by $0.11. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The firm had revenue of $8.01 billion during the quarter, compared to analysts’ expectations of $7.69 billion. During the same period in the previous year, the business earned $2.28 earnings per share. The firm’s revenue for the quarter was down 1.1% on a year-over-year basis. On average, sell-side analysts anticipate that 3M will post 8.79 EPS for the current fiscal year.

3M Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were given a dividend of $1.51 per share. The ex-dividend date was Thursday, February 15th. This is a positive change from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 dividend on an annualized basis and a yield of 6.54%. 3M’s payout ratio is presently -47.82%.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Barclays lowered their target price on 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 2nd. Royal Bank of Canada cut their target price on shares of 3M from $84.00 to $78.00 and set an “underperform” rating for the company in a report on Tuesday, April 2nd. Bank of America lowered their price target on shares of 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a report on Tuesday, April 2nd. Mizuho reaffirmed a “neutral” rating and issued a $105.00 price objective on shares of 3M in a report on Wednesday, March 27th. Finally, Wells Fargo & Company lowered their target price on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 24th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $104.00.

Insider Activity at 3M

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total value of $39,328.32. Following the transaction, the insider now directly owns 3,966 shares of the company’s stock, valued at approximately $366,141.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.34% of the stock is owned by corporate insiders.

About 3M

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.