3M Company $MMM Shares Sold by Palisade Asset Management LLC

Palisade Asset Management LLC reduced its position in 3M Company (NYSE:MMM) by 3.9% in the third quarter, Holdings Channel.com reports. The firm owned 83,855 shares of the conglomerate’s stock after selling 3,386 shares during the quarter. 3M makes up 1.3% of Palisade Asset Management LLC’s holdings, making the stock its 26th biggest holding. Palisade Asset Management LLC’s holdings in 3M were worth $13,765,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Two West Capital Advisors LLC raised its holdings in shares of 3M by 3.3% during the 3rd quarter. Two West Capital Advisors LLC now owns 1,996 shares of the conglomerate’s stock valued at $336,000 after buying an additional 63 shares in the last quarter. Blue Jean Financial LLC boosted its stake in 3M by 4.5% in the third quarter. Blue Jean Financial LLC now owns 1,496 shares of the conglomerate’s stock worth $246,000 after buying an additional 64 shares in the last quarter. Capital Analysts LLC boosted its stake in 3M by 2.7% in the second quarter. Capital Analysts LLC now owns 2,576 shares of the conglomerate’s stock worth $417,000 after buying an additional 67 shares in the last quarter. Revisor Wealth Management LLC boosted its stake in 3M by 2.8% in the third quarter. Revisor Wealth Management LLC now owns 2,492 shares of the conglomerate’s stock worth $411,000 after buying an additional 67 shares in the last quarter. Finally, MBA Advisors LLC grew its position in 3M by 2.5% during the second quarter. MBA Advisors LLC now owns 2,839 shares of the conglomerate’s stock valued at $460,000 after acquiring an additional 68 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on MMM shares. Sanford C. Bernstein lifted their price target on shares of 3M from $171.00 to $197.00 and gave the stock a “market perform” rating in a research note on Wednesday, October 21st. HSBC raised shares of 3M to a “strong-buy” rating in a research note on Thursday, October 22nd. Wells Fargo & Company began coverage on shares of 3M in a research report on Thursday, September 24th. They issued an “equal weight” rating and a $195.00 target price on the stock. Citigroup lifted their target price on shares of 3M from $183.00 to $188.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 21st. Finally, Weiss Ratings raised shares of 3M from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, October 23rd. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $190.07.

3M Stock Down 1.4%

Shares of NYSE MMM opened at $185.23 on Friday. The company has a current ratio of 1.41, a quick ratio of 1.06 and a debt-to-equity ratio of 3.01. 3M Company has a 12 month low of $139.34 and a 12 month high of $196.90. The firm has a market capitalization of $95.71 billion, a PE ratio of 27.60, a price-to-earnings-growth ratio of 2.41 and a beta of 1.01. The firm has a fifty day simple moving average of $168.96 and a two-hundred day simple moving average of $161.79.

3M (NYSE:MMM) last announced its earnings results on Tuesday, October 20th. The conglomerate reported $2.50 earnings per share for the quarter, beating analysts’ consensus estimates of $2.38 by $0.12. The firm had revenue of $6.60 billion for the quarter, compared to analyst estimates of $6.61 billion. 3M had a net margin of 14.01% and a return on equity of 123.11%. The company’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.19 EPS. Equities analysts expect that 3M Company will post 9.14 earnings per share for the current year.

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be given a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Friday, November 13th. 3M’s payout ratio is presently 46.50%.

3M declared that its Board of Directors has initiated a stock repurchase program on Wednesday, November 4th that permits the company to repurchase $6 billion in outstanding shares. This repurchase authorization permits the conglomerate to repurchase up to 6.6% of its stock through open market purchases. Share repurchase programs are generally a sign that the company’s board believes its stock is undervalued.

3M Profile

3M is a diversified science and manufacturing company that develops products for businesses and consumers. Its offerings include workplace safety equipment, adhesives and abrasives, filtration materials, automotive and electronics components, and home and office products such as Post-it Notes and Scotch brand tapes.

Founded in 1902 as the Minnesota Mining and Manufacturing Company, 3M began as a mining venture before expanding into materials science and industrial manufacturing. The company adopted the name 3M in 2002 and is headquartered in St.